The devaluation of the CFA franc in January 1994 was economically necessary in order to initiate a reorientation of patterns of consumption and production and thus to improve international competitiveness in the African franc zone countries. The example of Senegalese small and medium-sized enterprises shows that, contrary to initial expectations, the favourable effects of the devaluation in terms of market share and employment at enterprise level have remained limited even after two years of adjustment. The openness of the economy, price movements independent of the devaluation, certain accompanying measures of the government as well as unresolved structural problems have restricted the enterprises' room for manoeuvre in factor and product markets. Moreover, intermediary institutions have often failed to play their role as catalysts of structural change. Thus, established socio-political structures at the various levels have once again proved to be barriers to desired economic effects.