Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
AfricaJanuary 2 2013

BEAC governor: Cemac countries must work together to thrive

The central bank governor of the Economic and Monetary Community of Central Africa says that the advantages of the CFA franc’s peg to the euro greatly outweigh the disadvantages, but he believes deeper integration among its six members is needed for them to realise their potential in the long term.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
BEAC governor: Cemac countries must work together to thrive

Francophone African countries have often had very different economic experiences to other parts of the continent over the past 50 years. This is largely because the majority of these countries in west and central Africa fix their currencies at a rate guaranteed by France.

The French-speaking countries of Cameroon, the Central African Republic, Chad, Republic of Congo and Gabon, along with Equatorial Guinea, an ex-Spanish colony, form a monetary union with such an arrangement in place. Called the Economic and Monetary Community of Central Africa, and known by its French acronym Cemac, its currency, the CFA franc, is pegged to the euro, having been previously tied to the French franc.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial