Decolonization of the Monetary System: A Development Factor For West African States

Abstract

The monetary system of West Africa is based on the monetary system imposed by France, which is the colonizing country of all West African states. It should be noted that at the time of granting formal independence, one of the conditions for achieving this independence was the obligation to use the franc of the French colonies in Africa. The franc of the French colonies in Africa is a colonial currency because it was imposed as the currency in the colonies after independence. The fact that this currency is created by France and guaranteed by the French public treasury proves that our States cannot manufacture their own currency. So, they will be subject to monetary colonization. A large part of their exchange reserve remains in the State which guarantees this currency. In this system, the States will be sub-States which always remain in the domination of France on the economic and even political level. And it is very difficult for dominated states to be able to finance political development objectives without the agreement of France. It is through this policy that we see that our States do not have total sovereignty. The monetary system of a State is a key factor in its independence and without this monetary system, the State always remains in the pay of another State which has imposed not only its monetary system but also its level of development.