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The Franc CFA was adopted by several countries that were related to France after independence in 1960, and several countries emerged from this monetary group. The CFA franc region now includes more than 14 countries in sub-Saharan Africa, and eight countries belonging to the West African Economic and Monetary Union (UEMOA). Monetary management is carried out by the Central Bank of West African States (BCEAO) in Dakar. There are six countries in Central Africa under the name of the Economic and Monetary Community of Central African States. The central banks of the CFA Franc region are governed by an administrative board in each group, dominated by France. It is worthy saying that the main effect of the CFA franc on the economy of these countries is that it gives them monetary and financial stability, as this currency is more stable than other currencies in neighboring areas, while it benefits them in terms of external matters, but not suitable for the internal economy of these countries, as it is much stronger than their economy, it is obvious that a weak state’s economy cannot rely on a strong currency, and that is why these economies remain permanently weak. Politicians and economists are still debating about the CFA franc and whether it should to be pegged to the euro. It has even reached the masses who are demanding its disengagement, as well as activists who are organizing international and regional demonstrations to denounce that engagement. Despite these recent escalations, the debate is about two trends: a trend calling for a complete exit from these agreements, and coining a new local currency instrument for monetary independence, which is part of national sovereignty, and to consider the CFA franc as an occupational currency. What represent this trend are those who are dubbed as the Pan-Africanists, with an apparently emotional rather than economic speech. The other trend is the one that call for monetary policy reforms in the region, while retaining this currency.
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