Why do some African countries use the CFA franc if it means that they need to pay France money to be able to print money for their economies?
Strictly speaking, the CFA franc is the name given to two currencies used in the African Financial Community. In West Africa, eight countries share the common currency known as the West African CFA franc: Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo. The central bank is located in Dakar. The Central African CFA franc is the common currency in six other countries: Equatorial Guinea, Gabon, Cameroon, the Republic of Congo, Chad and the Central African Republic.
Both currencies have existed since 1945, when they were both linked to the French franc. At the moment, one euro is worth approximately 656 CFA francs. The French central bank guarantees the value of both currencies. In return, the African countries are required to deposit 50 percent of their currency reserves in Paris.
Is there a particular political reason why a lot of African countries chose to remain under the CFA system other than protection against economic shock, which is not a political reason? Because to me, it doesn't really make any sense.