The CFA franc is the name of two currencies which are guaranteed by the French treasury, used in the following countries: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon.
As the first major AfricaFrance Forum took place in Paris on 22nd and 23rd September, we asked Twitter participants to share their opinion on the role of the CFA franc in the economy of those countries. How much they feel it is a tool for monetary policy, regional integration and stability, or conversely – an obstacle to economic development in Africa. The latter opinion prevailed (69%) that franc CFA needs to be ditched, or reformed.
This is the original survey tweet, feel free to comment and share your thoughts on the matter:
As the FinTech (and blockchain related technologies) bring disruptions in central banking & issuance of money, we may be surprised and see emerge innovative technologies that address some of the critical issues of Money in Africa : public governance & transparency, reliance on diaspora remittances, need for regional economic integration and lack of financing of private SMEs.
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