Citi Economist Urges CFA Franc Devaluation to Spur Growth in Central Africa

Citigroup Inc. says central Africa’s monetary bloc should consider devaluing its currency, which is pegged to the euro, in order to boost economic growth and stem a slide in reserves.

Citi’s chief Africa economist, David Cowan, said such a move would also help address other economic problems in the Economic and Monetary Community of Central Africa (CEMAC), including elevated debt levels.