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December 06, 2011

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Akaba Ndiateng

Mr Njila, I wonder why in your analysis of this "devaluation" rumor of the CFA frs, mention of the first devaluation in the 90's is more like an afterthought. Some more information on its history, how the monetary institutions reacted, how the government handled it, and how it impacted and has defined the lives of Cameroonians would have been instructive acrosss the board (macro and micro economics).

Would you be kind enough to dig into some of these questions in a substantive, yet concise and considerate fashion? Especially, would you consider to address the question of the devastatng consequesces of a bank-run by entities (personal and corporate) in the country? Finally, what else can any proactive government in the CFA frs zone be doing to avert this?

Mbang

The question, Mr Akaba, is not what else these moribund, inept and incompetent CFA Frs Zone Ministers and their governments can do. The question, it seems to me, is what will France allow them to do?
Indeed, the question is what can they do? And I honestly think they are already doing what they are best at: wait along for France to tell them what to do.
Afterall, what do these sleeping heads understand in a language that is not theirs, or in a currency they don't print and never initiated. These countries, former French colonies, should not even be called countries. They are what they - French provinces in Africa.

Meg Foy

It baffles one to see the quiet and subtle way the citizens of these countries are taking this news. People seem helpless. The wind of change blowing across the Arab world is far from central/west Africa. Right now Europeans are meeting to seek ways to alleviate the damage of the general economic storm on their economies, and the best way for France is to come to its farms in Africa to squeeze whatever it can as usual. My people say if you don't know who you are, you shall be told. What a shame on central west Africans,What a shame for the helplessness.

limbekid

@ Meg Foy,

Please don`t get over yourself. The rumour might materialise, but until then it remains a rumour. A Cameroonian citizen has done the responsible thing by bringing it to the limelight and explaining the mechanism (to the best of his ability).

Marxcell

This whole writing as the field of economics from which it anchors the assessment is highly speculative. This contribution could well have been written without premising it on the so-called rumors. The rudimentary economic lesson provided in the write-up is welcome to the average reader uninformed in basic micro and macro economics but for the most part the long and winded presentation is unnecessary.

The premise of course, is wrong. It is not true that talks about the imminent devaluation of the CFA has not been challenged or that prominent Franc financial ministers have not spoken out on the matter. They have done so and have at various instances telegraphed their messages to calm fears precisely to those doing business and/or hold long cash positions in Central and West Africa banks. That kind of jog from an economist is really inconsequential since in fact he must speculate. This is worth noting because speculative rumors as well as assumptions are not empirical facts. All what is said relying on such assumption are dubious at best even if they make for a juicy write up.

Here is a fact for you .... Dr. Gary Busch statement quoted in the Nov 22 Daily Telegraph that an agreement to devalue the currency had been reached between Africans Central Banks and the French.....as well as Alassane Ouattara travel plans to the 14 CFA member countries. That being the case all what is important to understand is how they are preparing for the any kind of a landing of what seem almost inevitable..the devaluation of CFA. Why do you need verification for what is a reported direct statement? The FACTS is simple. Either there would be devaluation or not. The culprits are well known France and the CFA member states.

It is no news that the business and gains in currency trading do not rely of perfect information. The answer it seems for any serious currency devaluation is political. What we need then are empirically testable facts that sustain such political explanations.

DANGO  TUMMA

marcell, dr gary busch have been commenting on African economics/politics, especially their roots caused by the french in their un willing to give africans the true independence to run africas affairs by africans for about 15 years now,
you are very new, and if you are not pro-french as paul bitya or allasane watara, you would see exactly what others see.a country cannot have an economy, unless it have a currency, i meant its own currency.
since the french say the reason the have military bases in africa is to protect their
cronis, france have been stealing africas monies of 85% of gdp for 17 countries since 1948
about 100 trillionm of african monies is in french bank, african have no way to get these money back , they have Ask france to refund it and stopped this cfa, currecncy scammed, but france say now, atleast senegal wade did . instead they look for means to imposed africans with low mentality like watata of cote ivoire or paul biya , bongo, sassou etc, to continue acting as their gate keepers for the france to also come in every month and collect what papa, grand papa mama have worked coffee, coacoa, bayam sellam in the market , and sent to france, thats we africans worked hard instead of saving in our country to better our lives, france will monthly come under the radar and steal 85% wire transfer into its treasury. soo generations by genrations remain poor.

thats part of what ghaddaafi want to stop with the african monetary union. france was the first to go against. we all affect must learn to see the devil for what it is and hate it, if means wagging an open war against france in 2012 as in agiers , soo be it, . france we all know will continue stealing our money , by using some currency named francs. likeit or not

limbekid

The BEAC governor on the question of a imminent devaluation:

http://www.journalducameroun.com/article.php?aid=10433

Desmond

Who is this so called "Dr Gary Busch" that talks of devaluing CFA,and people care and talk about him.
This guy`s nothing but the western tool/entity conspiring to continue stealing from Africa. Let me ask you"people". What`s the price of a cup of coffee in Paris and a bag of coffee in Douala?
Make the contrast, then you can understand what this stupid Dr`s trying to poison this nation and the empty head leaders are just sitting on their(Buts).

My fear`s most people in this nation do not understand why "devalue". In fact,we are not an industrialize Economy. Thus, the question of devaluation is far of the passe. You don`t d evaluate to sell banana to e.g French supper market or sell uranium for French (Atomic )plants to keep running.

Marxcell (Prof)

@Tumma ...what is your point?

@ Limbekid..... Your link should lay to rest the idea that nothing is afoot about the rumors of devaluation....

limbekid

Dr Nfor Susungi`s analysis:

http://www.dibussi.com/2011/12/what-is-the-future-of-the-fcfa-zone-in-west-and-central-africa.html#tp

http://www.dibussi.com/2011/12/-what-is-the-future-of-the-fcfa-zone-part-ii.html#tp

http://www.dibussi.com/2011/12/what-is-the-future-of-the-fcfa-zone-part-iii-.html#tp

He and I agree on one thing - despite misgivings about the cfa franc the region is not yet ready for a local currency, but the possibility should be looked into.

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