UN Security Council

Book Review: Africa's Last Colonial Currency: The CFA Franc Story

In “Africa’s Last Colonial Currency: The CFA Franc Story,” Fanny Pigeaud and Ndongo Samba Sylla highlight the monetary side of French neo-colonialism in Africa, while emphasizing that “There is nothing more ‘political’ than money.” Sylla and Pigeaud provide an overview of the history of the CFA franc, its colonial origins, how it operates both technically and politically, and proposals for more democratic and development-oriented alternatives. They do so in a clear and accessible way that explains basic concepts like foreign exchange rate markets and regimes. This book both reflects and contributes to the growing opposition to the CFA franc. The CFA’s functioning is obscure even in France and the CFA zone member countries; therefore, this newly translated edition is valuable and timely. It helps expand the number of Africans that can meaningfully participate in these crucial debates about the future course of the continent’s development.

Promoting Japanese Private Investments in Africa: A Clash of Interests

Private investment is at the centre of Japan’s current Africa policy that aims to amplify its economic diplomacy in Africa, offsetting the increased Chinese presence in the continent mainly through sovereign investments. This has made the promotion of Japanese private investments in Africa a “strategic priority of Japan”, whose political impetus in this respect clashes with the economic interests of “risk-averse” Japanese investors. Accordingly, the protection of private investments has come to the fore hastening the Afro-Japanese BIT programme remained idle for decades.