Former Senegal’s Prime Minister who is also among the candidates for the Sunday presidential election, Amadou Ba, has denounced the proposed plan by the opposition to introduce a national currency against the use of CFA franc used by eight other African countries. He said the plan would discourage investors and work against inflation…
The presidential candidate for Senegal’s ruling coalition, who is also the former Prime Minister Amadou Ba, has kicked against the proposed move by the opposition to introduce a national currency, saying that the plan could discourage investors.
The 62-year-old politician will be contesting against 18 other candidates in Senegal’s presidential election on Sunday.
The forthcoming poll has not produced a frontrunner, but the opposition has seen strong momentum behind former tax inspector Bassirou Diomaye Faye, who is relatively younger at just 43 years of age.
He has gained the support of the firebrand opposition leader, Ousmane Sonko, and on Friday received the endorsement of Senegal’s former President Abdoulaye Wade and his Senegalese Democratic Party.
In the run up to the election, Faye has suggested that he will initially seek monetary reforms within the eight-nation West African Monetary Union, which uses the CFA franc. If that fails to sail through, he plans to push for a national currency.
While reacting to the proposed transformation, the candidate of the ruling coalition highlighted the need for Senegal to remain in the monetary union of the 15-nation West African regional grouping.
Mr Bá argued that the current currency used in Senegal is convertible and stable, and inflation has been moderate compared with countries with their own currencies.
He promised that if elected, he would overhaul the fishing business to increase the income of small-scale fishermen.
The sector is the country’s third-largest employer, but Ba argues it is on a downward spiral.
By xamse
March 23, 2024
