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France and eight African countries end up with CFA franc

by Ace Damon
France and eight African countries end up with CFA franc

France and eight African countries announced on Saturday an agreement to end the CFA franc, the colonial time currency.

This "historic reform," as the French President called it, was announced Saturday during Emmanuel Macron's visit to Ivory Coast.

The CFA franc will be renamed Eco, announced Ivorian President Alassane Ouattara on behalf of eight African countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.

"We have decided to reform the CFA franc with three major changes, including the change of name", "the end of the 50% centralization of reserves in the French Treasury" and "the withdrawal of France from the governance bodies in which it is present" , Ouattara explained at a press conference, accompanied by Emmanuel Macron.

"The Echo will come to life in 2020, I welcome that," Macron said, assuming France wants a "uncomplexed" relationship with West Africa.

Known as "the franc of the French colonies of Africa" ​​- of the eight signatory countries only Guinea-Bissau does not fit this definition because it was colonized by Portugal – the CFA franc was created in 1945 and was contested by a large part of opinion. now independent countries as a remnant of the French colonial presence.

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