As France's political influence in Africa continues to wane, its economic grip remains strong, particularly when it comes to currency. Fourteen African countries still use currencies printed in France, a system that keeps them financially tied to the country. This arrangement has sparked criticism from some leaders, who view it as a lingering form of colonial influence.

The CFA franc, introduced in 1945 to stabilize the economies of France's African colonies, remains the official currency of multiple nations even after independence. The Bank of France is responsible for producing CFA franc banknotes and coins at its Chamalières facility. Today, this currency is divided into two monetary zones: the West African CFA franc (XOF) and the Central African CFA franc (XAF).

The West African CFA franc (XOF) is the official currency of eight countries within the West African Economic and Monetary Union (WAEMU), while the Central African CFA franc (XAF) is used by six countries that are part of the Central African Economic and Monetary Community (CEMAC). Despite having separate central banks, both currencies are pegged to the euro, and their issuance is still controlled, at least in part, by France.

Proponents of the CFA franc system argue that it ensures monetary stability, low inflation, and ease of trade among member countries. The fixed exchange rate with the euro reduces the risks of hyperinflation, making it an attractive option for foreign investors. However, critics contend that this stability comes at the cost of economic sovereignty. Until recently, African nations using the CFA franc were required to deposit 50% of their foreign exchange reserves in the French Treasury, giving France substantial control over their financial policies.

Although this requirement was reduced in 2019, the symbolic and practical implications of France's continued oversight remain a major point of contention. In recent years, pressure to abandon the CFA franc system has grown. West African leaders have proposed the ECO, a regional currency designed to replace the CFA franc, but its launch has been repeatedly delayed.

Countries like Mali and Guinea-Bissau have openly criticized France's continued financial control, viewing it as a lingering form of colonial influence. As the push for monetary independence gains momentum, it remains to be seen whether these nations will be able to break free from France's economic grip and forge their own financial paths.

The implications of this system extend beyond the economic realm, speaking to the broader issue of African nations' sovereignty and independence. As the continent continues to evolve and assert its presence on the global stage, the question of who controls its currencies will remain a pressing concern.