2024-03-04 05:00:00
04/03/2024
The currency, a reflection of the geopolitical reconfiguration in West Africa? – Gabriel Jaime González
Currency is one of the main areas in which the fight for global hegemony between the main powers becomes evident. West Africa is currently in a situation that exemplifies this geopolitical struggle in monetary terms. Eight of the fifteen countries in that region have a currency—the CFA franc—that is under some control of France, which has led to much criticism. France has reacted, trying to develop an anti-colonial narrative in recent years and in turn proposing a new currency – the “eco” –, returning control to African countries. However, the project does not seem to come to fruition, while Mali, Burkina Faso and Niger have made a 180-degree turn in terms of foreign policy, distancing themselves from the West and the Economic Community of West African States (ECOWAS). Instead, they are reaching out to rising global powers like China and Russia, who could seize the opportunity and dominate the monetary side to pursue their economic interests.
Document prepared by Gabriel Jaime González. Student of International Relations and Global Communication. Comillas Pontifical University.
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