During his general policy statement, Prime Minister Ousmane Sonko reiterated the opportunity to create a local currency. This idea was relaunched by the Head of State during his speech to the nation on the occasion of the end of the year 2024. According to Boubacar Camara, economist statistician, this national currency will be based on the constitution of reserves gold from the gold potential of Senegal. It will also aim to “guarantee a transformation and regulation of the banking system, good management of external assets, the dynamic participation of the private sector, as well as the support of populations sensitive to money”.
According to him, the question is: where to start and at what level? In his book entitled “For a humanly developed Senegal”, he suggests taking inspiration from a basket of five currencies.
This basket would include three currencies from the best performing African countries in terms of monetary management: Ghana, Botswana and Morocco. To these three currencies would be added those of two neighboring countries, with which the Senegalese economies are closely linked: the Gambia and Mauritania.
“If we take this basket of five currencies and take an average, on the calculation date, this gives us an equivalence of 1 dollar for 24 ‘KHAS’ (Khalissou Senegal, the money of Senegal in Wolof). Thus, the level of the exchange rate would be between those of the most efficient African countries and those of our neighbors with whom the economies are interconnected,” explains Mr. Camara.
He adds that “there are several methods to determine this initial exchange rate, but the books offer clear and understandable approaches for everyone.”
Yande Diop
Auteur: Yande Diop – Seneweb.com
Senegal
