AES States Ditch French Franc, Introduce New Common Currency
Burkina Faso, Mali, and Niger are taking an important step towards economic independence by introducing a new common currency, abandoning the CFA franc tied to France since colonial times. This move aims to break away from colonial economic ties and strengthen regional integration.
The Alliance of Sahel States, comprising these three nations, has been working towards this goal. Niger’s General Abdourahamane Tiani hinted at the plan, stating, “The currency is a first step toward breaking free from the legacy of colonization”.
Burkina Faso’s military leader, Ibrahim Traoré, also emphasised the importance of economic independence, saying, “Everything that is linked, which keeps us in slavery… Probably, let things happen.”
The introduction of a new currency is expected to give these countries more flexibility in implementing independent economic policies and adapting to local conditions. However, the exact launch date remains unconfirmed.
This historic decision could reshape West Africa’s financial landscape, marking a significant shift away from colonial economic ties.
As General Tiani noted, “In addition to the security domain, our alliance must evolve in the political domain and in the monetary domain.”