The CFA Franc was created in 1945, it is the last existing colonial currency, binding fourteen African states and split into two monetary zones. Why did French colonial authorities create the CFA Franc and how does it work? Why was independence not extended to monetary sovereignty for former French colonies? Is the CFA Franc responsible for the underdevelopment of the countries using it? Through an exploration of the genesis of the currency and an examination of how the economic system works, the authors seek to answer these questions and more.
As protests against the colonial currency grow, the need for myth-busting on the CFA Franc is vital and this expose of colonial infrastructure reveals that decolonisation is unfinished business.
Publisher: Pluto Press
Number of pages: 208
Dimensions: 215 x 135 mm
'Towards the end of their distinguished book, Pigeaud & Sylla discuss three conditions for the termination of the Franc-CFA. Firstly, a responsible monetary policy; secondly, political leaders must take full responsibility and aim for "real financial independence"; this, however, can only be achieved in the framework of a much more ambitious project for full economic sovereignty. An impressive read' -- Arndt Hopfmann, Senior Advisor on Economic and Trade Policy at the Rosa Luxemburg Foundation
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