Colonialism persists in many African countries due to the continuation of imperial monetary policy. This is the little-known account of the CFA Franc and economic imperialism.
The CFA Franc was created in 1945, binding fourteen African states and split into two monetary zones. Why did French colonial authorities create it and how does it work? Why was independence not extended to monetary sovereignty for former French colonies? Through an exploration of the genesis of the currency and an examination of how the economic system works, the authors seek to answer these questions and more.