Here is the name of the currency that could replace the FCFA in Central Africa.
Unbeknown to France, several personalities from the Central Africa subregion are hard at work to make it possible to exit the FCFA, as has
recently been the case in the UEMOA zone.
AFRIX (AFX) is the name that is being mentioned at the moment. It is possible for the creation to arouse reactions among experts.
From what emerges, this currency will calm the ardors of progressive Africans who are calling for a monetary reorganization between
France and its ex-colonies. Others, on the other hand, hope that the change is not limited to mere denomination. It must be accompanied
by freedom of control and parity with other currencies.
Further reasoning, indicates the countries concerned by the said currency will have to work to diversify their economy to be up to the new
challenges which, at the same time as AFRIX, will emerge.
Cover all of Africa in the long term.
If at first, this currency could only concern the States of the CEMAC zone, over time, it will have to cover the entire Central African region
(CEEAC) and, why not the whole continent.
In this maneuver, AFRIX should be backed by a basket of currencies including the Euro, the Dollar, and the Yuan. It can fluctuate but in a
controlled manner to prevent it from getting out of control.
Currencies without real autonomy?
On the West African side, the advent of the CEE did not excite everyone. For the Senegalese economist and writer Ndongo Samba Sylla, it
is face-to-face, “No, the CFA franc is not dead. Macron and Ouattara only got rid of his most controversial attire, “he noted before
continuing: “Declaring that the CFA is dead is really political when it is a serious, financial and monetary question.
One has the impression that to calm the pressures of economic operators, businessmen who are worried about the difficulties of the CFA
zone, the heads of state say to themselves “well we are going to throw something at them, they will have fun with it and then meanwhile we
keep going ”, he judges.
We can recall that members of the ECOWAS planned to commence using their new Eco currency this January.
Will Central Africa face exactly the same fate? The days ahead will shed more light on this subject.
By Subiru M.