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Research ArticleArticles

Sylvanus Olympio, the Franc CFA, and His Quest for Monetary Sovereignty (1958–1963)

Robin Frisch
African Economic History, November 2024, 52 (2) 80-98; DOI: https://doi.org/10.3368/aeh.52.2.80
Robin Frisch
University of Bayreuth
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Abstract

In the early 1960s, Togo’s first president Sylvanus Olympio attempted to create a sovereign currency and establish more economic independence from France. Olympio negotiated with the governments of West Germany, Great Britain, Ghana, and Nigeria about the possibility of pegging a sovereign currency or creating a new monetary zone. This article reveals that the establishment of a national currency was confronted with a myriad of economic issues, including a substantial budget deficit and dependence on financial support from France. Set against the backdrop of decolonization and the geopolitical tensions of the Cold War, the economic policymaking efforts of Olympio present a genuine trajectory of economic sovereignty and quest for self-determination.

KEYWORDS:
  • Franc CFA
  • decolonization
  • currency politics
  • Sylvanus Olympio
  • Togo
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African Economic History: 52 (2)
African Economic History
Vol. 52, Issue 2
1 Nov 2024
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Sylvanus Olympio, the Franc CFA, and His Quest for Monetary Sovereignty (1958–1963)
Robin Frisch
African Economic History Nov 2024, 52 (2) 80-98; DOI: 10.3368/aeh.52.2.80

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Sylvanus Olympio, the Franc CFA, and His Quest for Monetary Sovereignty (1958–1963)
Robin Frisch
African Economic History Nov 2024, 52 (2) 80-98; DOI: 10.3368/aeh.52.2.80
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  • Article
    • Abstract
    • I. Challenging but Possible Routes to a New Currency
    • II. Sticking with the CFA Zone—Why Was There No Way Out for Togo?
    • Conclusion
    • Acknowledgments
    • Footnotes
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  • Info & Metrics
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Keywords

  • Franc CFA
  • decolonization
  • currency politics
  • Sylvanus Olympio
  • Togo
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