Members of the Economic and Social Council of Central Africa have called for the creation of a common currency to enable CEMAC member countries to be financially independent from the FCFA.
At the end of a 45-day working session on March 31st 2023 in Bangui, members of the country’s economic and social council noted that the common currency of the six countries of the community (CFA franc) impoverishes the country and puts it in a position of dependence on France.
While the debate on crypto-currency is not over in the Central African Republic (CAR), the country’s Economic and Social Council has just thrown a spanner by calling for nothing less than the creation of a new currency. At the end of 45 days of workshop , the country’s advisors announced that the new currency would replace the CFA franc, which has become irrelevant for the Central African Republic in particular and CEMAC countries as a whole.
Moreover, they argue, the currency common to the six countries of the community (Cameroon, Gabon, Congo, Chad, CAR and Equatorial Guinea), impoverishes the country more than it works for its prosperity and development and puts it in a position of dependence on France.
The solution, they argue, lies in the creation of a new common currency for the six CEMAC states. The country should also repatriate to CAR its foreign exchange reserves held in the French Treasury. This release comes a few weeks after the last summit of CEMAC heads of state. During this summit ,the heads of state did not reach to a final decision, recommending only prudence, without giving a new work schedule to the Bank of Central African States and the CEMAC Commission.