Strongly linked to external price and exchange rate developments, growth performance during the post-devaluation period has varied within the CFA franc zone. Relative to sub-Saharan Africa averages, real per capita growth has been overall relatively strong, although uneven within WAEMU and CEMAC. Since 1994, real GDP growth in the CEMAC region averaged about 5 percent—with a pronounced drop in 1999 owing to unfavorable oil prices. In the WAEMU region, growth has been lower (averaging about 4 percent) and more volatile, with dips in 2000, 2002, and 2004.

Common Currency, Uncommon Challenges