The CFA franc was created in 1945 when France joined the Bretton Woods institutions.
At that time, it was known as the Franc des Colonies Françaises d'Afrique (franc of the
French Colonies of Africa).
The CFA franc is pegged to the Euro at a rate of 656 CFA francs per Euro, and the French Treasury guarantees its unlimited convertibility into Euro. To understand the context of the OHADA reforms in the franc zone countries and beyond,8 it is essential to begin by examining recent developments in French accounting