Senegalese President Diomaye Faye has warned that his country will break away from the Economic Community of West African States (ECOWAS) and adopt its own currency if the regional bloc fails to establish a common currency soon.
He stated this on Friday, April 5, 2025 during the country’s national day ceremony in Dakar.
“We will never give up the pursuit of our own currency,” Faye declared, emphasizing the importance of having control over its monetary policy to drive economic development. “When you don’t have sovereignty over your currency, you can’t develop,” he stated.
Faye explained that countries typically have three means of financing their economies: taxation, debt, and currency. However, with the current CFA franc, Senegal is limited to only two options. “If you don’t have your own currency, you can’t have an impact on this essential element. So we only have two levers left,” he noted.
The president expressed frustration with the slow pace of the ECOWAS process, saying, “The ECOWAS process for establishing a common currency is slow.” He suggested that the West African Monetary Union (WAMU) could take the initiative to create a sovereign currency with its own name, symbol, and banknotes.
While Senegal prefers a shared path with its partners, Faye warned that if the process takes too long, his country will withdraw and establish its own currency. “If it takes too long, we will withdraw to have our own currency,” he assured.
Faye’s comments come as Senegal seeks to address its economic challenges, including a high cost of living, youth unemployment, and education. The country has been working to improve its economic prospects, and having control over its currency is seen as a key step in this process.
The ECOWAS region has been discussing the possibility of a common currency for several years, but progress has been slow. Some countries have expressed concerns about the potential risks and challenges associated with adopting a new currency, while others see it as an opportunity to strengthen regional integration and economic cooperation.
As the debate continues, Senegal’s president has made it clear that his country is willing to take bold action to achieve its economic goals. Whether or not other countries in the region will follow suit remains to be seen, but Faye’s comments have certainly added momentum to the discussion around a common currency.