West African WAEMU countries: strong growth, yet plenty of risk.
The 8 countries of the West African Economic and Monetary Union (WAEMU) are part of the CFA-franc zone. The zone also includes the 6 countries of the Central African Economic and Monetary Community (CEMAC). The CFA franc is anchored to the euro. It was devalued in 1948, 1960 and quite sharply in 1994.
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