Overview

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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9780745341798

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Reviews

'A brilliant book which will be a highly efficient weapon in the fight for the financial sovereignty of the African States and the complete abolition of the CFA' -- Jean Ziegler, Former Professor of Sociology at the University of Geneva and the Sorbonne, Paris and former Vice-President of the Advisory Committee to the United Nations Human Rights Council 'An excellent book showing that a common currency area between an advanced and a backward region is a mechanism for perpetuating the latter's backwardness and making its products available cheap for the former. A must read for students of development' -- Prabhat Patnaik, Professor Emeritus, Jawaharlal Nehru University 'Excellent ... it exposes the reality behind that 'invisible weapon' used by France to continue to influence the fate of its former colonies' -- Demba Moussa Dembele, economist and co-author of 'Ending Africa's Monetary Servitude: Who Profits from the CFA Franc?' 'A must read that engages the political economy of the post-colony by taking us back to where it all started: from De Gaulle's neo-colonial independence to Macron's fake colonial currency, showing that the transition is simply imperial domination par excellence' -- Ibrahim Abdullah, Professor of History at Fourah Bay College, University of Sierra Leone 'A fascinating inquiry' -- Olivette Otele, historian, author of 'African Europeans: An Untold History' (Hurst, 2020) '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' (Peter Lang AG, 2016) 'An impressive read' -- Arndt Hopfmann, Senior Advisor on Economic and Trade Policy at the Rosa Luxemburg Foundation

'An impressive read' -- Arndt Hopfmann, Senior Advisor on Economic and Trade Policy at the Rosa Luxemburg Foundation

'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' (Peter Lang AG, 2016) 'An impressive read' -- Arndt Hopfmann, Senior Advisor on Economic and Trade Policy at the Rosa Luxemburg Foundation

Author Information

Fanny Pigeaud is a journalist and the author of a number of books, including A Decade of Cameroon (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 (Pluto, 2014).  

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