In a bold move, Mali, Burkina Faso, and Niger have announced their departure from the CFA Franc, marking the end of 80 years of monetary colonialism.
The Alliance of Sahel States (AES) is introducing a new common currency, backed by the region’s rich gold and natural resources.
“This isn’t just about money—it’s about sovereignty,” says Göktuğ Çalışkan, a PhD candidate and International Relations specialist. For decades, 50% of the region’s wealth was locked in French Treasury accounts, hindering development and perpetuating dependence.
The 2022 sanctions on Mali served as a wake-up call, highlighting the need for monetary independence. “Without your own currency, your independence is incomplete,” Çalışkan adds.
The new currency will facilitate trade and economic growth, with joint infrastructure projects and a common market on the horizon.
“The combat currency is there, ready to feed the children of Liptako-Gourma rather than international finance,” Çalışkan emphasises.
However, challenges lie ahead. Building credible institutions, managing reserves, and maintaining stability will test these nations. “Sovereignty involves a risk that the people of the Sahel seem willing to take,” Çalışkan notes.
This move echoes the spirit of African leaders like Nkrumah, Sankara, and Lumumba, who fought for independence and self-determination. As Africa rises, the world watches.