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

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.