Abstract
In this article, I explore why and how some fifteen African countries, member states of the Franc Zone, have, after 60 years of ‘independence’, remained dependent on, and subjugated to the patronage of France in terms of their currency, economic and development policies. More precisely, I examine the (real) politics behind the Franc des Colonies Françaises d’Afrique (CFA Franc) and Comoros Franc – the collective name of three currencies in force in the fifteen African states of the Franc Zone – whose convertibility is guaranteed by the French treasury and pegged to the Euro. I consider the rationale behind France’s commitment to guaranteeing unlimited convertibility of the CFA and Comoros Francs to the Euro, and question whether such commitment is driven by a genuine concern for development in the Franc Zone member states in question or whether other indeterminate motives justify France’s interest. I further explore the extent to which the CFA Franc impacts negatively on the right to development formember states of the Franc Zone.
Highlights
In this paper, I critically review the monetary policies in place in some African states, which seriously inhibit their development initiatives
I examine the politics behind the Franc des Colonies Françaises d’Afrique (CFA Franc) and Comoros Franc – the collective name of three currencies in force in the fifteen African states of the Franc Zone – whose convertibility is guaranteed by the French treasury and pegged to the Euro
The Franc Zone, which was formalised in 1939, is an extensive geopolitical area inhabited by approximately 165 million people who use the colonies Françaises d’Afrique (CFA) Franc and the Comoran Franc as currency, both pegged to the Euro by a fixed exchange rate
Summary
I explore why and how some fifteen African countries, member states of the Franc Zone, have, after 60 years of ‘independence’, remained dependent on, and subjugated to the patronage of France in terms of their currency, economic and development policies. I consider the rationale behind France’s commitment to guaranteeing unlimited convertibility of the CFA and Comoros Francs to the Euro, and question whether such commitment is driven by a genuine concern for development in the Franc Zone member states in question or whether other indeterminate motives justify France’s interest. I further explore the extent to which the CFA Franc impacts negatively on the right to development for member states of the Franc Zone
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