The Franc Zone of Western and Central Africa: A Symbol of French Neo-Colonialism

November 2012 Voices from the South Newsletter

Since the independence of many African states in the early 1960, the role of policies and financial institutions inherited from colonial powers has been the subject of much debate. One central area of focus is related to the so-called Franc Zone; 14 countries in Western and Central Africa that share a former colonial currency known as the CFA-Franc.   Critics from across Western and Central Africa have spoken out against the currency, seeing it as an instrument of domination and neo-colonialism of African countries, as well as a means for strengthening of dependence vis-à-vis France and other members of the European Union.

In this month’s “Voices from the South,” Demba Moussa Dembele, coordinator of Karibu partner the Association for Research and Cooperation in Support of Endogenous Development (ARCADE) in Senegal writes on the need to challenge France and the EU on their monetary policies related to the CFA-Franc, the necessity for Africa to reclaim its sovereignty and own development, and the goal to move to a single West African currency by 2020.  Click below to download.

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Posted by Karibu Foundation - Last updated 28.11.2012