BRICS-Inspired Currency? West Africa’s Grand Idea Fades Without a Trace

Burkina Faso, Mali, and Niger once signaled a bold shift — a new currency designed to sever ties with the U.S. dollar and the French-controlled CFA franc.

It was framed as a symbolic and practical step toward sovereignty, echoing the ambitions of the BRICS bloc. Yet nearly a year after the announcement, progress is absent, and momentum appears to have vanished.

The proposed currency was introduced by military-led regimes following a string of coups across the Sahel region. Leaders described it as a foundational move toward economic independence and post-colonial liberation. Alongside the monetary proposal, they also formed the Alliance of Sahel States (AES), a regional defense pact reflecting shared interests and ideologies.

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But ambition alone doesn’t mint money. In reality, creating a functioning sovereign currency requires not only political unity but robust financial infrastructure, international trust, and institutional capacity — all of which the three nations currently lack. With their own economies under pressure and local currencies unstable, the idea now seems more symbolic than actionable.

Despite drawing inspiration from BRICS, even that larger coalition — backed by economic giants like China and India — has struggled to introduce its own joint currency. For Burkina Faso, Mali, and Niger, whose financial systems remain fragile and largely dependent on external aid, the challenge is exponentially greater.

For now, the grand vision of a new West African currency remains just that — a vision. Without transparency, collaboration, or real economic groundwork, it risks joining the long list of political declarations that never moved beyond the headline.

Alexander Stefanov