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This chapter examines monetary governance in West Africa, analysing the limits of the CFA (Communauté Financière Africaine) franc and the alternatives being considered, including the ECO and the prospect of a currency specific to the Alliance des États du Sahel (AES). It covers the period from the monetary reforms of 1994, marked by the devaluation of the CFA franc and the structural adjustments imposed by the IMF, to recent developments. The central question is the relevance of the CFA franc to the challenges of monetary sovereignty, regional integration and economic development. Drawing on theories of currency unions, economic dependence, governance and African agency, this chapter mobilizes recent institutional and academic analyses. The study shows that the viability of monetary reform depends on the ability of African states to articulate sovereignty, stability and regional integration while avoiding the macroeconomic imbalances and inflationary risks stemming from an unmanaged or abrupt monetary break.

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Normative Issues in Funding Sources for Continental Governance Projects

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  • 发表日期：

    2025年

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  • Kako Nubukpo

摘要

This chapter examines monetary governance in West Africa, analysing the limits of the CFA (Communauté Financière Africaine) franc and the alternatives being considered, including the ECO and the prospect of a currency specific to the Alliance des États du Sahel (AES). It covers the period from the monetary reforms of 1994, marked by the devaluation of the CFA franc and the structural adjustments imposed by the IMF, to recent developments. The central question is the relevance of the CFA franc to the challenges of monetary sovereignty, regional integration and economic development. Drawing on theories of currency unions, economic dependence, governance and African agency, this chapter mobilizes recent institutional and academic analyses. The study shows that the viability of monetary reform depends on the ability of African states to articulate sovereignty, stability and regional integration while avoiding the macroeconomic imbalances and inflationary risks stemming from an unmanaged or abrupt monetary break.