Faith Nyasuguta
Senegalese President Bassirou Diomaye Faye has proposed sweeping changes to Senegal’s monetary future, announcing bold plans to end the country’s dependence on the CFA Franc, a colonial-era currency controlled by France and used by 14 African nations.
Speaking during Senegal’s Independence Day celebrations, Faye reaffirmed his commitment to full monetary sovereignty, calling for a shift that would give African states more control over their economies.
The CFA Franc, introduced in 1945, is printed by the Bank of France, with strict rules requiring member countries to deposit 50% of their foreign currency reserves into a French Treasury account. Although it has ensured currency stability in the region, critics argue the system serves France more than African nations, and has hindered real economic autonomy for decades.
Faye is the first Senegalese president to so directly challenge this arrangement in office. He described the CFA Franc as a “symbol of dependency” and called on fellow West African leaders to take decisive steps toward a post-CFA era. “We cannot speak of independence while our currency is managed abroad,” he said.
As a long-term solution, Faye advocated for a common ECOWAS currency, a plan that has existed on paper for years but is yet to be implemented due to political and logistical delays. He urged the Economic Community of West African States to move faster, warning that Senegal might consider other alternatives if regional progress continues to stall.
One alternative could be the creation of a national currency, a bold step that would give Senegal full control over monetary policy. While acknowledging the risks, including inflation, exchange rate volatility, and the need for institutional readiness. Faye emphasized that the long-term benefits of sovereignty outweigh the short-term challenges.
His comments have ignited a wave of discussion across West Africa, particularly among younger populations and economists who view the CFA Franc as outdated and exploitative. Meanwhile, some financial experts urge caution, warning that abrupt changes could disrupt trade and investor confidence.
As Senegal embarks on this potential transformation, Faye’s leadership signals a renewed push for economic independence in West Africa, an issue many believe is long overdue.
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