The CFA franc persists because French and African elite interests both benefit.

Evidence

If the CFA franc continues to exist, in spite of the most elementary economic and political sense, it is because a series of very powerful actors benefit from it. The franc zone contributes to maintaining a private domain for France and guaranteeing monopoly positions for French enterprises, while the French state has access to reliable sources of low-cost raw materials that it can pay for in its currency, all with the more or less active complicity of the African elites who have come to power – and remain in power – with France’s support. The anachronism of the CFA franc survives, therefore, because it satisfies both the interests of the French as well as those of the African ruling classes. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 360

Categorization

• XREF: connects to: The CFA franc persists because French and African elites both profit from it; The CFA franc functions as a political instrument of pressure over 15 African states.; The CFA guarantee arrangement secretly benefits France at Africa’s expense — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 146 (+4 more)

Related

• The CFA franc persists because French and African elites both profit from it (similarity 0.95)
• The CFA franc is a tool to preserve French dominance post-independence. (similarity 0.89)
• The CFA system gives France instruments to steer franc-zone politics (similarity 0.89)
• The CFA guarantee arrangement secretly benefits France at Africa’s expense (similarity 0.89)
• Most Togolese believe the CFA franc mainly serves French interests (similarity 0.88)
• Even French official bodies openly acknowledge the franc zone serves French influence. (similarity 0.88)
• The CFA franc is the central weapon of Françafrique’s neocolonial domination (similarity 0.87)
• The CFA franc gives France instruments to control the politics of 15 African states. (similarity 0.87)
• The CFA franc’s real purpose was draining colonial wealth to France. (similarity 0.86)
• The CFA franc originated in 1945 as a Françafrique control tool. (similarity 0.86)
• CFA franc’s real aims were draining colonial wealth into France, not African progress. (similarity 0.85)
• The French guarantee of the CFA franc was illusory since African reserves exceeded debts (similarity 0.85)
• France introduced the CFA franc to several African colonies in 1945 (similarity 0.84)
• The CFA franc question has moved from expert circles into broad public debate (similarity 0.84)
• Two-thirds of Togolese believe the CFA franc should be abolished (similarity 0.84)

Broader Connections

• Most Togolese believe the CFA franc mainly serves French interests #qualifies (0.60) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 371
• The CFA system gives France instruments to steer franc-zone politics #expands (0.50)
• Colonial courts served both French and African interests. #exemplifies (0.45)
• Participation in African councils required French fluency and elite credentials #exemplifies (0.35)