Papers presented by Chris Abdul Hakim Martinez since 2019

2025 Atlanta, Georgia

"Monetary Sovereignty in One Country? The Guinean Franc and the Challenges of Global Finance"

Abstract:

For a range of activists in French-speaking Africa, from Pan-African nationalists to radical political economists, the CFA franc has stood out since the early period of decolonization until the present as one of the most striking symbols of ongoing French “neo-colonial” control or “monetary imperialism” across the region. However, relatively little has been written about the early challenges to French monetary hegemony and the region’s “last colonial currency.” This paper explores the history of the first challenge to French monetary control via CFA franc. In 1960, the Republic of Guinea chose to formally break away from the CFA zone and begin issuing its own currency, the Guinean franc. The Guinean franc was initially introduced as a non-convertible currency, and given an exchange rate pegged to the U.S. dollar. However, Guinea struggled significantly with balance of payment crises following independence, which were exacerbated by national attempts at monetary sovereignty. This paper argues that Guinean attempts at monetary sovereignty, rather than leading to greater autonomy or developmental opportunity outside the control of the French monetary zone, rather led to an increased reliance on extractive export economies. Guinea’s attempts at the creation of an independent national currency necessitated a greater need for hard currency and foreign exchange during the tumultuous years of decolonization. This need, the paper argues, was met specifically by large-scale expansion of mining activities in Guinea’s burgeoning bauxite mining sector. Although initially brimming with hope at opportunities for Pan-African economic cooperation, by the mid 1960s Guinea faced financial crises that could only be met through the courting of private capital vis-a-vis mining activity and a deeper integration into the capitalist world economy.