Leaving the CFA only to enter IMF tutelage is no improvement.

Evidence

States wishing to free themselves from the CFA franc and acquire relatively more sovereign currencies have to work to gain their financial independence. Because freeing oneself of the French monetary tutelage simply to find oneself under the tutelage of the IMF wouldn’t be a big improvement. It would rather be like going from Charybdis to Scylla. That said, without sovereign currencies there is simply no way of achieving the ‘mobilisation of internal resources’ that various African leaders talk about as a way of reducing the share of foreign funding in their states’ budgets. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 366

Categorization

• XREF: connects to: The 1994 devaluation tripled French financial advantages while shifting blame to the IMF.; Monetary sovereignty let Nigeria escape IMF where CEMAC states could not — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 240; Monetary sovereignty let Nigeria avoid IMF subordination where franc-zone states could not (+2 more)

Related

• Monetary sovereignty let Nigeria avoid IMF subordination where franc-zone states could not (similarity 0.94)
• Monetary sovereignty let Nigeria escape IMF where CEMAC states could not (similarity 0.89)
• The 1994 devaluation was decided under French and IMF supervision in Dakar (similarity 0.85)
• Exiting the CFA requires recovering all tools of economic sovereignty. (similarity 0.84)
• The 1994 devaluation tripled French financial advantages while shifting blame to the IMF. (similarity 0.83)
• A sovereign-currency state can never become insolvent in its own currency (similarity 0.81)
• Devaluation coerced African states into structural adjustment benefiting French firms. (similarity 0.81)
• France granted African states nominal monetary rights while denying them in practice (similarity 0.81)
• Self-interest blinded the French to unequal benefits of development (similarity 0.81)
• Currency independence alone cannot succeed without a self-centred development model (similarity 0.81)
• A sovereign currency makes state insolvency in that currency impossible. (similarity 0.80)
• The 1994 devaluation capped decades of Paris refusing to adjust the overvalued CFA franc (similarity 0.80)
• African states have effectively paid the French Treasury to hold their reserves. (similarity 0.80)
• Paris fabricated devaluation rumors to force African states into accepting IMF programmes. (similarity 0.80)
• The CFA franc’s fixed peg forced colonies to absorb French devaluations helplessly (similarity 0.79)