Senegal: The sharp response of the Taxawu Senegal leaders to Guy Marius Sagna

The Coalition Responds to Deputy Guy Marius Sagna’s Comments on Currency Policy

Members of the Khalifa President coalition have responded to Deputy Guy Marius Sagna of the Pastef party. Deputy Guy Marius Sagna took it upon himself to respond to President Khalifa Sall regarding the issue of currency policy.

In order to do so, he would have first needed to understand the proposal put forward by the Khalifa President coalition candidate on monetary policy, then understand what monetary policy is and its consequences on the economy, and finally, as a sovereignist Pan-Africanist, be able to argue without borrowing phrases out of context from a President of MEDEF (Georges Roux de Bézieux) who supported Macron against Le Pen (who at the time advocated for France’s exit from the European Union and the Euro) whose program was considered by the MEDEF he led as “a dead end.”

Deputy Guy Marius Sagna should have had faith in the expertise of African economists and experts to support his arguments and understand the content of the Khalifa President coalition’s program. Let me assist him:

– President Khalifa Sall advocates for a stronger West African Economic and Monetary Union (UEMOA) with a common currency supported by several states. He believes that a common currency is a major asset for the development of our countries. He aims to strengthen sub-regional economic integration by promoting policies that harmonize economic and trade regulations among member countries and by encouraging cooperation in key sectors such as agriculture, industry, and services to stimulate economic growth and reduce dependence on imports.

– As a good Pan-Africanist, President Khalifa Sall wants to strengthen regional financial institutions responsible for supervising and regulating monetary policy, the financial system, and economic transactions within the sub-region. To this end, he envisions programs to improve access to financial services for all segments of the population, including rural populations and disadvantaged groups, by enhancing initiatives to promote entrepreneurship, innovation, and job creation in high-potential growth sectors.

– Does the Deputy know that since 2011, the Tunisian dinar has been steadily declining? Is he aware that in Tunisia, many trade in Euros, and that the risk of inflation weighs heavily on the Algerian economy?

– The Khalifa President coalition is well aware of the advantages of a common currency that allows exporters and importers in the region to hedge against currency risk, facilitating financial and trade flows. The unlimited convertibility it guarantees is reassuring for investors in terms of the security of their investments and profits in the face of currency crisis risks. It also has its disadvantages. This is why President Khalifa Sall speaks of a true “common currency supported by several states” in the sub-region. And no Pan-Africanist could say it better. A currency for a population of over 141.7 million, with the potential to reach 350 million considering ECOWAS, covering over 6 million square kilometers. This will promote the local economy, stimulate local production and consumption of goods and services, and reduce dependence on large companies and global markets. Furthermore, this currency can promote financial inclusion by allowing marginalized or unbanked individuals to participate in the local economy.

– I won’t go as far as accusing Deputy Guy Marius Sagna of intellectual dishonesty when he deliberately misinterprets President Khalifa Sall’s words by saying that “President Khalifa Sall seems to suggest that the Eurozone is one of his models,” when deep down he knows that President Khalifa Sall never said such a thing. That being said, Mr. Guy Marius Sagna should tell us what harm there is in using the Eurozone as a model? We can confidently say that the Eurozone is attractive given the number of countries vying to join. Among these, we can mention Turkey. Countries like Morocco have had their applications rejected. Major countries like France and Germany had every economic reason to keep their national currencies, but they understood that at this stage of European history, it was necessary to move forward and adopt a single currency for all the reasons we mentioned, but also to counter the U.S. dollar.

– The Khalifa President coalition does not advocate for maintaining the current situation. They envision continuing the ongoing reform of the CFA franc: changing the currency to the ECO, removing the operational account from the Bank of France, and eliminating the seats held by French representatives within the BCEAO. The coalition advocates for a sovereign but West African currency.

– Through his response, the Deputy has shown alarming amateurism by not telling us how? When? For how many years of suffering for the poor gorgorlu? By considering constitutional disruptions as President Macky Sall did on February 3, 2024.

– Persisting in his characteristic amateurism, by endorsing ready-made texts, the Deputy restricts monetary union to the sharing of the currency. Oh no! The interest of UEMOA is that it is an economic and monetary union. In simple terms for our dear Deputy, the countries in UEMOA share “a harmonized and integrated economic space, in which total freedom of movement of people, capital, goods, services, and factors of production is ensured, as well as effective enjoyment of the right to practice and establish professions, residence for citizens throughout the community territory.” And even a worthy Pan-Africanist cannot ignore this.

Finally, we want to inform Deputy Guy Marius Sagna that President Khalifa Sall is not guided by his passions. He is a clear-eyed man, firm in his convictions, and ready to lead Senegal to a better future.

Made Code NDIAYE
Coordinator of the Prospective and Analysis Cell (CAPS)
Taxawu Sénégal