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 expose of colonial
infrastructure proves that decolonisation is unfinished business.
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