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The CFA franc: A “hyper-colonial” Currency

June 30, 2019

 

 

“It is not a book against France, nor against Africa, but a book that explains a monetary mechanism that can be described as perverse, because it blocks the development of African countries that are a part of it”, with these words Senegalese economist Ndongo Samba Sylla opened the conference organized at the City of Other Economics in Rome on 14 May 2019 by Fazi publisher, who published the Italian version of the book written together with French journalist Fanny Pigeaud, L’arme invisible de la françafrique, (Françafrique’s invisible arm in Africa)  on the a history of the CFA franc.

 

The acronym CFA refers to two current monetary and economic unions in West and Central Africa: the West African CFA franc brings together the eight members of the West African Economic and Monetary Union (WAEMU) – Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo; -the Central African CFA franc comprises the six members of the Central African Economic and Monetary Community (CEMAC)– Cameroon, the Central African Republic, the Republic of the Congo, Gabon, Equatorial Guinea and Chad. Today the area has a population of over 160 million inhabitants spread across fourteen countries.

 

Article from RESET here https://www.resetdoc.org/story/essay-cfa-franc-hyper-colonial-currency/

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