This tether, invisible but firmly secured, is not the product of Yapsy's imagination: it actually exists and has been in place since the colonial period, precisely since 1945, when the CFA franc was created. It doesn't bind France only to the Ivory Coast, but to a total of 14 countries, grouped into two monetary zones: the West African Economic and Monetary Union (WAEMU, also known by its French name UEMOA: Union économique et monétaire ouest-africaine), comprising Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo; and the Central African Economic and Monetary Community (CEMAC from its name in French: Communauté Économique et Monétaire de l'Afrique Centrale), which includes Cameroon, Gabon, Chad, Equatorial Guinea, the Central African Republic and the Republic of the Congo. These two monetary unions each have their own central bank. They use two distinct CFA francs, but which share the same acronym: for the CEMAC franc, CFA stands for 'Financial Cooperation in Central Africa', while for the WAEMU franc it stands for 'African Financial Community'. The two CFA francs work in exactly the same manner and are pegged to the euro with the same parity. However, the CFA banknotes of these two monetary unions are not directly convertible into one another: if you want to exchange a CFA franc of the CEMAC for a CFA franc of the WAEMU, or vice versa, you generally have to go through the euro. A fifteenth state, the Comoros, uses another franc, the Comorian franc, but is also linked to France by the same rope. These 15 states comprise the so-called 'franc zone', an area governed by common principles of monetary management. Overall, more than 162 million people use the two CFA francs (plus the Comorian franc), according to the UN.

Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 40