Economic and financial realities of CEMAC does not favour the change of currency, CFA will be maintained.
According to Abbas Mahamat Tolli, ECOWAS and CEMAC do not have the same economic and financial realities.
The West African Monetary and Economic Union (UEMOA) recently announced the abandonment of the FCFA in favor of Eco. This announcement caused a shock wave in the CEMAC zone. Many observers wonder
when the sub-region will take such an initiative.
“Central Africa is not in a dynamic of expansion”
“ECOWAS is in a vision of expanding its area. We do not have the same economic and financial realities. Central Africa is not in a dynamic of expansion. CEMAC will discuss the evolution of its monetary framework
when the time comes.” Abbas Mahamat Tolli, governor of the Bank of Central African States (BEAC), said.
It was on December 18, 2019 during a working visit to Douala. And the governor of the Central Bank added: “We are not going to imitate West Africa.”
The announcement of the exit of the FCFA by the West African states, obliges the CEMAC zone to follow the train of the monetary reform. According to Ecomatin, high-level negotiations are underway between CEMAC
and France on the issue. The newspaper also announces the imminent arrival of a large French delegation in Cameroon, the locomotive of Central Africa. It will be chaired by Jean Yves Le Drian, Minister for Europe
and Foreign Affairs. “The French plenipotentiary would come to prepare the visit of Emmanuel Macron. In anticipation of an important announcement modeled on that of December 21, 2019 in Abidjan. ” Believes to
know our source.
Towards a common currency
In November 2019, the extraordinary summit of heads of state and government of CEMAC announced the new monetary stance envisaged by the leaders. In other words: “The will of Heads of State and Government
to have a common, stable and strong currency”. Indicated the final communiqué of this summit. In addition, the Heads of State and Government had instructed BEAC to propose within a reasonable time an
appropriate plan leading to the development of the common currency.
By Subiru M.