Debt Is Money

Abstract

The countries of the Central African Economic and Monetary Community (CEMAC), members of the franc zone, have been plagued by unsustainable public debts that have been disastrous for their economies for more than ten years. Thus, a reflection is opening up on the possibility of revitalising and transforming the indebtedness of these countries vis-à-vis France, the French Treasury, into currency, CFA francs. This innovative approach could be implemented in the context of a citizen audit of debts and an awareness of all political wills in favour of this policy. In addition, the support and pressure of social movements or citizens of civil society also appear to be an unavoidable necessity. At the very least, this initiative to transform debts into money must be driven and led by the country at the origin of this initiative, namely Gabon. From 1990 onwards, in the aftermath of the sovereign national conferences, like all the CEMAC countries, Gabon fell into a spiral of indebtedness under the impetus of the French authorities. In this context, and following the economic disasters it causes, the CEMAC countries are forced to submit, visualise, and degrade their national sovereignty by implementing Structural Adjustment Programs (SAPs) (MEZUI-MBENG, 2010).