African countries that rely on France to print their currency

France’s grip on Africa is loosening, but it is not gone yet. Countries like Mali, Burkina Faso, and Niger have kicked out French troops and are forging new alliances, making it clear they are done taking orders from their former colonial ruler.

But while the political ties are unravelling, the economic influence remain, especially when it comes to money. Fourteen African countries still use currencies printed in France, a system that keeps them financially tied to the country.

Some leaders have called for real monetary independence, but breaking free from the CFA franc is not that simple. It is a system deeply woven into their economies, and untangling it won’t happen overnight.

The CFA franc was introduced in 1945 to stabilize the economies of France’s African colonies, and even after independence, it remained the official currency of multiple nations.

Since its inception, the Bank of France has been responsible for producing CFA franc banknotes and coins at its Chamalières facility.

Today, this currency is divided into two monetary zones: the West African CFA franc (XOF) and the Central African CFA franc (XAF).

The West African CFA franc (XOF) is the official currency of eight countries within the West African Economic and Monetary Union (WAEMU).

Similarly, the Central African CFA franc (XAF) is used by six countries that are part of the Central African Economic and Monetary Community (CEMAC).

Despite having separate central banks, both currencies are pegged to the euro, and their issuance is still controlled, at least in part, by France.

The CFA franc is often praised for ensuring monetary stability, low inflation, and ease of trade among member countries. Unlike nations with weak or volatile local currencies, CFA franc economies benefit from a fixed exchange rate with the euro, reducing the risks of hyperinflation.

Additionally, this system has historically reassured foreign investors by guaranteeing convertibility into a strong international currency.

However, critics argue that this stability comes at the cost of economic sovereignty. Until recently, African nations using the CFA franc were required to deposit 50% of their foreign exchange reserves in the French Treasury, giving France substantial control over their financial policies.

Although this requirement was reduced in 2019, the symbolic and practical implications of France’s continued oversight remain a major point of contention.

In recent years, pressure to abandon the CFA franc system has grown. West African leaders proposed the ECO, a regional currency designed to replace the CFA franc, but its launch has been repeatedly delayed.

Countries like Mali and Guinea-Bissau have openly criticized France’s continued financial control, viewing it as a lingering form of colonial influence.