West African countries debate ditching the CFA Franc
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- Опубликовано: 1 апр 2024
- After a series of military coups across West Africa, former French colonies are advocating for the cessation of the CFA franc, a currency backed by France and its Treasury. Senegal's new leader is the latest to call for the creation of a national currency. But the renewed push to ditch the CFA franc comes with its own set of challenges as Brenda Radido reports.
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Even the french ditched their currency in favor for the Euro
Meaning? It's different
Indeed, the French Franc was a “sovereign” currency, and its steady loss of value (devaluation) kept the French poor, and nominal interest rates high. Rich French tried to get out, and have bank accounts in other countries. At some point, irresponsible French governments (Mauroy) even had to restrict financial mobility, limiting the amount of money one could take on a trip: at the border, you were physically checked.
The European governments finally realised that is made no sense to have their industries compete with eachother by devaluating currency and making their population poorer. They created the euro and stabilised it.
Now, an exit from the stable CFA will probably be anticipated by the rich West-Africans, their money is already in Europe, and the poor ones will see the value of their savings and salaries dwindle. Will we be able to better compete after a devaluation? Compete with what and with whom? What industry would benefit?
There should be no debate, get rid of it.
I don’t think that ppl like you understand how deep we will fall if we do that… critical thinking must preveil not rage or “hate thinking”
@@donotreplydumbpeople3866 hhhhh we support free African, not sl*ve French Colony, so better poor then rich in slavery
What! Hahaha!
That French currency is worthless globally. Why keep it when they can have their own backed by their own resources the world is striving to get. From a unified African bank. They don’t need anything from France. France needs them.
Is it a thing of debate? Or are they not independent nations?
only in name, in practice France chooses their leaders. The UN Ambassador from Burkino Faso recently said that France threatened them to choose pro-France leader
A number of countries choose other countries' currency. Like Panama or Ecuador who use the dollar. Other countries have their own currencies but peg them to anorher major currency (like the FCFA does)
@@TheRealUsername I say a number of countries choose to use other countries' currencies and your question is: why do ALL countries on earth use their own currencies? Frankly I don't know what to tell you.
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What is this questioning, OFCOURSE 100 PERCENT they should ditch French currency 🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️
Our African child has forgotten that France gave her technology and infrastructure
@@crispusallen3865wtf are you on about? What about Nigeria and Ghana? Imagine waiting for permission from another country to print money lmao
@@crispusallen3865 really? I've heard from economists and analysts these countries build their infrastructures with their own national fund and loans from IMF and World Bank.
@@crispusallen3865 Technology too? Doesn't makes sense, every devices they have there are labelled "Made in China".
@@crispusallen3865 I've heard from french economists that France is economically struggling since 1974.
How I wish the CFA Franc is done away with and replaced with one common currency for the whole region.
Backed by raw materials, correctly priced on the international market
no, let every country have his own currency.
@@luxraider5384 Why doesn't each state in USA use it's own currency? It's the fragmentation of Africa that has become our biggest enemy in terms of development and the Western powers have been against unification so as to maintain their unholy control of this great black continent. You speak like a Westerner, are you?
@@BikoKen because US governement has full control of the currency. For a common currency to work there should be a confederation of west african countries with one central government. The european model of unique corrency is terrible and did harm to both rich countries (like france and germany who lost their purchase power) and eastern europe who can t devaluate their currency to be competitive with theie exports.
Both of you are right @@luxraider5384
Why is this even a debate.Ditch the CFA
🤣🤣🤣🤣🤣🤣🤣
I have 100 trillion Zimbabwe 🇿🇼 dollar bill in my collection , costs me $0.04 usd to buy online.
There is nothing to debate about, stop using the colonial franc
Gaddafi will have the last laugh against NATO's evil. ✊
It should not be a debate just do it. I remember in 2019 Ecowas wanted to form their own currency
Until France destroyed it.
France must stop interfering in Africa affairs.
And Africans should leave France in return
Ditch the CFA, too much talking, it is time for action.
kick out CFA Franc out of your country to gain actual independence
all talk no action when are they gonna make the move and move away from the colonial currency
meanwhile USA thinking: "ofcourse! they need us to get.. the DEMOCRACY!"
Whilst these countries are trying regaining their financial sovereignty, countries like Croatia and Argentina have given up their financial sovereignty
Stop endless thinking..¡¡Do it!!
they need to be careful one wrong step and their country collapses
they are hesitant because the franc is stable compared to other african currencies.
@@briopalumpus8676 ultra stability is like a dead money, you need inflation and fluctuation to invest in development. Literally all countries on earth hold their own currency.
Perhaps this is the optimistic step for African French colonial countries.
Next they need to have their own central bank and natural resources redistributed among the colonial countries in barter system.
Lmao the CFA is a scam 😭
African has the right to defense them self.
Should not be a debate ...get rid of it
These countries should adopt the new Zimbabwe gold backed currency.
If one can receive a gold coin worth the value of its money each time this is requested, minus perhaps packaging and shipment fee, then this money can be trusted as being equal in value to gold.
Why did it take so long for this debate ? It’s not even confirmed that’s the other thing
There's been talks of this since I've been alive.
Probably reignites in election years but at the end of the day who cares. It's money.
Debate????
In sha Allah ❤☝🏾
Glad to see that the young african leaders are not complacent. The spirit of revolution that gave us our freedom still burns
Spherical Map used by News ... Very Good Job ... Ot will give Accurate information about the size of Country and Break the Psychological Slavery about Countries regarding Sizes
That's an old debate.
Well done Africa
FINALLY! FINALLY!
Long live AES. , Ditch THE CFA FRANK
Zimbabwe has own currency... Story of this new money ruled by military regimes will the the same.
Its a bit of both, but I would drop the Franc.
Why can’t anyone explain clearly what it would mean for the common people to have a currency not tied to the euro without going into rhetoric about sovereignty or neo-colonialism ? Take Gambia, which has its own currency, not tied to any other (dollar, yuan…). Over the past 5 years the GMD lost a quarter of its value vs. the Euro. Also 1/4 to the Chinese Yuan. That means that, if salaries remain the same, regular people lost 1/4 of their income and savings expressed in euro or yuan. I cannot figure out why we want to move to a “floating” currency instead of CFA (or another linked to the yuan, or rupee, or a basket). Devaluation and printing paper money are easy policy instruments, but it’s the regular people that will see their purchase power disappear.
Cameroon uses cfa. France always finds a way to be sneaky. We apparently have a new currency with all the same characteristics as the cfa.
100% a GREAT move.
Zimbabwe has done it.backed with gold.
Disgraceful to suggest that the the three SAHEL-AES states cannot negotiate due to thier military led government.
EU and France 🇫🇷 have preside over a very exploitative economic system in Africa for 300 years .
Arrangements with France after so call independence was nothing but abusive and exploitative.
Why should they tell African state who to negotiate with to address the historical wrongs?
Civilians will not have the decipline and backbone to engage as equal with these Neo Colonialists.
Not much to discuss…go independent
344r Kawhi's story is similar to that of Jordan, when he won his third championship, they killed his father and Kawhi, when he won his second championship, they imprisoned his sister; he who challenges the nba gets into trouble
Do not discuss with the french. Do your own thing.
Do it and you will have Higher inflation …ask Zimbabue 🇿🇼.
empty words.....they will not reach an angreement because they are very different countries.
I have 100 trillion Zimbabwe 🇿🇼 dollar bill in my collection , costs me $0.34 usd to buy online.
This is a good move. Support from Iran 🇮🇷 ❤
NDB🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦➕
Do whatever you want, eitherway the ones to blame will be the « colonialist powers ». And good luck with hyperinflation.
BS, why did you put DRC aming the countries that use Frsnc CFA ?
Did you guys rally attend at least elementary school?
There is a difference between D.R.C. and the republic of Congo
AGREE
It's not really common, each country have different cfa that can only be used in their country. Its the worse thing for african
I'm interested in the debates because dropping the CFA is not as hard as people think. Should they just fight to drop the colonial tax? How would they stabilize the new currency?
Backed by gold and other minerals.
Africans have to stop being fearful of change
I wonder if Bitcoin is a viable solution. The only downside is the education portion where people can easily get taken advantage of if they don’t educate themselves properly on self custody.
Africa sold there own country ..
How high are u
Not yet later on…
Look at Africa… it’s madness there united
0:23 you’re graphics is totally wrong DRC never uses CFA franc it is the Congo Republic / Congo Brazzaville who uses CFA franc
Next time
Let’s make accurate news
Well I don’t expect more cus this is run by Muslim
France dept trap Africa
African countries r only focusing bs stuffs like this …right now currency is not the issue…they should focus on building manufacturing, innovation,infrastructure,good governance,get rid of corruption,make simple business laws,also, bring good law and order…
Many African countries have their own currencies but, nothing will achieve as long as countries address key issues..
No we don’t want no western countries to tell us what to do with our money or minerals!
This is our time and we lots of friends to help us work together to make sure Africa gets it right!
The cfa is a scam and the same French government is responsible for terrorist activities in our land just like the Americans too do the same !
They need to leave our land!
Let them go and fix America and France 🇫🇷!
It not much to ask for !
We have Russian and the Chinese are not doing this nonsense!
They respect other countries!
But not the western world!
They act like bullies and it now time for them to know this new Africans aren’t our parents generation!
We are hard and we live in war before and we knew what is happening and we are ready to fight for ourselves and we don’t wants No Western Alliance or money controls in our land!
If you people loves war then take it to your countries!
We Africans are tired!
And we can’t take it anymore!
They're already priority issues for a lot of countries. Otherwise how they've kept an average 4% of economical growth every year ?
The currency debate is mostly spread among civilians because of its colonial origin. It is a necessary step in history to ditch it.
@@TheRealUsername I get that but, @ the end of the day almost all African countries currencies r really on western countries…non of them want other African currencies…all of them want wester or Asian currencies…we have to honest to admit the problems …
@@TheRealUsername economic growth and achieving or addressing economic problems r two different things…u can get fake hype up gdp growth but, the real thing is r u making goods and exporting it ? R u creating jobs + wealth ? Infrastructure issues? Mass housing and other developments? Where r u in healthcare? …r u borrowing capital from the so called colonial powers or Asian countries such as China or u earning income with tourism and manufacturing? …we Africans need to stop being emotional and ask these politicians enough is enough..do something? Look at El Salvador 🇸🇻 president ? He’s addressing key issues such as crime,jobs,industry and tourism…they building good infrastructure too … they still using us dollars or euro colonial powers currency but, he knows instead of being emotional…he is thinking out side the box such as bitcoin and other areas …come one man we can’t defend bs
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Good luck with that lol
how about stop speaking French and use your mother tongues?
The sooner they drop these colonial remnants the better
💯🧹🧹🧹
This is stupid
3rd world countries 🤣🤣🤣🤣😂
please no im learning french. france its and it will be biger as economic superpower
They are the least developed countries compared to other African countries now come-on 😂
Yes ditch the Franc and adopt the Zimbabwean dollor 😂