To answer this question, let's go back to President Macron's opinion this week in the airwaves of
RFI: "When we look at how all the developed economies have responded to the crisis, we have done two
things: a monetary policy shock and a fiscal policy shock.
Central banks, the Bank of England, the FED, the ECB, have had a massive monetary policy in march, unprecedented in terms of speed and magnitude. And then a budgetary response,
that governments are taking. In this context, there is no monetary equivalent on the African continent, and this is the double penalty: there is no possibility of making this money creation and this
movement precisely necessary for economies".
President Macron's admission is significant; he admits that the EU countries, like the United States, have
monetized their debt through their respective central banks and the Bank of England has set in motion a
printing press (translation into president Macron's language "massive monetary policy") to deal with
the impact of Covid-19.
However, according to President Macron, we cannot use the same tool to do the same
exercise. This is to say that, according to his argument, it is not with cheerfulness of heart that he supports the announcement
of President Sall but rather for reasons of moral logic.
Only, in view of the relations between Africa and the Westerners, since the time of slavery (by the way
by wars) until today, the latter owe us three times more than they claim from us
as debt. So this debt does not exist, we owe absolutely nothing to the Westerners; the request
debt cancellation and more than legitimate.
Regarding this legitimacy, we have read and approved the contribution of the actuary and financier CISSE
ABDOU (*) on the columns of Financial Afrik as of March 30, 2020 for its article entitled: "the France of may
not to deny us the monetary practices that it has been implementing since 2015".
In its press release of March 22, 2020, the BCEAO accepts the issuance of treasury bills called Covid-19; three immediate expenses related to the fight against the Covid-19 pandemic.
With the help of the UMOA-Titres Agency, it will proceed to the structuring and programming of these
emissions; a special window is opened by the BCEAO to allow banks to refinance
these vouchers from the day of issue or at the latest one month after acquisition for the recent term of the share.
Although the Central Bank's decision is a significant first step, we encourage it to go further
far to monetize our future public projects and completely get out of the vicious circle of debt, as a
so well proposed Cissé Abdou (reference below).