This paper examines whether the BCEAO has made use of the various policy instruments at its disposal for steering credit in the individual CFA zone member countries to complement interest rate policy at the zone level. We estimate whether private sector credit has responded systematically to...

Francophone Africa has been dominated to date by the political, economic and cultural repercussions of France’s colonial rule. A major instrument to assert France's interests was the upkeep of a common monetary policy and currency, the CFA Franc. Although this has been increasingly resented by...

Although the CFA monetary union is not an “optimal” currency area as such, it has allowed member countries to benefit from the convertibility guaranteed by the French Treasury and from enhanced policy credibility in achieving low inflation rates. Both benefits may be under threat. The...

Purpose – A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones.Design/methodology/approach –...

From "Comrade" to "Monsieur": Structural Adjustment and Democratization in Benin: The process of political and economic liberalization in Benin is regarded as a model for the whole of Sub-Saharan Africa. Benin made history by becoming the first African country to overthrow a military dictator by...

Since his election in 2017, President Emmanuel Macron has tried to distance himself from established and widely criticised patterns of France's Africa policy. He diversified relations with Africa in regional and substantive terms, integrated non-state actors and cultivated a comparatively open...

The election of Bassirou Diomaye Faye as President of Senegal on March 24, 2024, after a turbulent electoral process, reflects the resilience of Senegal's democratic institutions. It provides an opportunity to strengthen transparent governance and combat inequality. It was the first time since...