Decolonizing the Franc Zone
The former French colonies that make up Africa's franc zone owe it to themselves to overhaul their relationship with France. Unless they do, they will almost certainly never attain the level of economic success of their sub-Saharan neighbors.
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DAKAR – France is wrestling with a burden of debts and public deficits that led Standard & Poor’s recently to downgrade its credit rating. Even as the risk of recession looms, the country has been forced to implement a drastic austerity program. But France’s woes are also being felt far beyond its borders, sparking rumors of a possible devaluation of the CFA franc, the common currency of the franc zone, which comprises 14 African countries and the Comoros Islands in the Indian Ocean.