Central Africa: CEMAC begins CFA franc reform

Central Africa: CEMAC begins CFA franc reform

Participants in the Estates General of the Economic and Monetary Community of Central Africa (CEMAC) discussed the merger between Cemac and the Economic Community of Central African States (ECCAS) in order to reform the CFA franc, the common currency of these six regional bloc countries

“This reform is underway, but we have a confidentiality mandate. I don’t have to tell you what’s going on right now. But it is a will of heads of state. People, contrary to what we hear here and there, believe that heads of state are not interested in reform. But this is absolutely false. We have had a mandate, the CEMAC Commission and the Central Bank have made conclusions to the Heads of State on the conduct to be given to the evolution of the CFA franc”, declared Prof Daniel Ona Ondo, President of the Commission of the Cemac quoted by French media Rfi.

Mr Ondo stressed that this idea of reform is not a copy-paste of the West African model, but the project is to find a solution adapted to Central African States.

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