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FCFA Reform: CEMAC Continues Reflections, Particularly to Develop Accurate Timetable – Business in Cameroon

(Business in Cameroon) – The Heads of State of the Central African Economic and Monetary Community (Cemac) at their meeting in Yaoundé on March 17, 2023, decided to gradually revise the framework for monetary cooperation with France. But on the merits of the case, they asked to continue at the ministerial level the reflections initiated by the CEMAC bodies.

Indeed, following the restitution of the “deep analysis” entrusted to Bank of Central African States (BAS) Governor Abbas Mahamat Tolli and CEMAC Commission President Daniel On Ondo in November 2019, the Heads of State instructed “to widen the joint conclusions by planning, in accordance with a precise timetable, the measures to be taken”. in the short, medium and long term,” we learn from the final communiqué that authorized the 15th session of the CEMAC Heads of State Conference.

Sources familiar with the matter, the reforms that could be implemented in the short to medium term are similar to those taken under the Western African Economic and Monetary Union (UEMOA), which also uses the FCFA. These are the change in the denomination of the currency, the closure of the operating account on the books of the Bank of France to allow CEMAC to have all its foreign exchange reserves against 50% at present, and the departure of the French representatives as part of the decision – the constituent and supervisory bodies of the IBC.

Considered more delicate, measures such as pegging the FCFA to a basket of currencies, if maintained at the end of the reflection, should be implemented in the long term…

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Read also:

08-03-2023-FCFA, cryptocurrencies, appointments…: the stakes of the March 17, 2023 conclave between Paul Biya and his colleagues at CEMAC

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