WILL NEW COINS IN CIRCULATION BE ADEQUATE REMEDY FOR SECURITY
Welcoming new coins with hope that it brings solution to coins scarcity in the economy and relief the population from stress and unnecessary expenditure
The Bank of the Central African States (BEAC) like it is accustomed has produced a new brand of francs CFA coins that was put in to circulation on the second of February 2025. The coins that are 9 in number go from 1 frs, 2, 5, 10, 25, 50, 100, 200 and 500frs. Apart from 200 frs coin that is new, the rest of the denominations are a tradition by their value but not in their new clothing. The coins that will only serve the Economic and Monetary Community of Central Africa (CEMAC) countries came in as a seemingly solution to the acute scarcity of coins in the economy for some time now.
The announcement of new coins in the market did not at all move commuters in the sense that almost everybody understands that the coins will soon go scarce in the circulation like it has always been the case lately, since some unscrupulous businessmen (believed to be Chinese nationals) installed in street corner and bars, a kind of gambling machine that operates only with coins. The government would have tried to look into this situation. Because these coin devouring gambling machines do not help the economy in any way, even if the pay taxes. But instead, they harm the population greatly in the stress they go through looking for coins every day and they delay the economy too. And authorities know this, but surprisingly, nothing has been said or done against this phenomenon of some crafty persons gathering coins that is so much needed by everybody in the economy for their private uses.
In the same vein, the 53 years old central bank that has its headquarters in Yaoundé would have thought of a long lasting solution to the problem of coins scarcity or coin syphoning in the economy. Why not reduce or completely stop the use of coins in the central African sub region and implement the use of bank notes, just like it is done in a country like Nigeria, and everything is going on well in the economy of the African giant. If such a solution was taken, it could have done a great deal of good to the people, why not to the economy too.
From all ramifications, producing new coins without solving the problem from its roots will just be tantamount to a cosmetic solution.
