Monetary sovereignty debate: Senegal’s Kopar currency proposed by Dr Ba
In his recent book, Dr Babo Amadou Ba advocates for Senegal to adopt a sovereign national currency called the Kopar. This proposal aims to grant Senegal monetary sovereignty, allowing it to control interest rates, exchange rates, and credit orientation to better finance its economy. The Kopar would enable Senegal to maintain regional cooperation while exercising independent monetary decisions, challenging the current CFA franc system tied to the BCEAO and the euro.
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Dr Babo Amadou Ba proposes the creation of a sovereign national currency for Senegal named the Kopar, as detailed in his new book Sovereign Monetary Policy for Endogenous and Sustainable Development – From the CFA Franc to the Kopar.
He explains that monetary sovereignty means a country has real control over its currency, exchange rate regime, interest rates, credit allocation, and monetary instruments aligned with national economic priorities. Currently, Senegal is politically sovereign but lacks economic sovereignty because key monetary decisions are made regionally by the West African Central Bank (BCEAO), constrained by the fixed CFA franc–euro peg and inflation targets.
The Kopar would provide Senegal with the autonomy to make monetary decisions while remaining engaged in regional cooperation frameworks like the West African Economic and Monetary Union (UEMOA) and the Economic Community of West African States (ECOWAS).
The name Kopar, derived from the Wolof word for money and historically linked to “copper,” symbolizes a national currency designed to support Senegal’s productive transformation and economic financing.