This chapter discusses the role of colonial heritage in the evolution of monetary policy and its implications on economic development in Africa. Specifically, it addresses the following research questions: What kind of monetary policy regimes did the colonial settlers organise in Africa? Are the monetary policy regimes inherited (or adopted) from the colonial settlers beneficial or detrimental to economic development? The chapter presents narrative evidence on how colonial heritage influenced the conduct of monetary policy in Africa and shaped the direction of economic development over time. It employs qualitative (such as content summarisation techniques) and quantitative (such as descriptive and graphical) analysis to ascertain answers to the aforementioned research questions. Moreover, it contributes to the literature by providing the dynamic interactions between monetary policy inherited from the colonial settlers and economic development. It also uses the Communauté Financière Africaine (CFA) monetary unions and the Common Monetary Area (CMA) as case studies since they maintained (or adopted) similar monetary policy regimes prevailing during the colonial era. Therefore, the chapter shows to what extent colonisation and its aftermath influenced the choice of monetary policies in Africa and how that has affected economic development in the continent.