Niger / Creation of a single currency for the AES : « A the appropriate time, we will decide… » (Abdourahamane Tiani)
In an exclusive interview on Monday, February 12, 2024, in Niamey on the National Television, the Head of State of Niger, Brigadier General Abdourahamane Tiani, reassured the public regarding the creation of a single currency for the countries of the Sahel States Alliance (AES).
In Niger, the President of the National Council for the Safeguarding of the Nation (CNSP), the Head of State, Brigadier General Abdourahamane Tiani, stated on television regarding the creation of the currency that « Everything has its time…». « Currency is a step towards exiting this colonization, the AES states have experts and at the right time, we will decide and we will decide, insha’Allah », stated Brigadier General Abdourahamane Tiani.
The Nigerien Head of State also emphasized that currency is a sign of sovereignty, and they are committed to a process of reclaiming their total sovereignty. « We have said it, we must open the cupboard of recent history of African states, take out all the files, dust them off, analyze them, evaluate them, and decide for the interest of our people », he estimated while insisting that it is no longer the case for our States to be the cash cow for France.
The CNSP President goes further and insists that « France has plundered us for more than 107 years, France must pay cash for the debts of 65 years of systematic plundering of our resources and the 42 years, we will find a schedule to settle with France », before regretting that « our States should have withdrawn from what had become ECOWAS since 1990 yet until today the numerical majority of the members continue to be members of the community ».
According to an economist
Ndongo Samba Sylla, a researcher at the International Association for Development Economics, on an international media, stated that the withdrawal of countries from the AES from ECOWAS will not cause any loss to other neighboring countries.
For the Senegalese economist, firstly, the benefits of economic integration should not be underestimated. « Intra-ECOWAS trade is very low. Mali and Burkina export cotton. What needs to be seen is the development potential. When these countries develop, it benefits neighboring countries. For example, if AES countries increase agricultural production, exports can benefit neighboring countries. It should also be noted that customs tariffs are not intended to fill state coffers. Tariffs rather have objectives of industrial policies », the economist asserted.
But on the creation of a single currency within the Alliance, Ndongo Samba Sylla also thinks that « …the sanctions imposed on Mali in January 2022 with Niger, these are sanctions that are impossible to implement when you have your own national currency.
This means that it is possible for the central bank to deprive certain states of access to their own account, which is not possible when you have your own currency », he specified before continuing that « It is only in Francophone countries that we believe that creating a currency is something miraculous or extremely dangerous. Only less than 7% of the world’s population operates in a monetary union. This means that almost all other countries have their own currency. So it is quite possible to exit the CFA and it is desirable », he suggested.
In his intervention, the economist especially denounced the pegging of the CFA Franc to the European currency « because the CFA imposes a financing deficit on the economy and an overvaluation of the exchange rate ». And the economist continued that « There is no country in the world, apart from the CFA countries that produce oil and gas and fix their currency to the Euro. If you fix for example to the dollar, you have much more advantage, you have the same stability, you have much more room for maneuver. So it is possible and it is desirable », he concluded.
