Changes to the CFA franc used by 14 African states, announced over the weekend by Ivorian president Alassane Ouattara and his French counterpart, Emmanuel Macron, continue to drive debate across the continent. In this article, we share key details about this currency that has been in use for nearly three-quarters of a century.
Colonial origins
The CFA franc, its initials come from the French words for African Financial Community, was launched on December 26, 1945 as a “franc of the French colonies of Africa.”
Fourteen nations, divided into West and Central African groups, use the currency today.
Their 155 million people account for 14 percent of Africa’s population and 12 percent of its GDP, according to the International Monetary Fund (IMF).
Two different CFA Franc users
Eight countries comprise the West African Monetary Union (WAMU), Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.
Its Dakar-based issuing authority is the Central Bank of the West African States (CBWAS).
Six others are in the Central African Economic and Monetary Union (CAEMU): Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and Republic of Congo.
Its issuing authority is the Cameroon-based Bank of the Central African States (BCAS).
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