Like Nubukpo, the Togolese Macroeconomist has again spoken out on the economic process which is underway and which will consecrate the change of the CFA Franc into a new currency called ECO. Through an interview he gave to “The Africa Tribune”, the former Togolese minister alerted to the risks of an ECO which would only be the new embodiment of the CFA Franc. The dean of the Faculty of Economics and Management at the University of Lomé notably highlighted certain points which are contained in the bill which amends the West African Monetary Economic Union treaty.
France could return in the event of a crisis at the BCEAO…
“Reading this bill, we see that the changes are limited to the name of the currency, the closure of the operating account and the withdrawal of French nationals from WAEMU bodies”, he noted. He used the channel of this interview to draw attention to a crucial point of this law. France by law could return to the BCEAO in the event of a crisis through its nationals. The law gives him this right because of his quality of “Financial guarantor of the area”.
“It is explicitly written that in the event of a crisis, France could send its nationals again to the Monetary Policy Council of the Central Bank of West African States – BCEAO – as financial guarantor of the area … », recalled the Togolese economist. He did not fail to mention the problem relating to the flexibility of the exchange rate for the new currency.
The issue of parity…
Maintaining a fixed parity between the future currency and the euro presents the eco as a simple avatar of the CFA franc ended up concluding dean of the Faculty of economics and management of the University of Lomé. He also spoke on the various publications recently made by the President of the Federal Republic of Nigeria on the subject.
“I hope that President Buhari’s declarations will open a real debate at the level of heads of state, parliamentarians, researchers, West African and African civil society as a whole, concerning the modalities of an establishment optimal currency “, notably declares the former Minister of Prospective and Evaluation of Public Policies in Togo.
–
