section_path: Challenges/Economic development
section_name: Economic development
paragraph_text: Economic development
  
  Newly independent states also had to develop independent economic institutions – a national currency, banks, companies, regulation, tax systems, etc.
  
  Many colonies were serving as resource colonies which produced raw materials and agricultural products, and as a captive market for goods manufactured in the colonizing country. Many decolonized countries created programs to promote industrialization. Some nationalized industries and infrastructure, and some engaged in land reform to redistribute land to individual farmers or create collective farms.
  
  Some decolonized countries maintain strong economic ties with the former colonial power. The CFA franc is a currency shared by 14 countries in West and Central Africa, mostly former French colonies. The CFA franc is guaranteed by the French treasury.
  
  After independence, many countries created regional economic associations to promote trade and economic development among neighboring countries, including the Association of Southeast Asian Nations (ASEAN), the Economic Community of West African States (ECOWAS), and the Gulf Cooperation Council.