The CFA currency used in twelve former French colonies in West and Central Africa as well as in Guinea-Bissau and Equatorial Guinea is an outdated monetary mechanism, the UN deputy Secretary General, Carlos Lopez, has told the AFP news agency.
Mr Lopez made his statement as Finance Ministers from the CFA zone are expected in Paris on Friday for a routine review of their common currency ahead of an IFM and a World Bank joint meeting next week in Washington.
The CFA currency is a controversial colonial legacy. It is pegged to the Euro, with its value guaranteed by France.
Carlos Lopez told AFP:
“A discussion is really needed around the CFA zone.
No country in the world can afford to have a static monetary policy for more than 30 years. That only exists in the CFA zone. Something is definitely wrong.”
