Three West African coup-hit states ponder ditching French colonial currency

Junta leaders in the coup-hit West African countries have recently made headlines when they pushed for the ditching of the West African franc (CFA), a colonial-era legacy, though the desire to change the currency seems to not be uniform yet among the three juntas.
Since the coup in Niger in July last year, fissures within the Economic Community of West African States (ECOWAS) have become bigger, most recently with Burkina Faso, Niger and Mali announcing their withdrawal from the ECOWAS for “illegal, illegitimate, inhumane and irresponsible sanctions” it imposed on them after coups. Among their grievances is the continued use of the CFA, a remnant of the French colonial system. “More changes might still surprise you. And it’s not just about currency. We will break all ties that keep us in slavery,” Captain Ibrahim Traore, leader of the Burkinabe transitional government, said earlier this month. “Currency is a sign of sovereignty,” said his Nigerian counterpart, Abdourahmane Tchiani, within days, confirming that a major monetary shake-up could be in the offing. “The AES member states are engaged in the process of recovering their full sovereignty. It is no longer acceptable for our states to be France’s cash cow,” he added.
Across the continent, criticism of the continued use of the CFA seems to be on the rise, though it’s far from certain when the planned change will happen or if indeed it will, the desire to change the currency seems to not be uniform yet among the three countries. For years, the CFA, which was created by France in 1945 as a currency for its African colonies, was trumpeted by government officials as a mechanism for promoting monetary stability, facilitating economic integration, and enhancing overall economic performance. While in previous years, there has been talk of at least reforming the CFA system, with anti-French sentiments increasing in the wake of the coups, there are mounting calls for ending the currency system. Economists point out that the CFA system has undergone some reforms, though these went largely unnoticed by mainstream society. But the junta governments in these Sahel countries may be motivated by other factors and their definition of pragmatism may differ from that of economists.