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Africa's Last Colonial Currency

Africa's Last Colonial Currency

The CFA Franc Story

Fanny Pigeaud, Ndongo Samba Sylla

How the CFA Franc enabled France to continue their colonies in Africa

Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism.

The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. Why did French colonial authorities create it and how does it work? Why was independence not extended to monetary sovereignty for former French colonies? 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 exposé of colonial infrastructure proves that decolonisation is unfinished business.

Fanny Pigeaud is a French journalist. She has been based for several years in Cameroon, Gabon, and Ivory Coast and worked for different French media outlets, including Agence France Presse, Libration, and Le Monde Diplomatique. Fanny is the author of a number of books, including A Decade of Cameroon: Politics, Economy and Society 2008-2017 (Brill, 2019).

Ndongo Samba Sylla is a Research and Programme Manager for the Rosa Luxemburg Foundation. He is the author of The Fair Trade Scandal: Marketing Poverty to Benefit the Rich (Pluto, 2014).

'This book makes the CFA Franc's role in the perpetuation of French neo-colonialism in Africa all too visible - thereby adding to the arsenal of knowledge for the decolonization of Africa and African development' - Anthony Victor Obeng, author of 'Decolonizing Africa and African Development: The Twenty-First Century Pan Africanist Challenge'

'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

Foreword - William Mitchell
1. A Currency at the Service of the 'Colonial Pact'
2. The CFA System
3. Resistance and Reprisal
4. France in Command
5. At the Service of the Francafrique
6. An Obstacle to Development
7. An Unsustainable Status Quo
Published by Pluto Press in Feb 2021
Paperback ISBN: 9780745341798
Hardcover ISBN: 9780745341781
eBook ISBN: 9781786806697

192 pages

140mm x 216mm