Economy of Senegal

Predominantly rural, and with limited natural resources, the economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices. The former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.

Senegal also has one of the best developed tourist industries in Africa. Senegal depends heavily on foreign assistance, which in 2000 represented about 32% of overall government spending—including both current expenditures and capital investments—or CFA 270.8 billion (U.S$. 361.0 million). Senegal is a member of the World Trade Organization.

Economy of Senegal
Dakar-Indépendance
Dakar, Senegal's place de l'Indépendance: a center of government, banking and trade. In the background is the commercial port and the tourist area, Gorée island.
Trade organisations
AU, WTO
Statistics
GDP$59.987 billion (PPP, 2018 est.)[1]
$24.240 billion (nominal, 2018 est.)[1]
GDP rank105th (PPP, 2018)
108th (nominal, 2018)
GDP growth
6.2% (2016) 7.2% (2017)
6.6% (2018e) 6.6% (2019f) [2]
GDP per capita
$3,675 (PPP, 2018 est.)[1]
$1,485 (nominal, 2018 est.)[1]
GDP per capita rank
158th (PPP, 2017)
158th (nominal, 2017)
GDP by sector
agriculture: 16.9%
industry: 24.3%
services: 58.8% (2017 est.)[3]
1.3% (2017 est.)[3]
0.8% (2016 est.)[3]
Population below poverty line
46.7% (2011 est.)[3]
40.3 medium (2011, World Bank)[4]
Labour force
6.966 million (2017 est.)[3]
Labour force by occupation
agriculture: 77.5%
industry: 22.5%
industry and services: 22.5% (2007 est.)[3]
Unemployment48% (2007 est.)[3]
Main industries
agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair
147th (2017)[5]
External
Exports$2.362 billion (2017 est.)[3]
Export goods
fish, groundnuts (peanuts), petroleum products, phosphates, cotton
Main export partners
 Mali 14.8%
  Switzerland 11.4%
 India 6%
 Cote d'Ivoire 5.3%
 UAE 5.1%
 Gambia 4.2%
 Spain 4.1% (2017)[3]
Imports$5.217 billion (2017 est.)[3]
Import goods
food and beverages, capital goods, fuels
Main import partners
 France 16.3%
 China 10.4%
 Nigeria 8%
 India 7.2%
 Netherlands 4.2%
 Spain 4.2% (2017)[3]
-$1.547 billion (2017 est.)[3]
Negative increase $8.571 billion (31 December 2017 est.)[3]
Public finances
Negative increase 48.3% of GDP (2017 est.)[3]
-3.6% (of GDP) (2017 est.)[3]
Revenues$4.139 billion (2017 est.)[3]
Expenses$4.9 billion (2017 est.)[3]
Foreign reserves
Increase $1.827 billion (31 December 2017 est.)[3]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Dakar-BCEAO1
The headquarters of the Central Bank of West African States, Dakar.
Air Senegal International B737 6V-AHU
A jet of the national airline, Air Senegal International.
Sucrerie richard toll2
A sugar processing plant of the Compagnie sucrière sénégalaise at Richard Toll.
Saly Senegal1
The main street of the tourist resort town of Saly.
Senegal Touba Pneu Thies 800x600
Many small businesses, like this tyre repair shop in Touba, are financed through the Mouride Islamic brotherhood.
SénégalParis
Paris Salon international de l'Agriculture 2007: the government actively promotes agricultural exports to markets outside the developing world.
Senegal retour de peche a Soumbedioun 800x600
Small scale fishing for local markets is visible all through the country. Here fishermen return to the beach at Soumbedioun, Dakar.
PhosphateSenegal
A Rock phosphate surface mine in western Senegal, near Taïba.

History

The GDP per capita[6] of Senegal shrank by 1.30% in the 1960s. However, it registered a peak growth of 158% in the 1970s, and still expanded 43% in the turbulent 1980s. However, this proved unsustainable and the economy consequently shrank by 40% in the 1990s.

IMF and 1990s economic reforms

Since the January 1994 CFA franc devaluation, the International Monetary Fund (IMF), the World Bank, and other multilateral and creditors have been supporting the Government of Senegal’s structural and sectoral adjustment programs. The broad objectives of the program have been to facilitate growth and development by reducing the role of government in the economy, improving public sector management, enhancing incentives for the private sector, and reducing poverty.

In January 1994, Senegal undertook a radical economic reform program at the behest of the international donor community. This reform began with a 50% devaluation of Senegal's currency, the CFA franc, which was linked at a fixed rate to the French franc. Government price controls and subsidies have been steadily dismantled as another economic reform.

This currency devaluation had severe social consequences, because most essential goods were imported. Overnight, the price of goods such as milk, rice, fertilizer and machinery doubled. As a result, Senegal suffered a large exodus, with many of the most educated people and those who could afford it choosing to leave the country.

After an economic contraction of 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with a growth in GDP averaging over 5% annually during 1995-2004. Annual inflation had been pushed down to the low single digits.

As a member of the West African Economic and Monetary Union (WAEMU), Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. Senegal still relies heavily upon outside donor assistance, however. Under the IMF's Highly Indebted Poor Countries debt relief program, Senegal will benefit from eradication of two-thirds of its bilateral, multilateral, and private sector debt, contingent on the completion of privatization program proposed by the government and approved by the IMF.

Current state of economy

External trade and investment

The fishing sector has replaced the groundnut sector as Senegal's export leader. Its export earnings reached U.S.$239 million in 2000. The industrial fishing operations struggle with high costs, and Senegalese tuna is rapidly losing the French market to more efficient Asian competitors.

Phosphate production, the second major foreign exchange earner, has been steady at about U.S.$95 million. Exports of peanut products reached U.S.$79 million in 2000 and represented 11% of total export earnings. Receipts from tourism, the fourth major foreign exchange earner, have picked up since the January 1994 devaluation. In 2000, some 500,000 tourists visited Senegal, earning the country $120 million.

Senegal’s new Agency for the Promotion of Investment (APIX) plays a pivotal role in the government’s foreign investment program. Its objective is to increase the investment rate from its current level of 20.6% to 30%. Currently, there are no restrictions on the transfer or repatriation of capital and income earned, or investment financed with convertible foreign exchange. Direct U.S. investment in Senegal remains about U.S.$38 million, mainly in petroleum marketing, pharmaceuticals manufacturing, chemicals, and banking. Economic assistance, about U.S.$350 million a year, comes largely from France, the IMF, the World Bank, and the United States. Canada, Italy, Japan, and Germany also provide assistance.

Senegal has well-developed though costly port facilities, a major international airport serving 23 international airlines, and direct and expanding telecommunications links with major world centers.

Indebtedness

With an external debt of U.S.$2,495 million,[7] and with its economic reform program on track, Senegal qualified for the multilateral debt relief initiative for Heavily Indebted Poor Countries (HIPC). Progress on structural reforms is on track, but the pace of reforms remains slow, as delays occur in implementing a number of measures on the privatization program, good governance issues, and the promotion of private sector activity.

Macroeconomic indicators show that Senegal turned in a respectable performance in meeting IMF targets in 2000: annual GDP growth increased to 5.7%, compared to 5.1% in 1999. Inflation was reported to be 0.7% compared to 0.8% in 1999, and the current account deficit (excluding transfers) was held at less than 6% of GDP.

Trade unions

Senegalese trade unions include The National Confederation of Senegalese Workers (CNTS) and its affiliate the Dakar Dem Dikk Workers Democratic Union (Dakar Public Transport workers), The Democratic Union of Senegalese Workers (UTDS), The General Confederation Of Democratic Workers Of Senegal (CGTDS) and the National Union of Autonomous Trade Unions of Senegal (UNSAS). Mean wages were $0.99 per man-hour in 2009.

Stock exchange

Senegal's corporations are included in the Bourse Régionale des Valeurs Mobilières SA (BRVM), a regional stock exchange serving the following eight West African countries, and located in Abidjan, Cote d'Ivoire.

Regional and international economic groupings

Statistics[8]

2006Senegalese exports
Senegal's export destinations, 2006.
GDP (purchasing power parity)

U.S.$43.24 billion (2017 est.)

GDP (official exchange rate)

U.S.$16.46 billion (2017 est.)

GDP - real growth rate

7.2% (2017 est.)

GDP - per capita (PPP)

$2,700 (2017 est.)

GDP - composition by sector

agriculture: 16.9% industry: 24.3% services: 58.8% (2017 est.)

Population below poverty line

46.7% (2011 est.)

Household income or consumption by percentage share

lowest 10%: 2.5% highest 10%: 31.1% (2011)

Inflation rate (consumer prices)

1.4% (2017 est.)

Investment (gross fixed)

41% of GDP (2006 est.)

Labor force

6.966 million (2017 est.)

Labor force - by occupation

agriculture: 77.5% industry and services: 22.5% (2007 est.)

Unemployment rate

48%; note - urban youth 40% (2001 est.)

Distribution of family income - Gini index

40.3 (2011)

Budget
revenues
U.S.$3.863 billion
expenditures
U.S.$4.474 billion (2017 est.)
Public debt

61.2% of GDP (2017 est.)

Industries

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, construction materials, ship construction and repair

Industrial production growth rate

8.4% (2017 est.)

Electricity - production

3.673 billion kWh (2015 est.)

Electricity - consumption

3.014 billion kWh (2015 est.)

Electricity - exports

0 kWh (2016)

Electricity - imports

0 kWh (2016)

Oil - production

0 bbl/d (0 m3/d) (2004 est.)

Oil - consumption

35,000 bbl/d (5,600 m3/d) (2007 est.)

Natural gas - production

62 million cu m (2015 est.)

Natural gas - consumption

60 million cu m (2015 est.)

Natural gas - exports

0 cu m (2013 est.)

Natural gas - imports

0 cu m (2013 est.)

Current Account Balance

U.S.-$1.547 billion (2017 est.)

Agriculture - products

peanuts, millet, maize, sorghum, rice, cotton, tomatoes, green vegetables; cattle, poultry, pigs; fish

Exports

U.S.$2.546 billion (2017 est.)

Exports - commodities

fish, groundnuts (peanuts), petroleum products, phosphates, cotton

Exports - partners

Mali 14.8%, Switzerland 11.4%, India 6%, Cote dIvoire 5.3%, UAE 5.1%, Gambia, The 4.2%, Spain 4.1% (2017)

Imports

U.S.$5.227 billion (2017 est.)

Imports - commodities

food and beverages, capital goods, fuels

Imports - partners

France 16.3%, China 10.4%, Nigeria 8%, India 7.2%, Netherlands 4.8%, Spain 4.2% (2017)

Reserves of foreign exchange and gold

U.S.$151.8 million (31 December 2017 est.)

Debt - external

U.S.$6.745 billion (31 December 2017 est.)

Economic aid - recipient

U.S.$449.6 million (2003 est.)

Currency (code)

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of West African States

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar - 617.4 (2017), 593.01 (2016), 593.01 (2015), 591.45 (2014), 494.42 (2013) 522.89 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002). In 2006, 1 € = 655.82 XOF (West-African CFA), or 1 XOF = 0.001525 € / € to XOF / XOF to €

Fiscal year

calendar year

Macro-economic trends

This is a chart of trend of gross domestic product of Senegal at market prices estimated by the International Monetary Fund with figures in millions of CFA Francs.

Year Gross Domestic Product US Dollar Exchange Inflation Index (2000=100)
1980 652,221 211.27 CFA Francs ?
1985 1,197,462 449.32 CFA Francs 66
1990 1,603,679 272.27 CFA Francs 66
1995 2,309,091 499.15 CFA Francs 93
2000 3,192,019 709.96 CFA Francs 100
2005 4,387,230 526.55 CFA Francs 107

Average wages in 2007 hover around $4–5 per day.

The following table shows the main economic indicators in 1980–2017.[9]

Year 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GDP in $
(PPP)
4.63 bil. 6.87 bil. 8.99 bil. 11.24 bil. 14.94 bil. 21.08 bil. 22.26 bil. 23.98 bil. 25.35 bil. 26.16 bil. 27.61 bil. 28.71 bil. 30.55 bil. 32.15 bil. 34.07 bil. 36.67 bil. 39.64 bil. 43.24 bil.
GDP per capita in $
(PPP)
816 1,049 1,184 1,285 1,512 1,873 1,926 2,020 2,077 2,084 2,138 2,158 2,229 2,277 2,342 2,448 2,572 2,726
GDP growth
(real)
−0.8 % 3.3 % −0.7 % 5.4 % 3.2 % 5.6 % 2.5 % 5.0 % 3.7 % 2.4 % 4.3 % 1.9 % 4.5 % 3.6 % 4.1 % 6.5 % 6.7 % 7.2 %
Inflation
(in Percent)
8.8 % 13.0 % 0.3 % 8.1 % 0.8 % 1.7 % 2.1 % 5.9 % 6.3 % −2.2 % 1.2 % 3.4 % 1.4 % 0.7 % −1.1 % 0.1 % 0.9 % 1.4 %
Government debt
(Percentage of GDP)
... ... ... ... 74 % 46 % 22 % 23 % 24 % 34 % 36 % 41 % 43 % 47 % 54 % 57 % 60 % 61 %

See also

References

  1. ^ a b c d "World Economic Outlook Database, October 2018". IMF.org. International Monetary Fund. Retrieved 1 February 2019.
  2. ^ "January 2019 Global Economic Prospects -- Darkening Skies p. 112" (PDF). openknowledge.worldbank.org. World Bank. Retrieved 18 March 2019.
  3. ^ a b c d e f g h i j k l m n o p q r "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 1 February 2019.
  4. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 18 March 2019.
  5. ^ "Ease of Doing Business in Senegal". Doingbusiness.org. Retrieved 2017-01-23.
  6. ^ EarthTrends -> Economics, Business, and the Environment -> Variable -> Searchable Database Results: Economics, Business, and the Environment — GDP: GDP per capita, Units: Current US$ per person Archived January 31, 2008, at the Wayback Machine
  7. ^ 2006
  8. ^  This article incorporates public domain material from the CIA World Factbook document "2014 edition".
  9. ^ "Report for Selected Countries and Subjects". Retrieved 2018-09-07.

External links

Published works

  • Amadou Sakho. Senegal's slide from "model economy" to "least developed country". Misanet.com / IPS (2001).
  • Birahim Bouna Niang. A diagnosis of Senegal's public external debt, Provisional report. Republic of Senegal Ministry of Economy and Finance, Political Economy Unit (UPE). January 2003.
  • Pamela Cox. The Political Economy of Underdevelopment: Dependence in Senegal. African Affairs, Volume 79, Number 317. pp. 603–605
  • Maghan Keita. The Political Economy of Health Care in Senegal, Journal of Asian and African Studies, Vol. 31, No. 3-4, 145-161 (1996)
  • John Waterbury and Mark Gersovitz, eds., The political economy of risk and choice in Senegal.Frank Cass & Co. Ltd, London, (1987) ISBN 0-7146-3297-X
  • Christopher L. Delgado, Sidi Jammeh. The Political Economy of Senegal Under Structural Adjustment. School of Advanced International Studies, Johns Hopkins University (1991). ISBN 0-275-93525-6
  • Cathy L. Jabara, Robert L. Thompson. Agricultural Comparative Advantage under International Price Uncertainty: The Case of Senegal. American Journal of Agricultural Economics, Vol. 62, No. 2 (May, 1980), pp. 188–198
  • Peter Mark. Urban Migration, Cash Cropping, and Calamity: The Spread of Islam among the Diola of Boulouf (Senegal), 1900-1940. African Studies Review, Vol. 21, No. 2 (Sep., 1978), pp. 1–14
  • Monique Lakroum. Le Travail Inegal: Paysans et Salaries Senegalais Face à la Crise des Annees Trente. Paris (1982).
  • Ibrahima Thioub, Momar-Coumba Diop, Catherine Boone. Economic Liberalization in Senegal: Shifting Politics of Indigenous Business Interests. African Studies Review, Vol. 41, No. 2 (Sep., 1998), pp. 63–89
  • Catherine Boone. Merchant Capital and the Roots of State Power in Senegal, 1930-1985, McGill, (1995).
  • (in French) Jean Copans, Philippe Couty, Jean Roch, G. Rocheteau. Maintenance sociale et changement economique au Senegal I: Doctrine economique et pratique du travail chez les Mourides. Paris (1974).
AGETIP

Executing Agency for Public Interest Works Against Underemployment (French: Agence d’Exécution des Travaux d’Intérêt Public contre le sous-emploi, AGETIP) is the public works and public employment service in Senegal. It provides mostly small-scale basic infrastructure (roads, water supply, sanitation, health centers, hospitals, schools etc.) and other services such as micro-enterprise credit, nutrition and female literacy programs for the benefit of the poor, while creating employment and promoting the local private sector. The term is also used to describe similar agencies created based on the model of the first AGETIP in Senegal.

Agriculture in Senegal

Senegal's economy is mostly driven by agriculture, fisheries, mining, construction and tourism. Most of Senegal lies within the drought-prone Sahel region, with irregular rainfall and generally poor soils. With only about 5 percent of the land irrigated, Senegal continues to rely on rain-fed agriculture, which occupies about 75 percent of the workforce. Despite a relatively wide variety of agricultural production, the majority of farmers produce for subsistence needs. Production is subject to drought and threats of pests such as locusts, birds, fruit flies, and white flies. Millet, rice, corn, and sorghum are the primary food crops grown in Senegal.Senegal is a net food importer, particularly for rice, which represents almost 75 percent of cereal imports. Peanuts, sugarcane, and cotton are important cash crops, and a wide variety of fruits and vegetables are grown for local and export markets. In 2006 gum arabic exports soared to $280 million, making it by far the leading agricultural export. Green beans, industrial tomato, cherry tomato, melon, and mango are Senegal's main vegetable cash crops. The Casamance region, isolated from the rest of Senegal by Gambia, is an important agriculture producing area, but without the infrastructure or transportation links to improve its capacity.Despite the lack of modernization of artisanal fishing, the fishing sector remains Senegal's main economic resource and major foreign exchange earner. The livestock and poultry sectors are relatively underdeveloped and have potential for modernization, development and growth. Senegal imports most of its milk and dairy products. The sector is inhibited due to low output and limited investments. The potential production of fauna and forest products is high and diversified and could, if well organized, benefit poor farmers in rural areas. Although the agricultural sector was impacted by a locust invasion in 2004, it has recovered and gross agricultural production is expected to increase by 6 percent in 2006 and 5 percent in 2007.

BRVM

The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA") or BRVM, is a regional stock exchange serving the following west African countries:

Benin

Burkina Faso

Guinea Bissau

Côte d'Ivoire

Mali

Niger

Senegal

Togo.The exchange is located in Abidjan, Cote d'Ivoire. Market offices are maintained in each country.

BRVM is a private corporation with 2,904,300,000 CFA francs in capital.

The BRVM Composite Index climbed 18 percent in 2015.

Bank of West Africa (BAO)

Banque d'Afrique Occidentale (also B.A.O. or BAO or Banque de l'AOF): (French for Bank of West Africa) was a bank French colonial authorities established in 1901 in Dakar, Sénégal, as the central bank of the colonies of French West Africa.

Central Bank of West African States

The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA):

Benin

Burkina Faso

Guinea-Bissau

Ivory Coast (Côte d'Ivoire)

Mali

Niger

Senegal

TogoThe Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.

Diamniadio Lake City

Diamniadio Lake City is a government approved futuristic township based in Diamniadio, Senegal. The township is conceptualized to ease the residential and commercial clutter in the capital of Dakar, which is currently the home to a quarter of the country’s 14 million people.

Housing in Senegal

Senegal’s high population growth and migration from the rural areas to Dakar has resulted in the mushrooming of squatter settlements on Dakar’s periphery.

List of Senegalese regions by Human Development Index

This is a list of Regions of Senegal by Human Development Index as of 2017.

List of banks in Senegal

This is a list of commercial banks in Senegal

Attijariwafa Bank

Bank of Africa Sénégal

International Commercial Bank

Banque Atlantique Sénégal

Banque Régionale de Solidarité

Banque de l'Habitat du Sénégal

Société Générale de Banques au Sénégal (SG-BS)

Ecobank Sénégal

Banque Sénégalo-Tunisienne

Crédit Lyonnais Sénégal

Caisse Nationale de Crédit Agricole du Sénégal (CNCAS)

Citibank Sénégal

Compagnie Bancaire de l'Afrique Occidentale

Banque Islamique du Sénégal

Banque des Institutions Mutualistes d'Afrique de l'Ouest

Banque Sahélo-Saharienne pour l'Investissement et le Commerce (BSSIC)

Banque Internationale pour le Commerce et l'Industrie du Sénégal (BICIS)

United Bank for Africa

Banque Régionale des Marchés

Banque de Dakar (BDK)

Mining industry of Senegal

The mining industry of Senegal is mainly centred on the production of phosphates and industrial limestone. Senegal is one of the leading producers of phosphates in the world, accounting for about 6% of exports in 2006, and deposits are of a particularly high quality. In the coastal region of the country, titanium-bearing minerals have been found and the reserve is estimated at 10 million tons. The mineral sector's exports accounts for 20% of total exports of the country and constitutes 20% of the GDP.

Senegal's relatively poor natural resources may have contributed to a long period of political stability (2012). The mining in Senegal is relatively poor. Senegal has not had a rich mining industry or a disruptive government. Gold has been found in the east of the country and it is hoped that this can be exploited to benefit a continuing stable country.

Ministers of the Economy and Finance (Senegal)

This is a list of individuals who have served as Minister of the Economy and Finance (Ministres de l'Économie et des Finances) of the Republic of Senegal.

Outline of Senegal

The following outline is provided as an overview of and topical guide to Senegal:

Senegal – sovereign country located south of the Sénégal River in West Africa. Senegal is bound by the Atlantic Ocean to the west, Mauritania to the north, Mali to the east, and Guinea and Guinea-Bissau to the south. The Gambia lies almost entirely within Senegal, surrounded on the north, east and south; from its western coast, Gambia's territory follows the Gambia River more than 300 kilometres (190 mi) inland. Dakar is the capital city of Senegal, located on the Cape Verde Peninsula on the country's Atlantic coast.

Senegal

Senegal ( (listen); French: Sénégal), officially the Republic of Senegal (French: République du Sénégal), is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar.

The unitary semi-presidential republic is the westernmost country in the mainland of the Old World, or Afro-Eurasia, and owes its name to the Senegal River, which borders it to the east and north. Senegal covers a land area of almost 197,000 square kilometres (76,000 sq mi) and has an estimated population of about 15 million. The climate is typically Sahelian, though there is a rainy season.

Trade unions in Senegal

Trade unionism is a powerful force in the politics, economy, and culture of Senegal, and was one of the earliest trades union movements to form in Francophone West Africa.

West African CFA franc

The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018).The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the CFA franc.

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