Never before have four governments, including one of the regional leaders, Senegal, been simultaneously eager and ready to get out of the neo-colonial stranglehold of the CFA franc.
At no point in history has the CFA franc – the name of a colonial currency used in west and central African countries belonging to the franc zone – been closer to its demise.
The CFA franc zone was founded by then colonial power France after the second world war. Its aim was to ensure a continuously cheap influx of resources into France. A hard road ahead Historically, as shown by Fanny Pigeaud and Ndongo Sylla in their book Africa’s Last Colonial Currency: The CFA Franc Story, serious attempts at leaving the CFA franc since its inception in 1948 have been sabotaged by France.Mali was put under pressure to rejoin the CFA franc after its departure in 1967. It returned into the fold in 1984.
Monetary stability thus depends on social and macroeconomic stability. This, in turn, is the result of how well governmental policies and domestic and world market processes align. A government that is seen to have a plan and is able to adapt to and steer economic pressure goes a long way in creating trust. And, by implication, it makes a new currency less prone to speculative attack or massive devaluation.
The success of such a strategy depends to a large degree on mobilising domestic financial and real domestic resources. And, in the absence of China’s massive domestic market, building regional economic complementarities.
Colonialism Emmanuel Macron France Macky Sall Mali Niger Senegal West Africa
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CFA responding to reports of two people trapped in Ballarat Gold MineThe CFA, ambulances, rescue specialists and police are at the scene of the unfolding drama involving a collapse at a working Ballarat mine.
Read more »
CFA Volunteers Call for Replacement of Outdated TrucksCFA volunteers in regional Victoria are demanding the replacement of their decades-old trucks due to their inadequate condition. The state government defends its CFA funding, stating that new tankers are being rolled out. However, many rural brigades still struggle with outdated vehicles and insufficient funding.
Read more »
Senegal heads to the polls overshadowed by deadly protestsCountry’s reputation as one of Africa’s model democracies under threat after weeks of violence
Read more »
‘We are finally free’: Senegal hails new anti-establishment presidentBassirou Diomaye Faye promises to overhaul democracy in west African country blighted by corruption
Read more »
Early results have radical change candidate ahead in Senegal electionBassirou Diomaye Faye leads Amadou Ba, the candidate for the ruling party who has refused to concede, in the presidential vote
Read more »