Citizens of French-speaking African countries protest continual use of CFA franc, claiming it aids under-development

shakirudeen taiwo

September 19, 2017 9:56 AM

The unified currency system was inherited from their former colonial master -France.

Many cities of the French-speaking African countries have called for the abolition of CFA franc, claiming that it is preventing development and keeping the countries in poverty.

CFA franc is the currency of 14 francophone African countries under the joint currency system inherited from France.

The current protest was ignited by the burning of a 5,000 CFA note by a Senegalese activist, Kemi Séba in August 2017. His action triggered supportive protest from activists in other neighbouring countries.

The burnt 5,000 CFA note is equivalent to $9.20. A value lesser when compared with Nigerian Naira and Ghanaian Cedi.

“We must do all it takes to ensure that the CFA franc is abolished forever. Kémi Seba will keep on suffering if he remains in prison. The more he stays, the more the anger of the youth will increase which could take the fight to another dimension,” said an-anti CFA Franc activities during a protest in the Benin Republic.

“So I say either the CFA franc should be abandoned with the help of authorities in place or better still our leaders should stand against it and be removed from power alongside the CFA franc.”

At a separate protest in Dakar, Senegal, one of the leaders of the movement stated that the currency should be made a sovereign currency.

“We are asking to get out of the neo-colonial CFA Franc precision. It is important because ultimately for me the name does not matter. To have a currency called CFA, for me it does not matter. The thing is this currency, whatever its denomination, the FCFA should be a sovereign currency or a currency whose monetary policy is defined by and for Africans”, says Guis Marius Sagna.

Supporters of the current unified currency regime urged that abolition and introduction of separate currencies of these countries would trigger inflation and economic stability. Also, high level of economic integration among these countries was noted as the first victim of CFA franc abolition.

shakirudeen taiwo

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng