These countries have used the CFA franc
Eight of the ECOWAS countries--Benin, Burkina Faso, Guinea-Bissau, Cote d'Ivoire, Mali, Niger, Senegal, and Togo--already use a shared currency: the West African CFA franc
The 200 billion CFA franc
($342 million) farm will be roughly half financed by Lekela, and the other half split between US-based Overseas Private Investment Corporation and Danish export credit company EKF.
Di Maio himself refused to back down in the row, telling reporters late Monday that France was manipulating the economies of 14 African countries that use the CFA franc
— a colonial-era currency which is underpinned by the French Treasury.
He spoke to African Business on topics ranging from Gabon's relationships with foreign com- panies, his country's recent experience with the IMF and the pros and cons of being a part of the CFA franc
He spoke to African Business on topics ranging from Gabon's relationships with foreign companies, his country's recent experience with the IMF and the pros and cons of being a part of the CFA franc
A bigger external buffer supports our base case that there will be no break-up of the currency zone or devaluation of the CFA franc
against the euro.
(17) The 200 CFA franc
figure is the average price that shop owners pay producers for a bag of twenty sachets.
According to a study by S&P Global Ratings published today, the two monetary unions in Africa using the CFA franc
are facing stiff scrutiny of the long-term sustainability of their currencies, which are pegged to the euro.
Projects supposedly underway include: a 78.9bn CFA franc
($143mn) territorial development programme announced in 2014 for the three regions in the north of the country; a three-year national emergency plan unveiled in 2015 with a budget of 925bn CFA francs
of which just 42bn francs was earmarked for the Far North Region; a 5.3bn CFA franc
plan to rebuild schools and hospitals in the region, also unveiled in 2015; and a 102bn CFA franc
project targeting young people across the country, announced by President Paul Biya in December 2016.
Africa has seen success in issuing Sukuk in Sub Saharan Africa, and West Africa in particular in the West African CFA franc
(XOF), which minimises exposure to FX risk for domestic issuers and investors.
The central bank of the eight-nation West African CFA franc
zone, has kept its interest rate steady, according to Reuters.