By John Ikani
The Economic and Monetary Community of Central Africa (CEMAC) has announced a significant decision to cease using the Franc CFA (FCFA).
Many anticipated the group will make some modifications to the FCFA, but the complete change of name was unexpected.
Member states of CEMAC include Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.
CEMAC is also pushing for the closure of the operating account at the Banque de France to allow the body to hold all its foreign exchange reserves, as opposed to the current 50% held.
They are also demanding the withdrawal of French representatives from the decision-making and control bodies of the BEAC (regional Central Bank).
The move comes as CEMAC is currently considering joining West Africa, which is currently in the process of producing a regional currency called the ECO.
Although experts consider the process to be delicate, they agree that the move had become necessary as the recent Euro/Dollar crisis had a drastic effect on the FCFA.
According to Camer.be, Heads of State have proposed that the results of the various reflections by the BEAC should be shared with ministers of economy and finance of the member states.
