Ivorian President Reiterates Support for Euro-Pegged Currency

(Bloomberg) -- Ivorian President Alassane Ouattara called for an end to the debate on the use of the CFA Franc, which is pegged to the euro, saying “it is a solid currency and well-managed.”

The leader of the world’s No. 1 cocoa producer was speaking on the sidelines of a meeting with his French counterpart, Emmanuel Macron, in Paris on Friday.

The “false debate” needs to stop as the CFA Franc is “stabilizing for our countries,” Abidjan.net reported, quoting the president.

Last year, while addressing business leaders in the West African nation’s commercial capital, Abidjan, Ouattara said the regional currency protects the country from inflation and helps companies to compete against foreign businesses.

Ivory Coast, with an economy of about $40 billion, is the biggest among eight users of the CFA Franc in West Africa. The currency is also used in six nations in central Africa.

An Afrobarometer survey released this month showed that 66 percent of Togolese citizens felt the currency benefited France more, and should be replaced.

At their meeting, Ouattara and Macron welcomed progress made in implementing certain projects, including the construction of the Abidjan metro and the Regional Anti-Terrorism Academy, according to a statement from the Ivorian presidency.

To contact the reporter on this story: Leanne de Bassompierre in Abidjan at ldebassompie@bloomberg.net

To contact the editors responsible for this story: Amanda Jordan at ajordan11@bloomberg.net, Christopher Elser

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