That the debate on the maintenance, transformation or disappearance of the CFA franc, collective currency of fourteen
countries of West and Central Africa, publicly commit, is not surprising. Created
at the end of the colonial era to maintain, on the one hand, the economic unity of the two communities
sub-regional sub-regions in the process of formation and, on the other hand, preserve Africa France, this common currency has long been contested by many experts who denounce it
certain rules. Rules among which the preservation in the chests of the
Banque de France half of the foreign exchange reserves of the States concerned in Paris.
Let us not enter into the technical aspect of this debate, which has long opposed many experts
in Africa, France and more generally, moreover, in Europe; it goes beyond knowledge, the
understanding of the common man that we are and nourishes exchanges more and more
technical, complex, sophisticated within international finance. Let's stop for a moment, in
on the other hand, on its political, diplomatic, strategic stakes that financial specialists do not take
hardly in consideration, so far at least. It is, indeed, important, not to say essential in
the present moment for Africa as for the France.
Perceived by some as an instrument for maintaining the colonial domination exercised by the France
for more than a century and by others as an essential tool for cooperation between Africa and
Europe that it would be dangerous to question, the CFA franc is at the heart of a debate that
goes far beyond financial matters. Even if it has flaws that experts are looking at
today with good reason, it has played and still plays an essential role in maintaining, or even the
strengthening economic relations between old Europe and young Africa.
Reform it to adapt it to the new world into which both continents are entering as a result of the
Globalization, which is perfectly illustrated by China's growing influence in Africa, is both logical
and necessary. But should it be replaced by one or more new currencies? It's not
obviously not certain because the consequences of such a change could prove disastrous too
good for African countries as well as for France and European countries.
Beyond the technical aspect of a possible but in reality very likely reform of the CFA franc, it is
It seems essential, at least it seems to us, that the debate should also be initiated in a clear way at the diplomatic level,
politics. Between Africa and France of course, but also and especially between Africa and Europe since the
The CFA franc is actually pegged to the euro. The two parties have everything to gain from strengthening the ties that
History has tied everything to each other and everything to lose in a monetary rupture that would inevitably upset
trade between the two continents.