NEW SAHEL CURRENCY IN THE WORKS

The Alliance of Sahel States has been demolishing the pillars of Françafrique by the minute. Mere weeks after withdrawing from the Economic Community of West African States (ECOWAS) and a few months after the creation of the alliance, a common currency for Burkina Faso, Mali and Niger is well underway. That would relegate the CFA franc as a colonial relic in the dustbin of history.

A sovereign Sahelian currency will be a welcome break away from the patronising relationship that Francophone Africa has with Paris. France dictates 14 African countries’ economic policies, including requiring a French citizen to sit on the board of each of the three central banks that govern various forms of the CFA franc.

Despite holding a wealth of resources, these countries are among the poorest in the world. Following the 26 July coup that Nigeriens supported en masse, the International Monetary Fund projected 11 per cent growth in 2024 for Niger. And, it is not alone. Burkina Faso and Mali are also expected to grow despite Western powers attempting to isolate all three states and regional bodies like ECOWAS imposing sanctions. So, what changed?

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