This year, the CFA franc is turning 75 years old. The currency, backed by the French treasury and fixed to the euro, is currently being used by more than 160 million people in West and Central Africa (Max Planck Sciences Po Center).
France, similar to other colonial empires of the past, created the franc zone (The UK created the sterling zone and Portugal the escudo zone) (London School of Economics). Since the colonies have become independent states, the meaning of “CFA” (“Colonies Françaises d’Afrique”) has changed. Now, the CFA is known as “Communauté Financière Africaine” in West Africa, and “Coopération Financière en Afrique Centrale” in the Central African countries.
This article aims at giving a quick and reliable overview of the origin, advantages and disadvantages of the CFA franc.