Shopping frenzy after devaluation in Africa
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.ABIDJAN (AP) - People in west and central Africa fought in supermarkets and scrambled to fill trolleys while clerks raced to double prices yesterday, the day after the African franc lost half its value. The devaluation of the French-backed currency caused turmoil across the 14 former French colonies as prices shot up. Labour leaders warned of strikes and food riots.
'It will cause economic and social catastrophe,' said Mathias Ndzon, director general of the International Bank of Congo. Under pressure from world financial institutions which said the currency was overvalued, 14 nations agreed on Tuesday to devalue the CFA franc by 50 per cent.
Shoppers in the countries affected cleared shelves before prices could be changed, amid reports of hoarding. Burkina Faso announced a price freeze, and Ivory Coast followed suit after stores began doubling the prices of imported goods.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments