Why Are African Banknotes Printed in Europe?

At least 40 African countries print their money in the UK, France, and Germany, decades after independence, raising questions about self-sufficiency. And there's the complicated case of Francophone Africa - the countries using the Central African CFA franc and the West African CFA franc. The currencies are tightly pegged to France's because of colonial relations and are produced in France, reports Deutsche Welle.

African countries have been formulating plans to boost intra-African trade. There is currently more trade with western and eastern countries than there is within the continent. Printing banknotes in Africa would boost profits on the continent and, at least theoretically, African countries could choose those with printing capabilities since there's likely some idle capacity. But that is not happening in practice. This is perhaps due to trust issues since countries have been printing with overseas firms for years.

Only a handful of African countries, like Nigeria, South Africa, Morocco, and Kenya have enough resources to print their own currencies or mint their own coins, and even they sometimes supplement production with imports.



cash in various currencies (file photo).

AllAfrica publishes around 700 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.