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For Michel Sapin – “The Franc Is The Currency of Africans”!!

The Minister of Finance sought to bypass any debate on the future of the CFA franc, which dates from colonialism and which provokes controversy.

At a time when the return to the franc is being debated in the presidential campaign, it invites itself in the news where it was not expected. In wanting to avoid any slippage on the CFA franc, the Minister of Finance, Michel Sapin, set foot in the dish on Friday.

”  The franc in spite of its name is the currency of the Africans, it is no longer the currency of France, it disappeared in Europe. On all these issues, it is up to the Africans to decide and it is not for us to do it for them , “the minister explained in Abidjan, Côte d’Ivoire, A meeting with its counterparts in West and Central Africa of the ” franc zone “.

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Michel Sapin sought to circumvent any discussion of the future of the CFA franc which dates from colonialism and which provokes controversy. ”  This is not a subject I am addressing, because it is a subject that belongs to Africans ,” he said. ”  There is a well-known institutional role: we are a guarantor of money, but for the rest, the role is above all to listen, to facilitate and to support when necessary , The Minister.

Created in 1945, the CFA franc is now linked to the euro. In other words, it follows the variations of the single currency. And to guarantee this fixed parity, the countries of the “franc zone” must deposit 50% of their foreign exchange reserves to the French Treasury. These countries therefore have no monetary independence, which is highly criticized. However, for many economists, this currency still plays a stabilizing role in their economies.

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Written by How Africa

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