Archiv: West African Economic and Monetary Union / CFA Franc currency zone ( Benin / Burkina Faso / Cote d´Ivoire / Mali / Niger / Senegal / Togo)


01.09.2023 - 06:20 [ Workers.org ]

No U.S./French-backed invasion of Niger!

(August 6, 2023)

Niger is a target of imperialism for many reasons. Its natural resources include uranium, which supplies up to one third of France’s entire electrical grid. Yet Niger remains one of the poorest countries in the world with the majority of its over 27 million people lacking access to their own electricity. Niger also holds strategic importance to the U.S. military as a hub for its drone operations in Central Africa, used to maintain U.S. influence in the region as well as assist in French military interventions.

In addition to 1,500 French troops, there are over 1,000 U.S. troops stationed in Niger, which the U.S. government now refuses to withdraw, despite the security agreements between the U.S. and Niger being suspended and multiple European countries evacuating their citizens. The U.S. military machine is digging in, hoping to restore the pro-imperialist government by whatever means necessary.

31.08.2023 - 18:39 [ Internationaler Währungsfonds / International Monetary Fund ]

What is the CFA franc zone?

The CFA franc zone consists of 14 countries in sub-Saharan Africa, each affiliated with one of two monetary unions. Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo comprise the West African Economic and Monetary Union, or WAEMU, founded in 1994 to build on the foundation of the West African Monetary Union, founded in 1973. The remaining six countries — Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon — comprise the Central African Economic and Monetary Union, or CAEMC.

These two unions maintain the same currency, the CFA franc, which stands for Communauté Financière Africaine (African Financial Community) within WAEMU and Coopération Financière en Afrique Centrale (Financial Cooperation in Central Africa) within CAEMC. WAEMU and CAEMC account for 14 percent of Africa’s population and 12 percent of its gross domestic product (GDP).