Chad calls upon African countries to mint their own coins and to get rid of the Franc CFA
"We have the possibility to mint the coins as we want. Today the Franc CFA is paper. Within 2 years it will be scrap-paper, people better shouldn't use it.", says the president of Chad, Idriss Déby.
President Idriss Déby is sure that Africa can't evolve with the Franc CFA. He has made this clear during a press conference in Abéché, the second largest city of Chad where the 55th anniversary of independence was being celebrated.
"The relations between Africa and Chad are historic and ancient. The first president of Chad, François Tombalbaye, has made clear during the event that Chad is independent and sovereign. This is something that we welcome. We can't completely deny the relations that we have with France, but we can't continue the French-African system or the paternalism system, that are both outdated. That is something that France doesn't want either. Africans, we are the ones that lose, who do you want to blame for that?", highlighted the President. "It is a coureagous decision that our French friends need to take."
The CFA is a currency guaranteed by the French treasury, which is not convertible with other international currencies.
"Today we have the FCFA that is guaranteed by the French treasury. But that currency is African. It is our currency. In fact we need to make this currency ours, only then we will be able to make the currency convertible which will make it possible for all African countries that currently use the FCFA to develop."
"Africa, the surrounding area and francophone African countries are the countries that I call upon today. The monetary cooperation with France has some clauses that are outdated. These clauses should be reviewed. It is in the intrest of both France and Africa. These clauses capitalize the African economy, these clauses don't allow the African economy to develop. In our heart we continue the friendship with France. Courage is needed to confess that the time has come to cut the cord that prevents Africa from developing. It is not a gift question. No head of state, no minister, no African should make this issue there is a gift question. It raises the question wether the FCFA is really our currency. Why is our currency not convertible. Why do all exchanges have to pass through the central bank of France. What is the interest that we receive? Africa has to mint its own currency."
"We have the possibility to mint our own currency as we want. Today the Franc CFA is paper, within 2 years it will be scrap-paper. People better shouldn't use it. It is expensive to mint a currency, African countries should have the possibility to award the minting of currency to the best tenderer. This question is not a taboo. People who think the question is a taboo, kill Africa and tomorrow they are condemmed by future generations", concluded president for 26 years, Idriss Déby.