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113 sats \ 3 replies \ @KenyaCoin OP 15 Jul 2024 \ on: A Look At the CFA Franc – [...] at the Center of the French – West Africa Feud bitcoin
Currency unions don't work.
In recent years, the organization has failed to reverse rampant coups in the region with military coups witnessed in Mali in 2020 and 2021, in Burkina Faso in 2022 and in Niger in 2023.
All three countries withdrew from ECOWAS in January 2024 and are said to be pursuing their own single currency.
Source: WEST AFRICA | West African ECOWAS States Move Closer Toward Launching a Single Currency Dubbed ECO
There are also risks that the currency could quickly lose value.
The new currency could depreciate against the CFA franc. This could have substantial negative repercussions for exporters to other West African Economic and Monetary Union countries.
Second, without proper formal frameworks to control and manage the new currency, speculation and uncertainty regarding its value may emerge. This is why establishing robust institutions to support the management and supervision of the new currency is crucial.
Source: Burkina Faso, Mali and Niger hint at a new west African currency: what it’ll take for it to succeed
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10 sats \ 2 replies \ @Bell_curve 15 Jul 2024
what about using the euro or dollar like Latin America?
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23 sats \ 1 reply \ @398ja 15 Jul 2024
They use it too, informally, but acquiring euros or dollars is not always easy.
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0 sats \ 0 replies \ @Bell_curve 15 Jul 2024
Yesterday was Bastille Day
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