France alone decides which African states may join the monetary union
Evidence
The institutional architecture of the two monetary unions is headed by a Conference of the Heads of State and Government and a Council of Ministers. The former meets annually to decide, among other things, on the monetary union’s membership. In the case of the West African Monetary Union (WAMU), it deliberates on matters that did not find a consensus in the Council of Ministers. The latter, which meets at least twice a year, decides the ‘direction of the monetary union’ and ‘defines the exchange rate policy of the WAMU in agreement with the governor of the BCEAO’. However, the powers of these bodies are often purely honorary: it is the French state, as guarantor of the CFA’s convertibility, that has the last word. For example, for several years Paris blocked Mali’s reintegration into the WAMU, which took place only in 1984, even though Mali had submitted the request in 1967. Similarly, Guinea-Bissau was not allowed to join the WAMU until 1997, after having been refused entry by the French authorities for more than ten years. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 201
Categorization
- XREF: Membership control shows the ‘honorary’ African bodies are subordinate to French veto — core to understanding the pact’s architecture. — connects to: The CFA franc functions as a political instrument of pressure over 15 African states.; France granted African states nominal monetary rights while denying them in practice; Paris devalued the French franc unilaterally without consulting African states (+2 more)
Related
- Paris devalued the French franc unilaterally without consulting African states (similarity 0.87)
- France granted African states nominal monetary rights while denying them in practice (similarity 0.81)
- The 1962 WAMU treaties renamed the CFA franc while keeping French control (similarity 0.80)
- No franc-zone state dared request monetary independence, leaving France’s influence intact (similarity 0.80)
- African leaders and researchers were sidelined while France and allied presidents dictated policy (similarity 0.78)