For decades Francophone nations in West Africa have had the management of their currency done in France.
Their financial reserves have always been planned and controlled from France despite gaining independence many years ago.
A model where these eight former colonies of France had their foreign-exchange accumulation kept at the French Treasury could soon change.
Benin’s President Patrice Talon has revealed that the eight-member nations of the West African Monetary Union “unanimously agree” to end the practice.
He said in an interview with Radio France Internationale that “I can’t give you the date, but the willingness of everyone is already there.”
“Psychologically, with regards to the vision of sovereignty and managing your own money, it’s not good that this model continues. ”
The currency of these Francophone West African nations, the CFA franc always sparks debates over their real economic independence.
Moving the reserves of these former French colonies in Africa could be significant especially for those in West Africa.
The regional body ECOWAS plans to introduce a single currency next year as the continent continues to work towards a policy that encourages over dependence on foreign powers.