It Is Time for African Countries to Shed Monetary Colonialism

The Wall Street Journal 2 weeks ago

Imagine being forced to invest all of your money in French stocks in exchange for having the euro as your base currency. That is the predicament many countries in sub-Saharan Africa are now trying to escape.

Fourteen nations including Ivory Coast, Senegal and Cameroon use the CFA franc, a vestige of the colonial era that was once pegged to the French franc and is now tied to the euro. Earlier this month, after years of popular backlash, eight of them openly proposed to get rid of it.

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