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The CFA franc, or Franc of the Financial Community of Africa, is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc.
The Economic Community of West African States is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of 5,114,162 km2 (1,974,589 sq mi) and have an estimated population of over 424.34 million.
The Southern African Development Community (SADC) is an inter-governmental organization headquartered in Gaborone, Botswana.
A subregion is a part of a larger region or continent. Cardinal directions are commonly used to define subregions. There are many criteria for creating systems of subregions; this article is focusing on the UN statistical geoscheme, which is a changing, constantly updated, UN tool based on specific political geography considerations relevant in UN statistics.
A supranational union is a type of international organization and political union that is empowered to directly exercise some of the powers and functions otherwise reserved to states. A supranational organization involves a greater transfer of or limitation of state sovereignty than other kinds of international organizations.
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be merged with the Euro-pegged CFA franc which is used by the French-speaking West African region within the West African Economic and Monetary Union (UEMOA). This will also enable the UEMOA states to gain complete fiscal and monetary independence from France. The UEMOA states have alternatively proposed to reform the CFA franc into the eco first, which could then be extended to all ECOWAS states.
The African Central Bank (ACB) is one of the original five financial institutions and specialized agencies of the African Union. Over time, it will take over responsibilities of the African Monetary Fund.
The Economic Community of Central African States is an Economic Community of the African Union for promotion of regional economic co-operation in Central Africa. It "aims to achieve collective autonomy, raise the standard of living of its populations and maintain economic stability through harmonious cooperation".
The Central African CFA franc is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries had a combined population of 55.2 million in 2020, and a combined GDP of over US$100 billion.
The West African CFA franc is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union : Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion as of 2018.
Economic Partnership Agreements (EPAs) are a scheme to create a free trade area (FTA) between the European Union and other countries. They are a response to continuing criticism that the non-reciprocal and discriminating preferential trade agreements offered by the EU are incompatible with WTO rules. The EPAs date back to the signing of the Cotonou Agreement. The EPAs with the different regions are at different states of play. The EU has signed EPAs with the following countries: the Southern African Development Community (SADC), ECOWAS, six countries in Eastern and Southern Africa, Cameroon, four Pacific states, and the CARIFORUM states. Their defining characteristic is that they open up exports to the EU immediately, while exports to the partner regions is opened up only partially and over transitioning periods.
In the context of the 20th-century history of the United States, the Second Great Migration was the migration of more than 5 million African Americans from the South to the Northeast, Midwest and West. It began in 1940, through World War II, and lasted until 1970. It was much larger and of a different character than the first Great Migration (1916–1940), where the migrants were mainly rural farmers from the South and only came to the Northeast and Midwest.
The Common Fund for Commodities (CFC) is an intergovernmental financial institution established within the framework of the United Nations. It is a vestige of the proposed New International Economic Order. The CFC finances commodity development projects in developing states.
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro or afriq. The single African currency is to be composed of currency units made up of regional union reserve bank currency units of which are made up country specific currencies.
The Regional Economic Communities (RECs) in Africa group together individual countries in subregions for the purposes of achieving greater economic integration. They are described as the "building blocks" of the African Union and are also central to the strategy for implementing the New Partnership for Africa's Development (NEPAD).
An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production as well as a common external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union.
An apostolic exhortation is a magisterial document written by the pope. Some experts regard it as third in importance among papal documents, after apostolic constitutions and encyclicals. Exhortations generally encourage a particular virtue or activity. Apostolic exhortations are frequently issued following a Synod of Bishops, in which case they are known as post-synodal apostolic exhortations. They do not define Church doctrine and are not considered legislative.
A customs and monetary union is a type of trade bloc which is composed of a customs union and a currency union. The participant countries have both common external trade policy and share a single currency.
The ECOWAS passport is a common passport document for several countries in West Africa.
Africae munus is the third post-synodal apostolic exhortation issued by Pope Benedict XVI. It was signed on 19 November 2011 in Benin.
References
- ↑ "Economic Community of West African States (ECOWAS)". World Statesmen.org. Retrieved 2010-11-01.
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