Macro-financial risk
2026-04-26
10 minute read
22 sources
CFA Franc Reform and the ECO Currency: West and Central African Monetary Architecture Through 2026
The 2019 Macron-Ouattara accord rebranded the West African CFA but kept the EUR peg at 655.957. The ECOWAS ECO project missed its 2020 and 2027 anchor dates and now eyes 2027. The Sahel exits, the Faye-Sonko government in Senegal, the BEAC FX shortage, and the diverging Eurozone inflation differential are reshaping a monetary zone that covers 14 countries, roughly 200 million people, and around USD 250 billion in combined GDP.
The CFA franc, in circulation since 1945, anchors two distinct monetary unions. The West African CFA (XOF) is issued by the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) for the eight WAEMU members. The Central African CFA (XAF) is issued by the Banque des Etats de l'Afrique Centrale (BEAC) for the six CEMAC members. Both pegs...