Towards Monetary Autonomy in Francophone Africa: Scenarios for post-Franc CFA (MAFA Initiative)
TWCF Number
Project Duration
March 31 / 2023
- February 28 / 2025
Core Funding Area
Individual Freedom and Free Markets
Amount Awarded

* A Grant DOI (digital object identifier) is a unique, open, global, persistent and machine-actionable identifier for a grant.

Robert Nantchouang
Institution The Denis & Lenora Foretia Foundation Inc.

Denis Foretia
Institution The Denis & Lenora Foretia Foundation Inc.

A project led by Robert Nantchouang and Denis A. Foretia at the Denis & Lenora Foretia Foundation aims to examine monetary policy in Francophone Africa. The researchers will examine 3-4 Francophone countries in West Africa that tie their foreign reserves to the French franc, and subsequently have little autonomy over the monetary policies in their countries. 

The CFA franc was created in December 1945 when the French government ratified the Bretton Woods Agreement and made its first declaration of parity to the International Monetary Fund (IMF). The CFA system applies to 14 French-speaking countries ranging from the Central African region to the West African region.

Rather than focus on why the CFA Franc was established and the debate on whether it is beneficial or not, this research focuses on post-Franc CFA scenarios for Francophone African countries. The researchers will attempt to simulate the advantages and disadvantages in an effort to understand what the removal of the single currency will mean to economies in the CFA zone.

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