Nkonkonsa Celebrity Gossip From Africa
It is reported that plans and efforts are underway for Mali, Burkina Faso and Niger to launch their new currency.
The three countries are taking bold steps towards economic independence. They want to ditch the CFA franc and introduce a new currency to break .
On 11 February 2024, the head of Niger’s ruling military junta, General Abdourahmane Tiani, spoke of the possible creation of a common currency with Burkina Faso and Mali. “The currency is a first step toward breaking free from the legacy of colonisation,” he said on national TV, referring to the CFA franc inherited from French colonisation.
Burkina Faso, Niger and Mali, three former French colonies, have experienced military coups in recent years. They’re now all ruled by military regimes. They also formed a new defence alliance, known as the Alliance of Sahel States (AES).
The Economic Community of West African States (Ecowas) has condemned these coups and imposed sanctions on the countries involved. In response, these countries decided to withdraw from Ecowas.
However, they remain members of the West African Economic and Monetary Union (Uemoa). Uemoa has a common currency, the CFA franc, which is issued by the Central Bank of West African States (BCEAO).
NKONKONSA.com
