French Minister Supports African Sovereignty on Colonial CFA Franc Reform

Stéphane Séjourné, French Minister for Europe and Foreign Affairs, affirmed this decision, stating, "On the CFA Franc, we are no longer in governance, we no longer have reserves in France to guarantee the currency."

This announcement comes amid growing momentum within the region to break free from the neo-colonial shackles of the CFA franc. Senegal's recent election of left-wing candidate Bassirou Diomaye Faye, aligned with the Pastef party, reflects a broader sentiment of sovereignty and independence from former colonial powers. Faye's pledge to prioritize national autonomy in food, energy, and finance underscores the desire for self-determination among African nations.

The longstanding French strategy of maintaining influence through the Francafrique framework faces unprecedented challenges as four West African governments, including Senegal, express readiness to abandon the CFA franc. This move represents a historic opportunity for these nations to assert control over their monetary policies and economic destinies.

The CFA franc, initially established by France after World War II, has served as a conduit for channeling resources to the former colonial power. Divided into West and Central African zones, the currency has perpetuated dependency and hindered economic autonomy for member states.

Despite cosmetic changes in recent years, such as the withdrawal of French staff from central bank decision-making bodies, the fundamental structure of the CFA franc has remained unchanged. France's willingness to relinquish governance marks a pivotal moment in the struggle for African economic emancipation.

The emergence of initiatives like the "Sahel" as a new regional currency and Senegal's proposal for a national currency signals a potential shift away from the CFA franc zone. However, the road ahead is fraught with challenges, as past attempts to leave the currency have been met with French opposition and sabotage.

Historical precedents, documented in works such as Fanny Pigeaud and Ndongo Sylla's book "Africa’s Last Colonial Currency: The CFA Franc Story," highlight France's efforts to thwart previous exit attempts. Guinea's experience of counterfeit banknotes and Mali's coerced return to the CFA franc illustrate the obstacles faced by nations seeking economic sovereignty.

France's actions in 2011, including blocking refinancing for Côte d'Ivoire, serve as cautionary tales for countries contemplating departure from the CFA franc. Despite these challenges, the collective determination of West and Central African nations to chart their economic futures offers hope for a more equitable and self-reliant financial system.

As the region navigates this critical juncture, the path to economic liberation will require strategic planning, regional cooperation, and resilience in the face of potential opposition. The decision to disengage from the CFA franc governance marks a significant step towards realizing the long-cherished dream of economic independence for West and Central African nations.