In Senegal, Ousmane Sonko takes a strong stand against the CFA Franc
Senegalese Prime Minister Ousmane Sonko has reaffirmed his government’s commitment to breaking away from the CFA franc, which he considers incompatible with the country’s ambitions.
Ousmane Sonko, who became Senegal’s Prime Minister in April 2024, has openly voiced his opposition to the CFA franc (FCFA), arguing that it no longer aligns with the nation’s economic vision. Speaking before the National Assembly, he stated that the FCFA “does not fit with our vision,” and recalled that President Bassirou Diomaye Faye had already initiated this debate. Sonko stressed the need for a gradual and methodical monetary reform, noting that “you can’t come to power and just wipe everything clean—we need time and a sound approach.”
His position reflects a broader pan-African perspective aimed at strengthening Senegal’s economic sovereignty and positioning Africa as a future engine of the global economy. Sonko emphasized that the monetary reform could be carried out in consultation with partners from the West African Economic and Monetary Union (UEMOA), but he did not rule out a unilateral approach if needed.
Two scenarios are currently under consideration: either a coordinated reform with UEMOA partners or a unilateral withdrawal if consensus cannot be reached. The government has set deadlines to move forward, with a firm intention to bolster Senegal’s economic independence. Sonko also underscored the importance of Africa as a future global economic powerhouse, calling for a continent-wide strategic awakening.
The Senegalese government has already initiated discussions with the Central Bank of West African States (BCEAO) regarding the reform of the CFA franc. This initiative comes amid a regional shift, as several countries—including Mali, Burkina Faso, and Niger—have expressed their intention to establish a common currency, challenging the CFA franc’s relevance and its peg to the euro.
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