Economists call for urgent introduction of currency to replace FCfa

Some economists believe that it is possible to get the effects of devaluation without devaluing the franc Cfa itself, an approach that would involve the introduction of complementary currencies to the Cfa franc.

Some economists contacted are in favour of an amendment to the current status of the Cfa franc. They think that it is not possible to get the effects of devaluation without devaluing the franc Cfa itself, an approach that would involve the introduction of complementary currencies.

In other words, it is time to think about changing the exchange rate regime to something more flexible, which could translate into a loss of value against the euro or the dollar.

For this category of observers, it is useful to promote regional complementary currencies in Africa as solutions to the problem of the financing of the local development and enable African grassroots communities to be reborn. It is an approach that proposes the existence of complementary currency that could be used, through a financial institution by the populations who have no access to credit.

"This mechanism would be tantamount to a banking in a physical form and could stimulate local economies, while avoiding the need to devalue the national currency," said an economist , Abbas Saleh, whose writings have captured our attention during our research.

In addition, if people still came to devalue the Cfa franc, intellectuals believe that far from panicking, African leaders could see a life-saving measure. The countries of West and Central Africa may finally decide a finish with this guarantee of convertibility of the French Treasury which is nothing other than the perpetuation of a colonial link.

Thus, parity with the euro is nothing other than the tree that hides the crucial subject of the monetary independence of a large part of sub-Saharan Africa. About the Cfa franc, it is the name of two currencies common to several African countries in part constituting the franc of Central Africa (Cemac) zone and the zone franc Afrique de l'Ouest (Uemoa).

These sets, consisting of States and territories, are from the development and transformations of the former French colonial empire and States which were not the French colonies such as Cameroon and Togo (at first German colonies), Equatorial Guinea (Spanish) and Guinea Bissau (Portuguese).

After the attainment of independence, most of the new States have chosen to remain in a homogeneous monetary set. Their currencies are used to fixed parity with the euro, whose value is guaranteed by the French Treasury, under the Maastricht Treaty. Moreover, the Cameroonian and African monetary system is a real hindrance to the sovereignty of African countries of the franc Zone.