From Colonial Currency to ECO: A Century of Transformation in West African Banknotes

The history of West African currency is closely shaped by the region’s complex political and economic landscape, marked by colonial legacies, regional cooperation, and the quest for independence. The West African Economic and Monetary Union (WAEMU), made up of eight countries, shares a common currency: the CFA franc. This currency is not just a means of exchange, but a symbol connecting the region’s history, economy, and culture.

Looking back to the early 20th century, banknotes in West Africa were first introduced by the French colonial government. At that time, France controlled much of West Africa, so the currency used in the colonies was dictated by the French. In 1917, France issued the first CFA franc for its colonies, designed as a regional substitute for the French franc in French West Africa and French Equatorial Africa. Early banknotes were rich with colonial imagery, depicting symbols of French dominance—colonial architecture, tropical landscapes, and scenes highlighting West Africa’s natural resources. The figures on these notes were almost exclusively French colonizers or symbols of French power, reflecting the political hierarchy of the time.

However, after World War II, the winds of independence began sweeping across West Africa. During the 1960s, most West African colonies gained sovereignty, but many nations opted to continue using the CFA franc. France maintained a fixed exchange rate between the CFA franc and the French franc, providing a degree of economic stability to these newly sovereign nations. Yet, over time, the political and economic implications of this arrangement sparked growing debates, particularly concerning France’s continuing control over West African financial affairs.

From that point, the design of CFA franc banknotes began to change, gradually moving away from colonial symbols and instead showcasing West Africa’s cultural and economic achievements. For instance, post-1960s banknotes began to feature images of West African farmers, fishermen, and workers, alongside depictions of the region’s rich cultural heritage. These designs were not just celebrations of independence but also acknowledgments of the region’s economic diversity and potential.

As we enter the 21st century, WAEMU countries continue to use the CFA franc, making it a unique fixture in Africa’s currency landscape. While the designs on the banknotes continue to reflect the vibrancy and diversity of the region, the CFA franc itself remains pegged to the euro. This has sparked continuing debates, with some viewing it as a symbol of economic stability and others as a lingering relic of colonial control.

In recent years, however, discussions about reforming the CFA franc have gained momentum. West African leaders recognize that breaking free from French economic influence is a critical step toward achieving true economic independence. In 2019, they announced plans to gradually replace the CFA franc with a new currency, ECO, marking the beginning of a new era.

Thus, West African banknotes are more than just money; they carry the history, culture, and economic transformation of an entire region. From the colonial symbols of the past to the post-independence designs celebrating regional unity and cultural diversity, and now, the prospect of a new currency system, West Africa’s banknotes tell the story of a region continually balancing between globalization and local identity.