True independence cannot rest on declarations alone. It must be rooted in control over money, markets, and national priorities. Until Africa governs its own currency, political freedom will remain incomplete.
By M. C. Folo The Independentistnews contributor
In the heart of Africa—where natural resources abound and cultures pulse with life—a quiet but insidious legacy of colonialism endures. It survives not through flags or governors, but through currency. For nearly seventy-five years, the CFA franc has functioned both as a symbol of France’s lingering influence and as a mechanism of economic domination over fourteen African countries.
Many African nations achieved political independence decades ago, yet remain financially bound to policies designed in Paris. This reality exposes a bitter truth too often avoided: there is no genuine political independence without economic sovereignty.
The Origins of the CFA Franc: A Colonial Legacy
The CFA franc was introduced in 1945, during the final years of French colonial rule. Officially, it was meant to stabilize colonial economies tied to France. In practice, it entrenched control. The system created two monetary zones—one in West Africa and another in Central Africa—both firmly anchored to the French Treasury.
When African countries gained nominal independence in the 1960s, the currency arrangement remained intact. Under its terms, member states were required to deposit a significant portion of their foreign reserves with the French Treasury, while France retained decisive influence over exchange rates and monetary policy.
The result was a contradiction: African nations declared sovereignty, yet surrendered control over the most fundamental instrument of economic power—their money.
A Currency Designed for Control, Not Progress
The CFA franc is not merely a medium of exchange. It is a system of constraint. By outsourcing monetary policy to an external power, CFA-using countries are denied the flexibility needed to respond to domestic economic realities.
Despite vast natural wealth, countries such as Côte d’Ivoire, Senegal, and Cameroon continue to struggle with structural poverty, capital flight, and under-industrialization. Multinational corporations extract resources, while fiscal decisions are shaped by a currency framework that prioritizes external stability over internal development.
France’s role within the CFA zone reinforces this imbalance. French institutions continue to exert influence over key monetary decisions, and the arrangement effectively grants France a veto over critical economic choices. Independence, under such conditions, becomes largely symbolic.
A Stark Contrast: African Nations Outside the CFA System
Elsewhere on the continent, countries that control their own currencies—such as Nigeria, South Africa, and Ghana—face real challenges, but they retain one decisive advantage: the authority to shape their own economic destiny.
They can adjust monetary policy, manage exchange rates, and pursue development strategies without external approval. Their struggles are internal, not structurally imposed by a former colonial power. This distinction matters. Economic sovereignty does not guarantee success, but its absence guarantees constraint.
For CFA countries, the inability to determine the value of their own money raises an unavoidable question: how can a nation claim independence if it cannot control its currency?
France’s Complicity: Neocolonialism in Practice
France’s continued defense of the CFA system is not accidental. The arrangement offers Paris economic advantages, strategic leverage, and enduring influence across West and Central Africa. It is a textbook case of neocolonialism—where political control is replaced by financial dependency.
Through the CFA franc, France shapes the development trajectory of multiple African nations while presenting itself globally as a champion of democracy and self-determination. This contradiction is difficult to ignore. A country cannot credibly promote freedom abroad while sustaining systems that undermine sovereignty elsewhere.
The Path to True Independence
Political liberation alone is not enough. Economic sovereignty is the foundation of genuine freedom. As long as the CFA franc remains in place, member states will struggle to fully harness their potential or redirect their wealth toward their own people.
Breaking free will require courage, cooperation, and regional solidarity. It will demand the creation of monetary systems governed by African institutions and accountable to African societies. The transition will not be easy, but neither was independence itself.
Conclusion: Economic Sovereignty Is the Missing Key
The CFA franc is a relic of the colonial era—one that continues to shape Africa’s economic reality long after independence ceremonies have ended. Its persistence reflects broader patterns of neocolonial control that still define Africa’s place in the global economy.
True independence cannot rest on declarations alone. It must be rooted in control over money, markets, and national priorities. Until Africa governs its own currency, political freedom will remain incomplete.
The CFA franc belongs in the history books, alongside the era that produced it. Only by consigning it there can Africa finally move forward—free to determine its own future and realize its full potential.
M. C. Folo
