CFA Franc: Togolese Expert Calls For Monetary Sovereignty For Francophone Africa

During the Lomé Peace and Security Forum, Togolese politician and macroeconomist, Kako Nubukpo, once again raised a topic that has remained at the heart of African debate for decades — the urgent need to reform the CFA franc.

According to him, development, peace, and security in Africa are inseparable: “Without development, there can be no lasting peace, and without peace, there can be no development.”

The expert emphasised that state sovereignty is the foundation of stability, and monetary independence is one of its main pillars.
“The power to mint money is a sovereign function. As soon as there is a society, there is currency, and sovereignty is exercised through that currency. Even if we mismanage our money, we still have the right to have our own currency,” said Nubukpo.

Created on December 26, 1945, the CFA franc remains, in the expert’s view, a relic of the colonial era that must be reformed. “More than 80 years after the creation of the CFA franc, it is surprising that we still keep its name. Initially, it was the franc of the French colonies of Africa. Even from a symbolic point of view, it is high time to change this name and rethink its capacity to finance the structural transformation of our economies.”

Nubukpo explained that the current monetary system encourages imports and undermines local production, turning African nations into consumers rather than producers: “When you have the CFA franc, you are more encouraged to import than to produce yourself.”

He cited English-speaking countries such as Ghana, Nigeria, and Gambia as examples where national currencies, despite higher inflation, effectively support the real economy. “In Ghana, the key interest rate today reaches 24%,” noted Nubukpo, “but this allows the country to channel financial resources into industry and agriculture.”

According to him, currency must become a tool of structural transformation — one that supports industrialisation, raw material processing, value creation, and job growth.

Across the region, more and more voices are asserting that without monetary reform and the abandonment of the CFA franc, true sovereignty and sustainable prosperity will remain out of reach. Africa, Nubukpo insisted, must reclaim the right to its own money — and to its own future.