The Evolution of African Monetary Institutions

Abstract

The 55 countries and territories of Africa can be classified today from the monetary point of view into six major groups. Of these, four are monetary areas based on the currency of the former or actual metropolitan country: the French franc, the pound sterling, the Portuguese escudo, and the Spanish peseta. The sterling area includes the area of the South African rand; and finally there is a group of independent countries, some with very new central banks and others with a longer tradition of monetary independence.