A closer look
Fourteen African nations woke up on January 12, 1994, to find their life savings were worth exactly half as much. France, backed by the IMF, abruptly devalued the CFA franc by 50% against the French franc to boost exports and fix regional debt crises. While it theoretically made regional goods cheaper abroad, it instantly doubled the price of imported medicine, fuel, and food for millions. It was a brutal masterclass in the realities of outsourcing your monetary policy to your former colonizer.
