Mali, NIger, Burkino Faso and many more have forcefully shed French dominance over their economies through the CFA monetary Syatem
The collapse of the French government on December 4, 2024, cannot be understood without examining its reliance on African economies, particularly through the CFA franc system. This monetary arrangement, a relic of French colonial rule, ties 14 African nations’ currencies to the euro, providing France with economic leverage. The system allows France to control monetary policies in these countries, repatriate significant foreign reserves, and secure trade benefits, ensuring cheap access to resources.
Over the past five years, growing resistance to this system has reshaped Africa’s relationship with France. Countries like Mali, Burkina Faso, and Niger have expelled French military forces, reduced economic cooperation, and moved to replace the CFA franc with independent currencies or regional alternatives. These actions have undermined France’s ability to extract economic advantages from Africa, which historically buffered its domestic economy against global shocks【6】【7】.
Academics like economist Demba Moussa Dembele have long warned of the inherent instability of this dependence. They argued that France’s exploitation of African resources and financial systems was unsustainable and that rebellion by African nations could trigger a cascading economic and political crisis in France. The events of 2024 have vindicated these predictions, with France’s weakened economy contributing to heightened domestic tensions, political fragmentation, and, ultimately, governmental collapse.
In this context, the CFA franc system has come under renewed scrutiny. Critics argue that its dismantling is essential for African sovereignty and economic independence. For France, losing control over this system signifies a dramatic reduction in its global influence, signaling the end of its neocolonial era and compounding its domestic challenges.
The collapse also marks a historic political and economic crisis for the nation. Prime Minister Michel Barnier’s administration was ousted in a no-confidence vote after invoking Article 49.3 of the French Constitution to bypass parliamentary approval for a controversial budget. This move deepened divisions within the National Assembly, where alliances between the far-right National Rally and left-wing opposition sealed the government’s fate.
Observers have linked this upheaval to France’s declining global influence, particularly in its former African colonies. Over the past five years, nations such as Mali, Burkina Faso, and Niger have expelled French troops, ended long-standing agreements, and resisted economic dominance. These moves eroded France’s economic benefits from these regions, historically vital for its stability. As many African intellectuals and academics warned, France’s dependence on resource exploitation and geopolitical leverage in Africa has left it vulnerable to such disruptions.
The political collapse has triggered financial instability, with the euro falling sharply and French bonds under pressure. Looking forward, the French government will operate in a caretaker capacity, but significant questions remain about its ability to restore political cohesion or address the fiscal crisis without deeper reforms【7】.
This situation underscores a pivotal shift: the unraveling of France’s neocolonial ties could redefine its domestic and global trajectory.