How have African societies fared over the past fifty years under fiat money and monetary colonialism? It depends upon whom one asks. It has been fantastic and quite beneficial for African ruling elites and associates. However, it has been a nightmare of inflation, instability, and tyranny for the people.

African economies remained monetarily disconnected. There exists a lamentable state of affairs that severely restricts and disincentivizes trade among Africans

One example, if a Nigerian merchant wishes to buy Ghanaian supplies, she would have to first convert her cedis into US dollars and then to nairas, a process that is burdensome and costly. There is no direct currency exchange even between next-door neighbors like Nigeria and Cameroon. Angola and the Democratic Republic of the Congo. Egypt and Sudan, etc.

The tragedy of fiat in Africa does not end there. Under the France-controlled CFA franc currency arrangement, 14 African countries remain trapped in monetary colonialism which differs from the rest of the continent, which is under not-so-direct monetary colonialism.

Cryptocurrency adoption in Africa has been quiet but fast and furious. This trend highlights that Africans, who are young, tech savvy, and yearning for change, and are looking for ways to escape the problems of fiat money. Africa is a frontrunner in crypto adoption, boasting some of the highest crypto adoption rates worldwide, despite government antagonism.

African leaders must embrace sound money and end monetary (and economic) repression if African societies are to become free, stable, peaceful, and prosperous. Such is Africa's way out of monetary colonialism.