The CFA Franc Zone

1. The Context.- 2. The Institutional Arrangements that Govern the Zone.- 3. History of the CFA Zone.- 4. The Macron and Ouattara Reform of the CFA.- 5. The Problem with the CFA Zone.- 6. Reforming and Modernizing the Zone with Currency Flexibility.- 7. The Roadmap for a Better Future.- 8. Poverty Traps in the Sahel.- 9. Dutch Disease and Resource Curse in CEMAC.- 10. The Underperforming Private Sector.- 11. Stagnant Agriculture and the Lack of Structural Transformation.- 12. Climate Change and Migration.- 13. The Tragedy of Lower Quality Economic Analysis for Poorer Countries.- 14. Geopolitics, France, and African Elites: The Political Economy.- 15. The Triumph of Politics over Economics.- 16. How Britain was Different: The Story of the Sterling Zone.- 17. Exits from the CFA style arrangements: Experience of Mauritania Morocco, and Vietnam.- 18. Colonialism, Racism, and Black Lives.- 19. The Winds of Change.- 20. Less Competitive Economies.- 21. Political Economy of Urban Bias againstRural Poor.- 22. Coping with Shocks: Erratic Public Investment in CFA Zone.- 23. Lack of Independent Monetary Policy and Financial Intermediation Challenges.- 24. Importance of Flexible Exchange Rate to Deal with Covid Shocks.- 25. Impact of the Covid-19 Pandemic on the CFA Zone.- 26. What is Happening to Growth and Inflation.- 27. Widening Twin Deficits in the Subzones.- 28. Accelerating Debt.- 29. Recent Misalignment.- 30. Getting out of the Impasse: Exchange Rate Options for the CFA Zone.- 31. Alternative Pegs for the CFA: Basket, Separate Pegs for UEMOA and CEMAC, Peg to Dollar.- 32. Possible Floating Arrangements for the CFA: Managed and Free Floating.- 33. Goodbye CFA: Ten Steps Exchange Rate Reform Roadmap for a post-Covid World.- 34. How to Address Growing CFA Zone Debt.- 35. Strengthen Supply Chains, Reduce Transport Costs, and Accelerate Regional Integration.- 36. Time to Support SME Development in the CFA Zone.

Ali Zafar is a macroeconomist and private sector specialist with more than 20 years of experience researching policy and advising governments in sub-Saharan Africa, South Asia, and the Middle East. Over the course of his career he has served as a Senior Economist with the International Finance Corporation and World Bank, as well as a consultant to the United Nations, Gates Foundation, and USAID.