2010, French Africa commemorates 50 years of non-independence from France.
It comes with lies that smell of roses and champagne.
Our commentary on the CFA Franc, which in our considered opinion is a crimimal set-up, has been one of our most popular pieces. We re-visit this piece, published in 2008 in The Frontier Telegraph:
Ladies and Gentlemen: Welcome to the Communauté Financière de l’Afrique ( CFA ), where this is how things have been working for over sixty years. The January 2008 edition of the pan-African magazine, New African, reports that “the tale of this currency is extraordinarily mind-numbing!” and inspires this special commentary.
The CFA was created in 1945 by Gaullist officials in Paris. The CFA franc remains the currency of eight west African countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo (UMEAO) and six central African countries: Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon (CEMAC). In west Africa, the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) issues the currency, while in central Africa, it is the Banque des Etats de l’Afrique Centrale (BEAC).
Reporter, Regina Jere Malanda, begins the New African exposé on the CFA franc thus:
“If you think it is bad enough that the majority of the former French colonies in Africa fall in the “Bottom 50″ of the least developed countries in the world, spare a thought for this fact: Poor as they are, they have, for over six decades, been depositing 65% of their foreign reserves in the French Treasury in Paris – thanks to an archaic colonial arrangement linking their local currency, the CFA franc , to the French franc and now the euro.” Later on, it is learned that “another 20% of reserves [go] to cover financial liabilities.”
Our largely English reading audience now gets to understand that this is an essential component of being a francophone in Africa. This is a critical underlying factor that maintains the crushing poverty in this sphere we happen to find ourselves as non-francophones. For this archaic arrangement, to have survived for so long, in part, is responsible for unending dictatorships with presidents for life, tyranny, coups and even genocides in francophone Africa.
Read the whole piece here: Slavery By Another Name: CFA Franc