The Ministers of Finance, the governors of central banks of the Economic and Monetary Union of West Africa and those of the Economic and Monetary Community of Central Africa(CEMAC) and l’Union of Comoros met on Friday 14, 2017 inAbidjan,  capital city of Ivory Coast to examine the question relating to their currency.

During the meeting, they laid the stress on the macroeconomic  situation of the two big areas (UEMOA et CEMAC).  Les Ministers of Finance of the CFA franc area unanimously recognized that the economic, monetary and financial situation of the Economic and Monetary Community of West Africa was stable. 

Yet, the situation of the Economic and Monetary of Central Africa was bad. The lack of budgetary discipline and the drastic decrease in oil prices are to be blamed.

The Ministers also reviewed issues of common interest, particularly the strengthening of monetary and financial cooperation, which is key for the promotion of trade exchange. They also shared their vision on a multilateral currrent issue, which is very important to CFA franc area countries- the G20 initiative- compact for Africa. The Ministers of finance of the CFA franc area recognized that the project being drafted now will be a source of inspiration for the good of the countries of the CFA franc area.

The semester meetings of the Ministers of Finance are a suitable place for dialogue and decision making on big issues relating to the economic situation of the CFA franc area, particularly those relating to economic, monetary and financial governance, as well as to the economic cooperation and integration of its members.

As of today, the CFA franc area is composed of 15 African states, respectively members of UEMOA and CEMAC, including the Union of Comoros and France.
 

From our special envoys in Abidjan, Alain ANDELY and Adrien WAYI-LEWY