On September 16, Mali, Niger and Burkina Faso signed an agreement inaugurating a new coalition between these Sahelian states; this initiative laid the foundations for even broader transformations. In December, the head of Niger’s military junta, in a speech broadcast on national television, communicated the common objective of establishing an alliance that is not limited to the military and political spheres, but also extends to the monetary field.
For years, these three countries, along with five others in the region, have used the West African CFA franc, a currency pegged to the euro that critics see as a legacy of France’s colonial past. However, the decision to create a new common currency called “the Sahel” represents a disruptive move that undermines French financial dominance in a dramatic way. An imminent departure from the agreements with France has been announced by the military governments of Mali and Niger, underlining the persistent hostile attitude and unbalanced nature of such agreements, which have caused significant financial losses for African countries.
The creation of this new local currency, the “Sahel”, is a historic step towards the restoration of monetary sovereignty. This change not only represents a direct challenge to the colonial monetary system imposed by France, but portends serious consequences for France itself. The loss of control over the old currency, the CFA Franc, will lead to a significant erosion of France’s economic and political influence in the region. A financial collapse that underlines the end of an era and the emergence of a new era of economic autonomy for the Sahel countries.
The shadow of the decline of the CFA Franc casts a penetrating light on the geopolitical scene, highlighting the fragility of the financial bond that has long linked these nations to France. Currency management is now a tangible symbol of regained independence, a clear statement of emancipation from a past dependence. France, in turn, is forced to grapple with the loss of crucial economic leverage, paving the way for a new chapter in West Africa’s financial history.
