THE HIDDEN COST OF COLONIAL CURRENCY (CFA FRANC) ON AFRICAN DEVELOPMENT Introduction For more than 75 years, the CFA franc has been the financial chain binding 14 African countries to France. Introduced during colonial rule and maintained after independence, the CFA franc is often presented as a tool of “stability.” But in truth, it is a system of economic enslavement designed to keep African nations dependent, poor, and under foreign control. The Origins of the CFA Franc The CFA franc (“Colonies Françaises d’Afrique,” later rebranded as “Communauté Financière Africaine”) was created in 1945 by France. Despite independence movements in the 1960s, African nations using the CFA franc never gained true monetary sovereignty. France still controls their reserves, dictates policies, and reaps profits from African labor and resources. How the CFA Franc Holds Africa Back 1. Foreign Reserve Control Until recently, CFA countries were forced to deposit up to 65% of their foreign reserves in the F...