CEMAC –France: Monetary Cooperation Under Threat from Sovereignty Aspirations

CEMAC – FRANCE Meeting (PARIS 2025), GABONEWS image

Institutionalized and Controversial Cooperation

The framework for monetary cooperation between France and the Economic Community of Central African States (CEMAC) countries is based on agreements inherited from the colonial period, governing the use of the CFA franc, pegged to the euro and guaranteed by the French Treasury. Officially, this mechanism aims to ensure a degree of monetary stability and inflation control. Today, more and more voices are being raised, both within civil society and political circles, to denounce a structural dependence that hinders the economic autonomy of states.
Despite the reform efforts and IMF International Monetary fund support discussed at the meeting themed “Strengthening the Resilience of CEMAC Economies in 2025 and What Regional Integration to Envision Tomorrow?”, the countries of the CEMAC sub-region are struggling to emerge from a cycle of debt. The industrialization rate remains low, with vulnerability to external shocks. For many economists, the current monetary framework limits central banks, hinders fiscal policy, and discourages financial innovation. Simply put, the CFA franc stabilizes but does not support structural transformation.

A sovereign alternative for diplomacy under pressure?

The Paris meeting has taken place in a sensitive geopolitical context, with several French-speaking African countries reassessing their ties with the former colonial power, France. The rejection of the CFA franc has become a symbol of regained sovereignty, alongside demands for new strategic and economic alliances. While Paris remains an essential partner for the Economic Community of Central African States, the symbolism of the cooperation is increasingly scrutinized in light of popular aspirations.
Face to these protests, alternative avenues are emerging. The Central African Republic has openly explored cryptocurrency, while some are calling for the creation of an independent community currency, managed by strengthened regional institutions. The goal would be to provide the subregion with a monetary instrument aligned with its economic priorities, commercial realities, and political sovereignty.

The call for stronger regional integration and economic diversification, emphasized during the meeting, may be a step in the right direction. However, without a thorough overhaul of the current monetary framework, ambitions will remain fragile. The challenge would certainly be to reconcile monetary stability, fiscal responsibility, and economic sovereignty. CEMAC can invent its own model, even if it means redrawing the contours of a cooperation that, for the moment, arouses more reservations than support.

By Yves Modeste Ngue