The end of the West African CFA franc
As of this month, the West African CFA franc is supposed to be replaced by a new currency. In many respects the move looks symbolic – though it has still created waves in the region
02 July 2020 - 05:00
When France pulled out of its African colonies in the 1960s, it retained its grip on power through currency control, backed by a military interventionist presence, which all but guaranteed that the former colonies would be the chasse gardée, or private hunting preserve, of French companies.
For some years now, though, France’s military and economic dominance has been in decline. Its monetary influence, too, may be on the wane, with July set to mark, in theory at least, the beginning of the end of the West African CFA franc — common currency in eight former colonies...
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