This paper, complementary to that of Devarajan and de Melo, deals with the development strategies and performances of 12 franc zone African countries, 11 of them gathered in two monetary unions, during 1960–1981. Beside the actual rate of growth, the “relative growth performance” is considered; this performance, measured as a residual of a regression on exogenous factors (factors independent of economic policy), appears to be close to the average performance of other developing countries and better than that of other African countries. The results are explained by the direct influence of the foreign exchange regime of the zone and by its impact on economic policy. Economic policies of individual countries show, however, some substantial degree of autonomy.