General World News

Debate Intensifies Over Future of CFA Franc in West Africa

Thomas Babissakana, a Cameroon economist and financial expert, is pictured in Yaounde, Dec. 26, 2019. (Moki Edwin Kindzeka/VOA)

Debate on the future of the CFA franc in the six-member Central African Economic and Monetary Community (CEMAC) has intensified after it was announced last week that eight West African countries agreed to change the name of their common currency to Eco. They also severed the CFA franc’s links to former colonial ruler France.

The CFA franc used by west and central African states is considered by many as a sign of French interference in its former African colonies, and the main reason for the underdevelopment of CEMAC, which remains the poorest economic bloc in Africa.

Louis Nsonkeng, a researcher and read more >>>

Source:: VOANews.Com