The west and Central African franc are outdated and need to be reviewed. This was said by Assistant-Secretary-general of the United Nations who is also the Executive Secretary of the United Nations Economic Commission for Africa, Carlos Lopes.
The diplomat further said that the currencies used by 14 African states have not been adapted and reviewed to the international standards.
‘It really should be an issue to the French speaking African countries. No country in the world can have a currency that hasn’t been revised for over 30 years. This only exists in French speaking countries in Africa. Therefore something needs to be done,” the diplomat said.
Fourteen countries, with a population of nearly 170 million, have the African Financial Community (CFA) franc as their currency. Questions have been raised whether this currency fulfill the needs of the countries concerned and their aspirations for development. France created the CFA franc for its African colonies in 1945 with a guarantee of a fixed exchange rate with the euro.