Invited to the program "Seneweb Éco", this Sunday, October 12, 2025, the economist and former banker, Cheikh Ahmed Tidiane Diop, made a profound criticism of the CFA franc and the monetary policy of the BCEAO.

According to him, the West African common currency, inherited from colonization, remains an instrument serving financial stability, but not economic development.

“A fixed currency that does not reflect our economies”

For Cheikh Ahmed Tidiane Diop, the BCEAO has locked itself into an outdated monetary system, modeled on the French and then European model. "The BCEAO has simply pegged the CFA franc to a foreign currency. Before, it was the French franc, today it's the euro. All this with the sole aim of ensuring the stability of the CFA franc. But this stability is deceptive," he declares.

The economist believes that a fixed currency is incompatible with African economic dynamism. "A currency cannot be fixed. Saying that one euro is worth 656 CFA francs is an illusion. No one can demonstrate the real value of this parity," he says.

According to him, this fixity prevents the countries of the WAEMU zone from having real monetary autonomy. "The euro reflects the European economy. It was born from the industrial power, intra-community trade, and natural resources of Europe. What does this have to do with our African economies? None."

“The CFA franc is a consumer currency”

The former banker doesn't mince his words about the WAEMU currency. For Mr. Diop, "the CFA franc is not a production currency. It is not used to create wealth, but to consume what is produced elsewhere." He explains that the currency does not derive its value from stability, but from the productive capacity of those who use it. "Currency is only a symbol, a promise. Its true strength comes from the real economy, from transformation, work, and the creation of value. However, in our countries, currency mainly finances imports and speculation," explains the former banker, lamenting that the BCEAO has chosen stability over growth, favoring controlled inflation to the detriment of financing the productive sector. "We boast of having inflation at 3%, but what's the point if our businesses die from lack of credit?"

A BCEAO disconnected from African realities

Cheikh Ahmed Tidiane Diop questions the real purpose of the Central Bank, which, according to him, "no longer plays its role. It speaks neither to artisans, nor to traders, nor to producers. It speaks to banks and international institutions."

According to the guest on "Seneweb Eco," the BCEAO has transformed itself into a mere regulatory body, unconnected to the economic dynamics of the population. "It manages currency as accounting data, not as a lever for development. It talks about interoperability and digitalization, but these remain cosmetic. What we need is a living currency, rooted in our economic realities."

“Interoperability is not a revolution”

While the BCEAO touts the implementation of interoperability for digital financial services, Cheikh Ahmed Tidiane Diop downplays this "innovation." "It's a false revolution. We're digitizing a dead currency. The problem isn't the form, it's the substance," the economist believes.

For him, the dematerialization of the CFA franc does not change its dependent and sterile nature. "You cannot solve a structural problem with a technological tool. The BCEAO should rethink the system in its essence, not in its appearance."

Faced with this observation, the economist calls for an overhaul of the West African monetary system and believes that the debate on monetary sovereignty should not be ideological, but pragmatic. "We must design an African currency built on our productive capacities, our internal trade, our natural resources, and our social needs. It's not just about breaking away from the CFA franc, but about building a monetary system capable of financing our development," he concludes.