CFA franc
The franc zone was intended to provide African countries with monetary stability, with member countries such as Ivory Coast experiencing relatively low inflation at an average rate of 6% over the past 50 years compared to 29% in neighboring Ghana, a non-member country. Moreover, the fixed exchange rate between the CFA Franc and the French franc has changed only once in 1994 when the CFA franc was considered overvalued. However, this monetary arrangement has enabled France to control the money supply of the CFA franc and to influence the decision-making process of the African central banks through their boards.