France Sends Delegation to Yaoundé to Resuscitate Dying CFA Franc

As Finance Ministers of the 16 French African countries meet in Yaoundé to tackle the challenges faced by the Franc CFA, France has sent a high power delegation to attend the meeting in a bid to resuscitate the currency that is fast becoming unpopular amongst the impoverished African population.

The delegation that paid a visit to President Paul Biya, Friday, April 8, was made up of French Minister of Finance and Public Accounts, Michel Sapin, the Director General of French Treasury, Bruno Bezard and a host of collaborators. They were accompanied by the French Ambassador to Cameroon, Christine Robichon.

Member countries of the CFA zone are meeting with the author of the currency, France, including other partners in this economic domination like the World Bank. Delegates are discussing on other sources of financing as oil that used to be the main source of income for these countries is at its lowest price at the world market.

The CFA is also facing challenges coming from nationals of these member countries who see the currency as the means by which France stifles and manipulate their economic growth to her benefit. Even though these countries like many other African countries have witnessed economic growth, it is yet to trickle down to the local population. In this wise, just like popular Cameroonian Musician, Longue Longue sang in his award winning song Ayo Africa that Afrika di work Europa di chop, there is a strong belief that these economic growths go to the benefit of France.

This is compounded by the fact that the foreign reserves of these countries are stock in the French Treasury to the tune of 65%. A country like Cameroon does not have a Central Bank of its own like what transpires in Ghana and neighbouring Nigeria. BEAC with headquarters in Yaoundé merely serves as an extension of the French Treasury.

The greatest challenge to the existence of the CFA Franc is coming from West Africa where the Economic Community of West African States (ECOWAS) is already considering a common currency for the sub region, meaning upon adoption of a common currency, the French inspired currency will be scrapped.

Moreover, CFA Franc countries are the least developed in Africa coupled with conflicts especially conflicts linked to Presidential succession. Some of these countries include Chad and Congo where the constitutions have been changed to eternalize the Presidents. Burkina Faso just chased its President for attempting to modify the constitution for selfish aims. Some opposition leaders of these countries have even suggested that they will withdraw their countries participation from it once they are in power. This was the campaign message of candidate Fru Ndi in the 2004 Presidential election in Cameroon.