CFA franc was originally created in 1939 as the currency of the French colonies in Africa. It went through several transformations and some countries like Guinea left the zone. Some African countries have been calling for the CFA franc to be abolished because they believe it is a symbol of French imposition of power in Africa.
The currency has been criticized by some Africans for its dependence on the Euro and the command France has over it. The 14 African countries using the CFA franc are affiliated with one of two monetary unions.
The European Commission President Jean-Claude Juncker says Africans are not showing the real desire to leave the CFA franc zone which consists of 14 countries in Africa who use the two CFA franc currencies.
“I don’t see a real desire of Africans to leave this zone which gives a certain degree of visibility to Africa. Something that i am not particularly keen about is to give young African people the impression that Europe or France is imposing its currency in Africa,” he said.
“I will like to see more emancipation in Africa. We have regular meetings with the concerned countries in order to evaluate the scope of the problems which are faced in the franc zone,” he added.
“ I don’t see a real desire of Africans to leave this zone which gives a certain degree of visibility to Africa … I am wondering, if all the countries have their own currency, will it be a better situation? ”
“I am interested in the views of the young African people here and their desire to liberate themselves … I am wondering, if all the countries have their own currency, will it be a better situation?” Jean-Claude Juncker answered.
On the migrant situation, Juncker said Europe has to invest in Africa if they want Africans to stay in their continent.
“You have to know that Africans are 1.2 billion people and in some decades from now we will have 2.5 billion. We have to be there when it comes to internal solidarity in Africa,” he said.