•  
  •  
 

Abstract

This paper examines the persistent neocolonial dynamics within the Franc Zone, encapsulated by the adage “plus ça change, plus c’est la même chose” (the more things change, the more they stay the same). Despite nominal independence in the 1960s achieved by countries colonized by France, the analysis reveals how France maintains significant control through the Franc Zone and the “Françafrique” system. The Franc Zone, encompassing fifteen African states using the CFA Franc and Comoros Franc, functions under principles ensuring French dominance and the enslavement of these countries: fixed exchange rates pegged to the Euro, mandatory centralization of a large portion (historically 100% and currently 50% since 2005) of foreign reserves of member states in “operations accounts” located in the French Treasury in Paris and unlimited convertibility guaranteed by France. The article argues that secret “cooperation agreements” signed at independence established a “colonial pact,” binding these nations to France through leonine clauses covering debt repayment for colonization, resource exploitation rights, military intervention privileges, and monetary control via the CFA Franc. This system perpetuates underdevelopment, evidenced by limited intra-regional trade, overvaluation harming local production, and vulnerability to external shocks. Political independence is shown to be illusory, illustrated by dynastic power transfers within the zone and French veto power within the governing bodies of the central banks of the franc zone. Recent attempts to rebrand the system, such as replacing the CFA Franc with the Eco in West Africa while maintaining the peg to the Euro and French guarantees, appeared to be superficial changes which fail to dismantle the underlying mechanics of control. The withdrawal of Mali, Niger, and Burkina Faso from ECOWAS to form the Alliance of Sahel States is interpreted as a reaction against this enduring neocolonial structure. Ultimately, the Franc Zone exemplifies the continuity of French economic and political domination long after formal decolonization.

Download

Share

COinS