- The CFA franc, which is pegged to the euro, is used in eight West African countries in the region, six of which are former French colonies. Sums deposited in France are unrelated to GDP or French debt.All rights reserved - Ministry for Europe and Foreign Affairs - 2020 Here are answers to some of the most common questions. Yes it’s progress … I do not want influence through guardianship, I do not want influence through intrusion. This has happened once, in 1994.The CFA franc has been printed in Chamalières by the Banque de France since the currency was created in 1945. Some credit the French-backed common currency with fostering stability; others decry it as a colonial hangover In the CEMAC area, it accounted for 14% of imports and 3% of exports.By ensuring the CFA franc’s unlimited convertibility into euros (even when the euro drops in value), France is shouldering an important financial responsibility.No. Using this website means you are okay with this but you can find out more and learn how to manage your cookie choices The ECO is supposed to replace the CFA franc which is currently being used in eight west African countries and six countries in central Africa. Similarly, the euro is not printed in all 19 countries in the euro area. These areas work closely together. France is not represented at UEMOA or CEMAC, during conferences of Heads of State or Government, or during ministerial council or committee meetings, which are the Franc Zone’s main governance bodies.Heads of State and Government for Franc Zone member countries may also decide to change the exchange rate with the euro. The printing process is centralized to minimize manufacturing and transport costs. That’s not the century that’s being built today,” said Macron.The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product.However, the changes will only affect the West African form of the currency used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo – all former French colonies except Guinea Bissau.The six countries using the Central African CFA are Cameroon, Chad, Central African Republic, Congo Republic, Equatorial Guinea and Gabon, – all former French colonies with the exception of Equatorial Guinea.The CFA’s value relative to the French franc remained unchanged from 1948 through to 1994 when it was devalued by 50 percent to boost exports from the region.After the devaluation, 1 French franc was worth 100 CFA and when the French currency joined the euro zone, the fixed rate became 1 euro to 656 CFA francs.The agreement follows talks in Nigeria’s capital Abuja on Saturday between West African leaders.

Economies in the Franc Zone are no less competitive than those in other sub-Saharan African countries, as seen in the 2016-2017 rankings in the Global Competitiveness Report, published by the In addition, several factors – the common currency, the pooling of foreign currency reserves, larger consumer markets and greater attractiveness for investors and foreign donors – support regional integration and growth.Lastly, the monetary stability offered by the Franc Zone encourages foreign investment, including by the Countries in the Franc Zone retain control of their wealth. And these deposits do not penalize the economies of African countries – on the contrary. The CFA franc is the common currency for the Franc Zone. The Ivory Coast and Mali are the only countries of origin using the CFA franc that have contributed significantly to migration across the Mediterranean, accounting for 14.4% of the total last year. A man holds a sign reading "Stop FCFA, long live Africa" during an anti-colonial demonstration against the regional CFA franc on the Place de l'Obelisque in Dakar on September 16, 2017. Countries in the CFA bloc and other West African nations such as Nigeria and Ghana have for decades debated creating their own currency to promote regional trade and investment.The CFA franc was born in 1945 and at the time stood for “Colonies Francaises d’Afrique” (French Colonies in Africa).It now stands for “Communaute Financiere Africaine” (African Financial Community) in West Africa and in Central Africa it means “Cooperation Financiere en Afrique Centrale” (Financial Cooperation in Central Africa).New course ... French President Macron is welcomed by Ivory Coast leader Ouattara at the Petit Palais in Abidjan on December 21, 2019This website uses cookies.
The Franc Zone, which is based on a desire to ensure greater monetary and financial stability, brings together 15 Central and West African countries, plus Comoros.The CFA franc sometimes gives rise to questions and misconceptions. It includes 14 West and Central African countries as well as the Comoros, bound by a monetary cooperation policy. The CFA franc sometimes gives rise to questions and misconceptions. Here are answers to some of the most common questions.The Franc Zone was created in the late 1930s on the eve of the Second World War.


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