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The CFA Franc

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The CFA Franc Master’s Degree programme – Second Cycle (D.M.270/2004) in Comparative International Relations Final Thesis French monetary neo-colonialism: the CFA franc Supervisor Ch. Professor Valentina Fava Assistant supervisor Ch. Professor Giovanni Favero Graduand Mame Diarra Diop 857139 Academic Year 2019/2020 1 2 INDEX ACRONYMS ...................................................................................................................................... 8 ABSTRACT ...................................................................................................................................... 10 INTRODUCTION ............................................................................................................................ 15 CHAPTER 1 _THE GENESIS OF THE CFA FRANC ............................................................... 18 CHAPTER 2 HOW THE FRANC ZONE WORKS ...................................................................... 22 2.1 The role of the central banks ................................................................................................ 22 2.2 The fundamental principles and the operational account .................................................. 24 2.2.1 Fixed exchange rate parity ............................................................................................. 25 2.2.2. Free movement of capital .............................................................................................. 27 2.2.3. Unlimited convertibility ................................................................................................. 27 2.2.4. Centralization of foreign exchange reserves ................................................................ 28 2.2.5 Operations Account (Compte d’opérations) ................................................................. 29 CHAPTER 3 _ACTORS WHO BENEFIT FROM CFA SYSTEM ............................................ 33 3.1 The benefits that France draws ............................................................................................ 33 3.1.1 Privileged access to raw material .................................................................................. 34 3.1.2 The role of creditor’s benefits ........................................................................................ 35 3.1.3 The role of guarantor of unlimited convertibility ........................................................ 36 3.2 Monopoly of French industries (and more) in the franc zone ........................................... 38 3.3 African leaders ....................................................................................................................... 46 3.3.1 The currency of the elites ............................................................................................... 46 3.3.2 The position of the individual member states (DA FARE MODIFICHE) ................ 47 CHAPTER 4_ THE DEVALUATION OF 1994 AND THE ANCHORAGE TO THE EURO 51 4.1 The devaluation of 1994 ......................................................................................................... 51 4.1.1 Before (the devaluation of 1994) … ............................................................................... 51 4.1.2 … and after the devaluation of 1994 ............................................................................. 57 4.2 France adopts the euro but maintains its monetary empire: the pegging of the CFA franc to the euro ........................................................................................................................... 58 4.2.1 From the point of view of the Euroland countries ....................................................... 61 4.1.2 From the point of view of the franc zone countries ..................................................... 61 CHAPTER 5 _ NOT OPTIMAL, NOT AUTONOMOUS AND NOT DEVELOPED ZONE.. 65 5.1 Economic fundamentals of the Optimal Currency Area (OCA) ....................................... 65 5.1.1 Trade between franc zone countries.............................................................................. 68 5.1.2 The CFA zone fulfils all of the disadvantages of currency unions ............................. 71 5.2 Lack of an autonomous monetary policy ............................................................................. 72 5.3 Obstacle to development ........................................................................................................ 77 5.3.1 Economic backwardness................................................................................................. 78 3 5.3.2 Indicators of non-development ...................................................................................... 80 CHAPTER 6 _ FIGHTS AGAINST THE FRANC CFA ............................................................. 85 6.1 Heads of state who rebelled against the CFA franc ............................................................ 85 6.1.1 The «Persil» operation against the Guinea of Sékou Touré........................................ 85 6.1.2 The Mali of Modibo Keita .............................................................................................. 88 6.1.3 The murder of Sylvanus Olympio, president of Togo ................................................. 90 6.1.4 The dream of Thomas Sankara (1983- 1987) ............................................................... 92 6.1.5 Madagascar’s fight “to recover the full exercise of its sovereignty” .......................... 93 6.2 Today’s society against FCFA .............................................................................................. 94 CHAPTER 7 _ THE END OF CFA FRANC? ECO ..................................................................... 97 7.1 The introduction of eco .......................................................................................................... 97 7.1.1 Changes and no changes ................................................................................................. 98 7.1.2 When will eco banknotes go into circulation? ............................................................ 101 7.1.3 The opinion of the experts ............................................................................................ 102 7.2 Alternatives to eco ................................................................................................................ 104 7.2.1 CEDEAO’s proposal ..................................................................................................... 104 7.2.2 The creation of national solidarity currencies. ........................................................... 108 CONCLUSION............................................................................................................................... 110 BIBLIOGRAPHY .......................................................................................................................... 112 4 5 « Nous préférons la pauvreté dans la liberté à la richesse dans l’esclavage» Sékou Touré 6 7 ACRONYMS AEF Afrique Équatoriale Française AOF Afrique Occidentale Française BCC Banque centrale des Comores BCEAEC Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun BCEAO Banque Centrale des États de l'Afrique de l'Ouest BEAC Banque des États de l'Afrique Centrale CAEMC Central African Economic and Monetary Union CEDEAO Communauté Économique des États de l'Afrique de L'Ouest CEMAC Communauté Économique et Monétaire de l'Afrique Centrale ECA African Central Bank ECB European Central Bank ECOWAS Economic Community of West African States EU European Union FCFA Franc de la Communauté Financière Africaine FDI Foreign Direct Investment FF French franc GDP Gross Domestic Product HDI Human Development Index IMF International Monetary Fund NGO Non-Governamental Organization OCA Optimal Currency Area OECD Organization for Economic Cooperation and Development PZE Pays de la Zone Euro UDEAC Union Douanière et Économique de l'Afrique Centrale UEMOA Union Économique et Monétaire Ouest-Africaine UMAC Union Monétaire de l’Afrique Centrale UMOA Union Monétaire Ouest-Africaine UNCTAD United Nations Conference on Trade and Development UNECA United Nations Economic Commission for Africa WAEMU Western African Economic and Monetary Union ZMAO Zone Monétaire Ouest-Africaine 8 9 ABSTRACT Il franco CFA – che all’origine significava “Franco delle Colonie Francesi d’Africa” – nacque nel 1945, quando diventò la valuta ufficiale delle colonie francesi nel territorio africano, che prima d’allora avevano utilizzato il franco francese (FF). La valuta coloniale, infatti, era emessa e controllata dal ministero delle Finanze francese: la Francia poteva così decidere, secondo i suoi bisogni, il valore esterno della valuta, cioè la sua parità di cambio rispetto al franco francese. Imponendo sin da subito alle colonie un tasso di cambio fortemente sopravvalutato, le autorità francesi avevano come scopo l’utilizzo del franco CFA per mantenere il controllo delle colonie. Il fatto che il suo valore fosse superiore a quello del franco metropolitano rendeva i prodotti della metropoli più economici. Questo avrebbe quindi incentivato le colonie ad aumentare le loro importazioni dalla Francia, che all’epoca era economicamente fragile. Negli anni '60 il colonialismo giunse al termine, le colonie francesi ottennero l’indipendenza, ma il franco CFA continuò ad esistere. La Francia, infatti, fu l’unica ex potenza coloniale a mantenere la sua zona monetaria in Africa. Prima di concedere alle sue colonie l’indipendenza, le autorità francesi obbligarono
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