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Les suites de la dévaluation du franc CFA de janvier 1994

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  • Tandian, Dieynaba

    (C.R.D.I., Dakar, Sénégal)

Abstract

In the 60s and 70s the African countries of the franc zone enjoyed higher economic performance compared to their sub-Saharan neighbors. This changed in the 80s, following terms of trade deteriorations, which began in the late 80s, and the appreciation of the French franc after 1985. In the hope of redressing their economic decline, the zone members devalued their currency, the CFA franc, on January 12, 1994. The present study evaluates the short- to medium-term effects of this devaluation on the economies involved, with the results varying from country to country. Improvements in competitiveness began to deteriorate the year following the devaluation in all the countries except Burkina Faso and Mali. Net foreign assets also improved in all the countries except Niger, Togo, Cameroon and Equatorial Guinea. Moreover, the devaluation had a positive effect on intra-zone trade. In general, the member countries would benefit from better fiscal and monetary discipline in order to ensure that the devaluation is a success. Durant les années soixante et soixante-dix, les pays africains de la zone franc jouissaient d’une meilleure performance économique comparativement à leurs voisins du sud du Sahara. Cette situation a changé dans les années quatre-vingt, suite à la détérioration des termes de l’échange qui a débuté à la fin de ces années et à l’appréciation du franc français après 1985. Dans l’espoir de redresser ce déclin économique, les pays africains de la zone franc ont donc décidé de dévaluer leur monnaie, le franc CFA, le 12 janvier 1994. Cette étude évalue les effets à court et à moyen termes de cette dévaluation sur leur économie. Les résultats varient selon les pays. L’amélioration de la compétitivité s’est rapidement détériorée l’année suivant la dévaluation dans tous les pays sauf le Burkina Faso et le Mali. Les avoirs extérieurs nets se sont aussi améliorés dans tous les pays sauf au Niger, au Togo, au Cameroun et en Guinée équatoriale. De plus, la dévaluation a eu un effet positif sur le commerce entre les différents membres de la zone. Dans l’ensemble, les pays de la zone franc gagneraient à suivre une meilleure discipline monétaire et budgétaire s’ils veulent s’assurer du succès de la dévaluation.

Suggested Citation

  • Tandian, Dieynaba, 1998. "Les suites de la dévaluation du franc CFA de janvier 1994," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(3), pages 561-581, septembre.
    • Handle: RePEc:ris:actuec:v:74:y:1998:i:3:p:561-581
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    References listed on IDEAS

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    1. Mr. Stéphane Cossé & Mr. Johannes Mueller & Mr. Jean Le Dem & Mr. Jean A. P. Clément, 1996. "Aftermath of the CFA Franc Devaluation," IMF Occasional Papers 1996/004, International Monetary Fund.
    2. Devarajan, Shantayanan & de Melo, Jaime, 1990. "Membership in the CFA zone : Odyssean journey or Trojan horse?," Policy Research Working Paper Series 482, The World Bank.
    3. Devarajan, Shantayanan, 1997. "Real Exchange Rate Misalignment in the CFA Zone," Journal of African Economies, Centre for the Study of African Economies, vol. 6(1), pages 35-53, March.
    4. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies, vol. 6(1), pages 132-167, March.
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