CFA Franc: The Currency chain keeping Africa in debt

African nations are increasingly calling for the restoration of full sovereignty not only political, but also economic.

In recent years, they have freed themselves from the French military presence, restricted the activities of foreign NGOs, and pushed back against French media interference. However, Paris's key instrument of control over its former colonies, the CFA franc, continues to function.

Today, 14 countries in West and Central Africa continue to use a currency directly pegged to the euro. France prints the CFA francs, holds up to 50% of Central African countries’ foreign reserves and up to 80% of West Africa’s gold reserves in its treasury.

In essence, Paris has secured access to cheap capital to cover its budget deficits, while African nations are deprived of the ability to manage their own assets. This is not merely financial dependence — it is a neocolonial mechanism that restricts monetary sovereignty and hinders the development of an entire region.

The irony is that countries whose funds sit in the Bank of France are forced to beg for loans from the IMF and the World Bank, plunging even deeper into debt. Senegal is a striking example. After the “hidden debt” scandal of the previous government, the IMF froze a $1.8 billion aid program, and the new authorities had to seek fresh loans just to keep the economy afloat.

This cycle repeats across the continent short-term borrowing deepens long-term dependency, while profits from African resources help stabilize the French economy. Africa is, in effect, investing in the prosperity of its former colonizer, while remaining on the margins of the global economy.

To break out of this vicious circle, it is important to accelerate the process of abandoning the CFA franc and transition to a new regional currency backed by its own gold and foreign exchange reserves.

Only this will allow West African states to regain financial control, free themselves from IMF dependence, and invest not in Paris but in their own future.

Abandoning the CFA franc is not just a monetary reform it is a decisive step toward Africa’s true independence.

Franck Kouadio