Eurozone Crisis, Global Recession, And The Future of the CFA zone
From colonization to present day, CFA zone countries are bound to an agreement with France to deposit the bulk of their foreign reserves in the French Public Treasury.
Presented By THE REVIVAL OF PAN-AFRICANISM FORUM
Two crises in the field of international affairs and development, i.e., the worldwide great economic downturn and the Ivorian electoral stalemate, have raised a question about the relevance of the Communauté Financière Française (CFA) Zone, a monetary union between Francophone African countries and France and the European Union.
From colonization to present day, CFA zone countries are bound to an agreement with France to deposit the bulk of their foreign reserves in the French Public Treasury. This state of affairs undermines the monetary, financial, economic, and political sovereignty of francophone African countries with a fixed CFA to the Euro (until 1991 to the French franc).
The recession put in peril steady growth and development gains in sub-Saharan Africa. As the Euro survival quagmire continues to unfold, there are concerns about the CFA zone economies.
The electoral stalemate in the Ivory Coast gave France the opportunity to flex its political, military, diplomatic, and financial muscles. Financially, France implemented economic sanctions against the former Ivorian regime by closing all French-owned banks for months preventing access of ALL Ivoirians to their monies. This is one of the many examples of the precarious state of the economic independence of the Ivory Coast coupled with its un-sovereign nature. The people of Mali were about to endure the same dramatic fate.
The Revival of Panafricanism Forum presents two speakers, Salomon Samen, Ph.D., Economic Adviser to the Government of Mauritius and Nash Kpokou, Ph.D., Economist and Consultant who will engage in a concrete analysis of the quintessence and inadequacy of the CFA, the relevance of the CFA Zone in light of current European economic downturn, lessons learned from former regimes choices, restructuring experiences, and examine viable policy alternatives facing the CFA franc zone that may help francophone African countries become sovereign nations.
This conference intends to advance our understanding of the complex issues related to the inadequacy of the CFA/Euro relationship and its economic and political implications for both CFA franc countries and the Eurozone/France.
When: 3:30 PM, Saturday, April 28, 2012
Where: Hilton Hotel, 1750 Rockville Pike, Rockville, MD 20852
(Across from the Twinbrook Metro station (Red Line) Rockville, MD)
Who: Salomon Samen, Ph.D., Economist and Nash Kpokou, Ph.D., Consultant & Economist
Contact: Mjiba Frehiwot; Ph.D.: 202-294-5593