Analysis - At no point in history has the CFA franc - the name of a colonial currency used in west and central African countries belonging to the franc zone - been closer to its demise.
Senegal under outgoing president Macky Sall was a pillar of the longstanding French attempt to remain influential among its former colonies, often named"Never before have four west Africa n governments, including one of the regional leaders, Senegal, been simultaneously eager and ready to get out of the neo-colonial stranglehold of the CFA franc.by then colonial power France after the second world war. Its aim was to ensure a continuously cheap influx of resources into France.
But the conditions for major change are in place. The Alliance of Sahel States between the junta-led governments of Mali, Burkina Faso and Niger- will amount to a full break-up of the CFA franc zone and its terminal decline will depend on how well they plan and execute the transition to several new currencies or a new one without any French involvement.
In Senegal, Pastef's election programme had a roadmap towards leaving the CFA franc and setting up a national currency. Among the key steps are:repatriating gold reserves still stored in Paris and all over the worldbuilding a national stock exchange. The success of such a strategy depends to a large degree on mobilising domestic financial and real domestic resources. And, in the absence of China's massive domestic market, building
Overall, Senegal and the Sahel governments are in a stronger position globally than ever before. The African continent is seen as essential to ensure the energy transition in Europe as well as its diversification of oil and gas supply. And western military, diplomatic and trade hegemony on the continent is being challenged by China and Russia as well as the United Arab Emirates, Qatar and Turkey.
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