{"id":9254,"date":"2026-11-10T12:41:24","date_gmt":"2026-11-10T12:41:24","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=9254"},"modified":"2026-11-10T12:42:14","modified_gmt":"2026-11-10T12:42:14","slug":"llarrimage-du-franc-cfa-a-leuro-est-il-une-source-de-non-competitivite","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=9254","title":{"rendered":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ?"},"content":{"rendered":"
Pr Amath NDIAYE, \u00e9conomiste, FASEG-UCAD<\/strong><\/div>\n
<\/div>\n
Le franc CFA est r\u00e9guli\u00e8rement accus\u00e9 de p\u00e9naliser la comp\u00e9titivit\u00e9 des \u00e9conomies africaines en raison de son arrimage \u00e0 l\u2019euro. Selon cette th\u00e8se, les pays disposant de monnaies nationales pourraient am\u00e9liorer leurs balances commerciales en laissant leurs monnaies se d\u00e9pr\u00e9cier. Mais les faits \u00e9conomiques confirment-ils cette affirmation ?<\/div>\n
<\/div>\n
Pour r\u00e9pondre \u00e0 cette question, nous avons compar\u00e9 trois groupes de pays : l\u2019UEMOA, la CEMAC et le reste de l\u2019Afrique. L\u2019analyse porte sur l\u2019\u00e9volution des taux de change nominaux entre 2000 et 2024 et sur les performances commerciales, \u00e0 partir des donn\u00e9es comparables disponibles pour 2015\u20132024.<\/div>\n
<\/div>\n
\u00a0La comp\u00e9titivit\u00e9 ne se r\u00e9duit pas au taux de change<\/strong><\/div>\n
<\/div>\n
La comp\u00e9titivit\u00e9 est un concept large qui comporte deux dimensions : la comp\u00e9titivit\u00e9-prix, li\u00e9e aux taux de change, aux salaires et aux co\u00fbts de production, et la comp\u00e9titivit\u00e9 structurelle, qui d\u00e9pend notamment de la productivit\u00e9, des infrastructures, de l\u2019\u00e9nergie, de l\u2019innovation et de la qualit\u00e9 des produits.<\/div>\n
<\/div>\n
Se focaliser exclusivement sur le taux de change, en n\u00e9gligeant ces autres d\u00e9terminants, peut conduire \u00e0 des conclusions erron\u00e9es. Une monnaie d\u00e9pr\u00e9ci\u00e9e ne rend pas automatiquement une \u00e9conomie comp\u00e9titive, pas plus qu\u2019une monnaie stable ne constitue n\u00e9cessairement un handicap.<\/div>\n
<\/div>\n
L\u2019\u00e9volution de la balance commerciale, qui mesure la diff\u00e9rence entre les exportations et les importations, fournit un indicateur utile des performances ext\u00e9rieures d\u2019un pays.<\/div>\n
<\/div>\n
\u00a0Le paradoxe des pays CFA<\/strong><\/div>\n
<\/div>\n
Sur un \u00e9chantillon de 52 pays africains disposant de donn\u00e9es exploitables, les balances commerciales rapport\u00e9es au PIB, font appara\u00eetre les r\u00e9sultats suivants pour 2015\u20132024 :<\/div>\n
<\/div>\n
Solde commercial moyen \/ PIB<\/div>\n
CEMAC| +5,8 %<\/div>\n
UEMOA| \u22128,8 %<\/div>\n
Reste de l\u2019Afrique| \u221210,9 %<\/div>\n
<\/div>\n
\u00a0_Source : calculs \u00e0 partir des donn\u00e9es WDI disponibles. Moyennes simples des observations nationales sur 2015\u20132024._<\/div>\n
<\/div>\n
Ces chiffres r\u00e9v\u00e8lent un paradoxe apparent : les pays utilisant le franc CFA, malgr\u00e9 leur r\u00e9gime de change fixe, pr\u00e9sentent en moyenne des soldes commerciaux plus favorables que les autres pays africains.<\/div>\n
<\/div>\n
Les exc\u00e9dents de la CEMAC s\u2019expliquent largement par les exportations de p\u00e9trole et d\u2019autres mati\u00e8res premi\u00e8res. Quant \u00e0 l\u2019UEMOA, son d\u00e9ficit commercial reste inf\u00e9rieur, en moyenne, \u00e0 celui du reste de l\u2019Afrique.<\/div>\n
<\/div>\n
Ces r\u00e9sultats ne prouvent pas que l\u2019arrimage am\u00e9liore les performances commerciales. Ils remettent n\u00e9anmoins en question l\u2019id\u00e9e selon laquelle la stabilit\u00e9 du franc CFA serait n\u00e9cessairement synonyme de non-comp\u00e9titivit\u00e9.<\/div>\n
<\/div>\n
\u00a0Des monnaies d\u00e9pr\u00e9ci\u00e9es, sans am\u00e9lioration commerciale syst\u00e9matique<\/strong><\/div>\n
<\/div>\n
L\u2019\u00e9volution des taux de change nominaux entre 2000 et 2024 est particuli\u00e8rement instructive.<\/div>\n
<\/div>\n
En 2000, un dollar valait environ 710 FCFA, contre 606 FCFA en 2024. Sur la m\u00eame p\u00e9riode, le dollar est pass\u00e9 de 102 \u00e0 1 479 nairas nig\u00e9rians, et de 0,54 \u00e0 14,18 cedis ghan\u00e9ens, apr\u00e8s ajustement de la r\u00e9forme mon\u00e9taire ghan\u00e9enne de 2007.<\/div>\n
<\/div>\n
Le naira et le cedi ont ainsi subi des d\u00e9pr\u00e9ciations consid\u00e9rables, alors que le franc CFA s\u2019est appr\u00e9ci\u00e9 face au dollar entre ces deux dates.<\/div>\n
<\/div>\n
Pourtant, ces d\u00e9pr\u00e9ciations n\u2019ont pas syst\u00e9matiquement permis d\u2019\u00e9liminer les d\u00e9ficits commerciaux.<\/div>\n
<\/div>\n
L\u2019explication est simple : lorsqu\u2019une \u00e9conomie d\u00e9pend fortement des importations de carburant, d\u2019\u00e9quipements et de produits interm\u00e9diaires, la d\u00e9pr\u00e9ciation rench\u00e9rit les co\u00fbts de production et alimente l\u2019inflation. L\u2019avantage initial procur\u00e9 aux exportateurs peut alors \u00eatre partiellement ou totalement annul\u00e9.<\/div>\n
<\/div>\n
Par ailleurs, la stabilit\u00e9 du franc CFA par rapport \u00e0 l\u2019euro n\u2019exclut pas les variations de sa valeur face aux autres monnaies. Le taux de change effectif r\u00e9el, qui tient compte des diff\u00e9rences d\u2019inflation et des partenaires commerciaux, constitue un indicateur plus pertinent de la comp\u00e9titivit\u00e9-prix que la seule parit\u00e9 nominale.<\/div>\n
<\/div>\n
\u00a0La v\u00e9ritable comp\u00e9titivit\u00e9 se construit<\/strong><\/div>\n
<\/div>\n
L\u2019arrimage \u00e0 l\u2019euro peut favoriser la stabilit\u00e9 mon\u00e9taire, limiter certains risques de change et faciliter les \u00e9changes et les investissements. Il comporte \u00e9galement des contraintes, notamment lorsque l\u2019euro s\u2019appr\u00e9cie fortement et p\u00e9nalise les exportateurs.<\/div>\n
<\/div>\n
Cependant, les performances commerciales d\u00e9pendent aussi de facteurs structurels : diversification de la production, transformation des mati\u00e8res premi\u00e8res, qualit\u00e9 des infrastructures, disponibilit\u00e9 de l\u2019\u00e9nergie et ma\u00eetrise des co\u00fbts. Une d\u00e9valuation peut soutenir temporairement les exportations, \u00e0 condition que les entreprises puissent accro\u00eetre leur production et que l\u2019inflation n\u2019en efface pas les b\u00e9n\u00e9fices.<\/div>\n
<\/div>\n
Notre analyse fait ainsi appara\u00eetre un paradoxe : les pays CFA, caract\u00e9ris\u00e9s par une plus grande stabilit\u00e9 mon\u00e9taire, affichent en moyenne des balances commerciales plus favorables que celles du reste de l\u2019Afrique, o\u00f9 plusieurs monnaies ont connu de fortes d\u00e9pr\u00e9ciations.<\/div>\n
<\/div>\n
Ce constat ne d\u00e9montre pas que l\u2019arrimage est la cause de ces meilleures performances. Il invite n\u00e9anmoins \u00e0 reconsid\u00e9rer l\u2019affirmation selon laquelle le franc CFA serait intrins\u00e8quement une source de non-comp\u00e9titivit\u00e9.<\/div>\n
<\/div>\n
La v\u00e9ritable comp\u00e9titivit\u00e9 ne se d\u00e9cr\u00e8te pas par une d\u00e9valuation. Elle se construit par la productivit\u00e9, la ma\u00eetrise des co\u00fbts, la qualit\u00e9 des produits et la diversification de l\u2019\u00e9conomie.<\/div>\n
<\/div>\n
<\/div>\n
Note m\u00e9thodologique : les taux de change nominaux sont examin\u00e9s sur 2000\u20132024. Les moyennes des soldes commerciaux pr\u00e9sent\u00e9es couvrent 2015\u20132024, p\u00e9riode pour laquelle les observations comparables ont \u00e9t\u00e9 consolid\u00e9es. L\u2019\u00e9chantillon initial comprend 54 pays, dont 52 disposent de donn\u00e9es exploitables dans cette comparaison. Les r\u00e9sultats sont descriptifs et ne d\u00e9montrent pas une relation de causalit\u00e9 entre l\u2019arrimage et les performances commerciales.<\/div>\n
<\/div>\n
CEMAC : Cameroun, Congo, Gabon, Guin\u00e9e \u00e9quatoriale, R\u00e9publique centrafricaine et Tchad.<\/div>\n
<\/div>\n
UEMOA : B\u00e9nin, Burkina Faso, C\u00f4te d\u2019Ivoire, Guin\u00e9e-Bissau, Mali, Niger, S\u00e9n\u00e9gal et Togo.<\/div>\n","protected":false},"excerpt":{"rendered":"

Pr Amath NDIAYE, \u00e9conomiste, FASEG-UCAD Le franc CFA est r\u00e9guli\u00e8rement accus\u00e9 de p\u00e9naliser la comp\u00e9titivit\u00e9 des \u00e9conomies africaines en raison de son arrimage \u00e0 l\u2019euro….<\/p>\n","protected":false},"author":1,"featured_media":1087,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-9254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","wpcat-15-id"],"yoast_head":"\nLL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=9254\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"Pr Amath NDIAYE, \u00e9conomiste, FASEG-UCAD Le franc CFA est r\u00e9guli\u00e8rement accus\u00e9 de p\u00e9naliser la comp\u00e9titivit\u00e9 des \u00e9conomies africaines en raison de son arrimage \u00e0 l\u2019euro....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/challengeseconomiques.com\/?p=9254\" \/>\n<meta property=\"og:site_name\" content=\"challenges economiques\" \/>\n<meta property=\"article:published_time\" content=\"2026-11-10T12:41:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-11-10T12:42:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"476\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#article\",\"isPartOf\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349\"},\"headline\":\"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ?\",\"datePublished\":\"2026-11-10T12:41:24+00:00\",\"dateModified\":\"2026-11-10T12:42:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254\"},\"wordCount\":973,\"image\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage\"},\"thumbnailUrl\":\"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg\",\"articleSection\":[\"Analyse\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254\",\"url\":\"https:\/\/challengeseconomiques.com\/?p=9254\",\"name\":\"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques\",\"isPartOf\":{\"@id\":\"https:\/\/challengeseconomiques.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage\"},\"image\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage\"},\"thumbnailUrl\":\"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg\",\"datePublished\":\"2026-11-10T12:41:24+00:00\",\"dateModified\":\"2026-11-10T12:42:14+00:00\",\"author\":{\"@id\":\"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349\"},\"breadcrumb\":{\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/challengeseconomiques.com\/?p=9254\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage\",\"url\":\"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg\",\"contentUrl\":\"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg\",\"width\":476,\"height\":612,\"caption\":\"West African CFA franc bank notes, 1000, 5000, 1000 francs. Currency of Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, S\u00e9n\u00e9gal and Togo -issued by the BCEAO, Banque Centrale des \u00c9tats de l'Afrique de l'Ouest \/ Central Bank of the West African States. UEMOA, Union \u00c9conomique et Mon\u00e9taire Ouest Africaine \/ West African Economic and Monetary Union - the CFA Franc is pegged to the Euro. XOF currency code.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/challengeseconomiques.com\/?p=9254#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/challengeseconomiques.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/challengeseconomiques.com\/#website\",\"url\":\"https:\/\/challengeseconomiques.com\/\",\"name\":\"challenges economiques\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/challengeseconomiques.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/challengeseconomiques.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/099e42240b5eea11acdb72751fcce0dd918603f0749d24974b7984ea47ed9fd9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/099e42240b5eea11acdb72751fcce0dd918603f0749d24974b7984ea47ed9fd9?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/challengeseconomiques.com\"],\"url\":\"https:\/\/challengeseconomiques.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/challengeseconomiques.com\/?p=9254","og_locale":"fr_FR","og_type":"article","og_title":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques","og_description":"Pr Amath NDIAYE, \u00e9conomiste, FASEG-UCAD Le franc CFA est r\u00e9guli\u00e8rement accus\u00e9 de p\u00e9naliser la comp\u00e9titivit\u00e9 des \u00e9conomies africaines en raison de son arrimage \u00e0 l\u2019euro....","og_url":"https:\/\/challengeseconomiques.com\/?p=9254","og_site_name":"challenges economiques","article_published_time":"2026-11-10T12:41:24+00:00","article_modified_time":"2026-11-10T12:42:14+00:00","og_image":[{"width":476,"height":612,"url":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"admin","Dur\u00e9e de lecture estim\u00e9e":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/challengeseconomiques.com\/?p=9254#article","isPartOf":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254"},"author":{"name":"admin","@id":"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349"},"headline":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ?","datePublished":"2026-11-10T12:41:24+00:00","dateModified":"2026-11-10T12:42:14+00:00","mainEntityOfPage":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254"},"wordCount":973,"image":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage"},"thumbnailUrl":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","articleSection":["Analyse"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/challengeseconomiques.com\/?p=9254","url":"https:\/\/challengeseconomiques.com\/?p=9254","name":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ? - challenges economiques","isPartOf":{"@id":"https:\/\/challengeseconomiques.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage"},"image":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage"},"thumbnailUrl":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","datePublished":"2026-11-10T12:41:24+00:00","dateModified":"2026-11-10T12:42:14+00:00","author":{"@id":"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349"},"breadcrumb":{"@id":"https:\/\/challengeseconomiques.com\/?p=9254#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/challengeseconomiques.com\/?p=9254"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/challengeseconomiques.com\/?p=9254#primaryimage","url":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","contentUrl":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","width":476,"height":612,"caption":"West African CFA franc bank notes, 1000, 5000, 1000 francs. Currency of Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, S\u00e9n\u00e9gal and Togo -issued by the BCEAO, Banque Centrale des \u00c9tats de l'Afrique de l'Ouest \/ Central Bank of the West African States. UEMOA, Union \u00c9conomique et Mon\u00e9taire Ouest Africaine \/ West African Economic and Monetary Union - the CFA Franc is pegged to the Euro. XOF currency code."},{"@type":"BreadcrumbList","@id":"https:\/\/challengeseconomiques.com\/?p=9254#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/challengeseconomiques.com\/"},{"@type":"ListItem","position":2,"name":"LL\u2019ARRIMAGE DU FRANC CFA \u00c0 L\u2019EURO EST-IL UNE SOURCE DE NON-COMP\u00c9TITIVIT\u00c9 ?"}]},{"@type":"WebSite","@id":"https:\/\/challengeseconomiques.com\/#website","url":"https:\/\/challengeseconomiques.com\/","name":"challenges economiques","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/challengeseconomiques.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/challengeseconomiques.com\/#\/schema\/person\/b4568c9afebc5a9238a771873801e349","name":"admin","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/challengeseconomiques.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/099e42240b5eea11acdb72751fcce0dd918603f0749d24974b7984ea47ed9fd9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/099e42240b5eea11acdb72751fcce0dd918603f0749d24974b7984ea47ed9fd9?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/challengeseconomiques.com"],"url":"https:\/\/challengeseconomiques.com\/?author=1"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/challengeseconomiques.com\/wp-content\/uploads\/2021\/05\/FCFA.jpg","_links":{"self":[{"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/posts\/9254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9254"}],"version-history":[{"count":3,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/posts\/9254\/revisions"}],"predecessor-version":[{"id":9257,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/posts\/9254\/revisions\/9257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=\/wp\/v2\/media\/1087"}],"wp:attachment":[{"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/challengeseconomiques.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}