EN 
   |    Books   |    Videos   |    Join us   |    Login   |    More
   

Blog, comment, reply, share links, ideas, videos, pictures and podcasts

 
56 
14 African countries were forced by France to pay colonial tax for the benefits of slavery and colonization: 14 African countries are obliged by France, trough a colonial pact, to put 85% of their foreign reserve into France central bank under the control of the French minister of Finance, thus making their monetary policy dependent on the European Union's monetary policies. Benin's president, Patrice Talon, said that the foreign reserves of the West African CFA will be withdrawn from the French central bank in an interview with French media powerhouses RFI and France24. According to him, the decision was based on "psychological" reasons and not "technical" reasons. Furthermore, he added that all the eight countries using the CFA franc in West Africa have jointly agreed on the move. The Central Bank of West African States (BCEAO) will now manage the reserves from the French central bank. BCEAO, headquartered in Dakar, Senegal, is the common currency issuing institution of the member States of the West African Monetary Union (WAMU). WAMU consists of the following countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.

West African countries have now agreed to withdraw their currency reserves from the French Central Bank according to Benin's president.


The CFA currency was initially pegged to the French Franc and then to the Euro after the French adopted the Euro. Its reserves has been kept in France since 1945. This means that the CFA monetary policy is dependent on the European Union's monetary policy. Hence these African countries have no say in the fiscal policies of their economies.
85 225
Hide all comments (2)
Cathy Vikulchik 2019-11-11 at 23:28

Le franc CFA reste l'instrument idéal pour maintenir sous tutelle les anciennes colonies Africaines par l'ancien colonisateur qui a, de manière historique et chronique, imposé à cette monnaie une valorisation artificiellement haute vis-à-vis du Franc Français puis de l'Euro, dans le seul but de rendre plus attractives les exportations françaises en direction du réseau CFA, et afin que les exportations de ces pays africains vers le reste du monde soient plus chères, confortant ainsi leur entière dépendance à l'endroit de Paris.

Franc CFA, ou l'impérialisme à la française


Le CFA a présidé au pillage en règle de l'Afrique : de fait, sous une apparence légale, la France a freiné le développement de quasiment tout un continent - évidemment à son plus grand avantage. Par Michel Santi, économiste.
Like  Reply   
Cathy Vikulchik 2019-11-11 at 23:20

Did you know many African countries continue to pay colonial tax to France since their independence till today!

14 African Countries Forced by France to Pay Colonial Tax For the Benefits of Slavery and Colonization


In fact, during the last 50 years, a total of 67 coups happened in 26 countries in Africa, 16 of those countries are french ex-colonies, which means 61% of the coups happened in Francophone Africa.
Like  Reply   
 
Prev  11121314151617181920  Next