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Article: How does the CFA Franc Zone really work?
- Article from:
- African Business
- Article date:
- May 1, 1994
CopyrightCOPYRIGHT 1994 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE 14 AFRICAN countries of the Franc Zone currently consist of two separate groups of Sub-Saharan countries plus the Comoros.
The first group comprises the seven members of the West African Monetary Union (Umoa): Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal and Togo. These seven have assigned responsibility for conducting monetary policy to a common central bank, the Banque Centrale des Etats de 1'Afrique de 1'Ouest (BCEAO).
The second group consists of the six members of another common central bank, the Banque des Etats de 1'Afrique Central (BEAC): Cameroon, the Central African Republic, Chad, the Congo, Equatorial Guinea and Gabon.
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