Environmental degradation in the coastal areas of Benin, Côte d’Ivoire, Senegal, and Togo cost 5.3% of the four countries’ GDP in 2017. In Bargny, Senegal, in the last couple of decades, the water eroded more than 200 meters of coast.
The West African nations in the CFA zone are required to deposit 50% of their foreign exchange reserves in a special French Treasury “operating account”. At one point it was 100%!
To this day African countries such as Mali, Cote d’Ivoire, Cameroon and Gabon, are required to deposit two-thirds of their foreign exchange surpluses into a French operations account.
The rest of the continent has so far remained largely immune from the contagion of international criminal justice sweeping West Africa.
In late 2016 Senegal launched a cryptocurrency for the countries of the West African Monetary Union. This and similar innovations could provide a new infrastructure for economic development across Africa.