Exit of the CFA Franc: Paris Encourages African Countries to Make an Independent Decision
With the rise of Bassirou Diomaye Faye to the presidency, the debate on the abandonment of the CFA franc has been reignited, forming a major pivot in his electoral program.
In response to questions on this subject, Stéphane Séjourné, the French Minister for Foreign Affairs, stated that France has completed its role in this transition, and it is now up to the member countries to make the necessary decisions.
The matter of separating from the CFA franc has been the subject of prolonged discussions among the CFA franc zone nations, but until now, few practical measures have been implemented. The Economic Community of West African States (ECOWAS) had previously promised the introduction of a common currency, the Eco, but this momentum seems to have waned. With France now stepping back, claiming not to influence the process of transition, expectations turn to African leaders to realize this change.
According to the French Minister for Foreign Affairs, it is the responsibility of African states, specifically those in the west, to carry out the materialization of the project. In an interview given to France 24 and RFI, he declared: “If the African countries reach a consensus to change the name or restructure their monetary organization, it is their sovereignty at play. We are ready to support this movement. Whether it is simply a symbolic name change or a restructuring of the monetary organization, we are open to these changes.”
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