The 1994 CFA Franc Devaluation — Winners & Losers
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The 1994 CFA Franc Devaluation — Winners & Losers

What if the African presidents refused devaluation? What options did they have?

Dakar, January 11, 1994. 8:50 PM. In a conference room at the Hotel Méridien, Cameroonian Finance Minister Antoine Ntsimi, his face drawn and...

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COUNTERFACTUALS What if history diverged?
SPECULATIONS Future what-ifs
BIOGRAPHIES Lives that shaped history
ECONOMIC LEDGER Money and markets
CONTEMPORARY Recent history
PRE-COLONIAL Before 1884
PROTECTORATE 1884 — 1916
MANDATE 1916 — 1960
REPUBLIC 1960 — Present
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ECONOMIC LEDGER

The 1994 CFA Franc Devaluation — Winners & Losers

What if the African presidents refused devaluation? What options did they have?

On January 12, 1994, the CFA franc was devalued by 50% overnight. Prices doubled. Savings evaporated. A generation lost...

ECONOMIC LEDGER

Two Paths Through the Lost Decade — Cameroon vs. Nigeria

What if Cameroon had done what Nigeria did — rejected the IMF loan but implemented the same policies...

In 1986, oil prices collapsed. Cameroon and Nigeria faced the same crisis. One accepted an IMF loan. The other rejected...

ECONOMIC LEDGER

Cameroon's Petroldollars - Where Did the Billions Go?

What if Cameroon had saved its oil revenues like Norway?

Oil was discovered in 1977. The economy boomed. Then everything collapsed. By 1993, Cameroon was half as rich as it had...

BIOGRAPHY

Ernest Ouandié — The Last Maquisard

What if the catechist had kept silent?

The last commander of the UPC's armed struggle. Captured in Mbanga after years in hiding. Publicly executed by firing...

BIOGRAPHY

Ahmadou Ahidjo — The Unifier or the Centralist?

What if Ahidjo had never resigned?

A Muslim Fulani from the north who unified French and British Cameroon, then dismantled the federation he created. He...

BIOGRAPHY

Ruben Um Nyobé — The Man Called Mpodol

What if the traitor did not betray him?

The UPC leader who demanded immediate independence from France. Assassinated in 1958. His name was forbidden for 32...

COUNTERFACTUAL

The Germano-Douala Treaty (1884) — Too Late Hewett.

What if the Douala kings had waited one more week for the British?

After the flag went up, Germany had made its claim visible. To challenge it now would mean war with a European power....

COUNTERFACTUAL

May 20, 1972 — The Referendum that Re-coded the Nation

What if the 56,646 registered voters who didn't show up had voted 'NON'?

On the surface, the math is unforgiving. Even if every single one of the 56,646 registered voters who stayed home had...

BIOGRAPHY

Félix-Roland Moumié — The Poisoned Revolutionary

What if Moumié had survived Geneva?

Took over the UPC after Um Nyobé's death. Assassinated in Geneva in 1960 by French secret service using thallium...

COUNTERFACTUAL

The Ahidjo-Biya Transition (1982) — The Quiet Handover

What if the French Doctor Had Told the Truth?

On November 4, 1982, the people of Cameroon woke to news that stunned the nation and the continent.

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