Mounting discontent with French policy in Africa, particularly among its youth populations, has contributed to the
currency’s unpopularity.
French Foreign Minister Stephane Sejourne said France should not take a position on the future of the CFA franc in West Africa, despite the growing uncertainty caused by the election of anti-system candidate Bassirou Diomaye Faye as president of Senegal.
He said that if African countries decide to change the name or reorganise their monetary system, this is a matter for their sovereignty, and France is ready to support them in this process.
Stephane Sejourne also added that France should have no opinion on this issue, having already ceased to play a role in the governance of the CFA franc. He therefore left it up to African states to decide their own monetary future.
Senegal’s new president, Bassirou Diomaye Faye, who takes a sovereign line, has called for a break with the current currency used within the West African Economic and Monetary Union (UEMOA).
While the debate on a possible exit from the CFA franc is less intense in the Central African countries where it is also used, criticism of the franc persists, particularly because of its parity with a strong euro, which hurts exports.
Growing dissatisfaction with French policy in Africa, particularly among young people, has contributed to the currency’s unpopularity. Some countries, such as Mali, Burkina Faso and Niger, have even considered leaving the CFA to align themselves with Russia.
Stephane Sejourne concluded his African tour in Côte d’Ivoire, stressing the importance of a balanced partnership between France and African countries, while praising the Ivorian economic performance and its role in regional stability.
Ivorian President Alassane Ouattara also expressed his gratitude to France for its support in various areas. Before leaving Abidjan, Stephane Sejourne had also visited Nairobi and attended the commemorations of the 30th anniversary of the Tutsi genocide in Rwanda.
AC/fss/as/APA/AFP