Honored audience, I stand before you today as the second speaker in opposition to the abandonment of

the CFA Franc. While our esteemed colleagues on the other side of this debate may paint a picture of
liberation, we must not forget the historical context and the crucial advantages that the CFA Franc has
offered to its African member countries.

Spared African countries strong devaluation, after WWII.

First and foremost, let us discuss the sparing of African countries from the crippling devaluation that
many other nations experienced after World War II. Imagine a time when war-torn countries across the
globe were left struggling to piece their economies back together, dealing with massive devaluations
and economic chaos. Yet, the CFA Franc ensured stability for the African nations, acting as a reliable
anchor in an unsettled sea. Is it not a noble effort to preserve a system that prevented economic
destruction during a period of extraordinary global disruption? The CFA Franc was a lifeline for these
countries, a beacon of stability in a post-war world filled with economic uncertainty.

Consider the families in Mali who have worked hard for generations, with their savings tied to the CFA
Franc. They trusted in the stability it brought to their lives. Now, the supporters of abandoning it would
subject them to a wild rollercoaster of currency devaluation, skyrocketing inflation, and financial
turmoil. These families, who have already faced their fair share of challenges, do not deserve to be
thrust into such a dangerous future.

Lowers transaction costs

Now, let us turn our attention to the matter of transaction costs. The CFA Franc has served as a uniting
currency, reducing the friction and expenses involved in cross-border trade among its member states.
Let us also consider the consequences of abandoning the CFA Franc on international trade. The fixed
exchange rate with the Euro enables smoother and cheaper trade between member countries and their
European partners.

According to the African Development Bank, the use of the CFA Franc reduces transaction costs for
businesses operating within the zone by an estimated 20-50%. This is because businesses can conduct
transactions in a single currency, reducing the need for complex foreign exchange operations.
Abandoning it would unleash economic turmoil and chaos, causing massive suffering for ordinary
people. Dramatic as it may sound, the impact of abandoning the CFA Franc is similar to stripping away
the security blanket that protects families, businesses, and nations from financial storms. This reduction
in transaction costs is not a trivial matter. It's a lifeline for countless businesses and communities that
depend on seamless trade to thrive and prosper.

Lack of management and preparedness

But it's not just the economic advantages that the opposition implores you to consider; it's also the lack
of management and preparedness that is starkly evident in the rush to discard the CFA Franc. Are we
ready to abandon a system that has shielded us from financial turbulence without a well-conceived,
alternative solution? We cannot leap into uncertainty, leaving the fate of our economies to the impulses
of an uncharted financial landscape. Changing currencies would require extensive adjustments to
banking systems, contracts, and regulations, which could lead to financial disruption and chaos. A prime
example of this is the Zimbabwean dollar, which became virtually worthless after abandoning the US
dollar peg, leading to hyperinflation and economic instability. Whereas the arrangement with the French
Treasury has ensured that African countries have access to a strong currency without the need for costly
foreign exchange interventions. As of 2020, these reserves amounted to over $13 billion, providing a
buffer for uncertain economic times.

In the grand theater of history, the CFA Franc has played a vital role. It has spared nations from
economic despair, fostered seamless trade, and provided a sturdy bridge for economic development. To
abandon it recklessly would be to disregard the lessons of the past and gamble with our futures.