Central African states remain uncompetitive: bank governor

0 Comments | AFP, July, 2004

BRAZZAVILLE (AFP) — The competitiveness of the Central African Economic and Monetary Community (CEMAC) has been at a steady low since its currency was devalued in 1994, the Central African States' Bank said.

"Since the devaluation of the FCFA (Franc de la Communaute Financiere Africaine) in January 1994 the area has lost its competitive position because its economic competitiveness is at a steady low," said bank governor Jean-Felix Mamalepot following a board meeting.

The FCFA, or CFA franc, is the currency used by most of France's former African colonies.

This was due to the fact that growth was weak, because it depended mainly on oil.

To stimulate competitiveness in the zone, he called for the countries to diversify exports and step up structural...