Komi Abalo reveals the impact of the CFA franc on economic development in West Africa

Komi Abalo's thesis, defended at the University of Lorraine in 2023, reveals that the countries of the franc zone, including Benin, suffer from a persistent economic dependency due to the CFA franc, a colonial legacy. Despite promises of development, none of these countries were among the ten richest in Africa in 2020, highlighting the need for monetary independence to promote sustainable development.

Komi Abalo's research, within the CRULH laboratory, addresses the impact of the CFA franc on the economic development of West African countries. This topic raises questions about economic sovereignty and post-colonial relations, highlighting the challenges these nations face in achieving inclusive and sustainable development while remaining under the influence of a currency that limits their autonomy.

The results of this thesis show that the countries of the franc zone, despite development efforts, have not succeeded in freeing themselves from their economic dependency. In 2020, none of them were among the ten richest countries in Africa, and Benin, for example, is particularly vulnerable to fluctuations in cotton prices on the international market, exacerbated by a currency that does not allow it to respond effectively to economic shocks.

The implications of this research are significant for decision-makers. It underscores the importance of promoting monetary independence to strengthen the economic sovereignty of the countries in the franc zone. Investors are encouraged to support initiatives aimed at creating national or regional currencies, which could transform the region's economy and attract foreign investment.

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