CFA Franc: Teodoro Obiang Nguema wants a discussion with France without taboo or totem

Obiang Nguema Mbasogo wants a discussion with France on the future of the currency.

Equatorial Guinean President Teodoro Obiang Nguema Mbasogo spoke Friday on the CFA franc in Libreville, after meeting with his Gabonese counterpart Ali Bongo Ondimba. He particularly expressed his wish to see the countries of the sub-region of Central Africa discuss with France the CFA franc, this old subject that has been debated since. « There are problems for which decisions are difficult to make. This is the case with our currency, « he said. « We have learned that West Africa may be changing its currency, but here in Central Africa we have already exchanged views on the subject. My point of view is that we must negotiate with France beforehand to present to it certain difficulties that we encounter in relation to the coverage it makes of our currency, rather than to embark on a process of change of this currency.  » he continued.

Indeed, according to the strong man of Malabo, « it is not only a question of changing the name of money », but « the need to have a strong currency that can compete with other currencies ». A member country of the Central African Economic and Monetary Community (CEMAC), Equatorial Guinea shares the CFA franc with Gabon, Chad, Cameroon, Congo Brazzaville and the Central African Republic. The recent adoption of a decision by their West African neighbors (UEMOA) to adopt Eco, a new single currency in the framework of a project of the Economic Community of West African States (ECOWAS) ) – of which they are members – comes to rest, since, the debate on the future of Franc CFA.

Speaking in Paris Thursday during a meeting of representatives of African diasporas in France during a visit of the President of Ghana, Nana Akufo-Addo, French President Emmanuel Macron has not failed to efflorer the subject. « We can discuss the CFA without taboo or totem, » he said, adding that it is « a subject that we must open and we decided to open together with our African partners, in a peaceful way, without the cult of the symbol, without taboo or totem « . The message has passed. Remains the leaders of Central Africa to seize the ball rebound.

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