The following is an interesting series of tweets regarding Niger and French influence over that country and other sub-Saharan countries.
1. What is African CFA Franc?
The birth of the CFA franc can be traced back to December 1945, when the French government, after ratifying the Bretton Woods Agreement, decided to create a currency for their beloved colonies in Africa. They cleverly named it the CFA, short for "French Colonies of Africa" or les colonies francaises de l’Afrique for those who prefer a touch of French flair.
The French Treasury guaranteed the CFA franc under a fixed exchange rate. This rate was dependent on the deposit of a whopping 50% of CFA franc reserves into the French central bank. It split into two factions.
On one side, we had the Communaute Financiere d’Afrique, or the "Financial Community of Africa," which included countries like Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. On the other side, we had the Communaute Financiere de l’Afrique Centrale, or the "Financial Community of Central Africa," which brought together Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea, and Gabon.
So there you have it, folks! The CFA franc, born out of a French desire to keep their African colonies in check, has evolved into two financial communities, each with its own set of countries.
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| Figure 1 |
2. XAF and XOF ..!!!
The CFA franc zone comprises two monetary unions, encompassing a total of 14 African nations. The first is the West African Economic and Monetary Union, established in 1994, which includes Benin, Burkina Faso, Cote D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The second is the Central African Economic and Monetary Union, consisting of Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.
According to the latest available data from the World Bank, the Central African Republic has encountered an annual inflation rate of approximately 3.3% and a Meager gross domestic production (GDP) of 0.9%. These figures shed light on the economic situation within the country.
The CFA franc, one of the two regional African currencies, is backed by the French treasury in relation to the euro. It is important to note that the term "CFA franc" can refer to either the Central African CFA franc (XAF) or the West African CFA franc (XOF) in currency markets. Although these are distinct currencies, they are effectively interchangeable as they maintain the same monetary value against other currencies.
It is worth mentioning that, in theory, the French government or the monetary unions utilizing these currencies have the authority to alter the value of either one. This flexibility allows for potential adjustments in response to changing economic circumstances.
Overall, the CFA franc zone and its constituent monetary unions play a significant role in the economic landscape of sub-Saharan Africa. Understanding the dynamics and intricacies of these currencies is crucial for comprehending the region's financial environment.
3. The Rule Book of Economic Slavery
The Central Bank of West African States and the Bank of Central African States are responsible for coordinating monetary exchanges through operating accounts with the French Treasury. These accounts operate according to several rules, including:
1. Each central bank must maintain at least 50% of foreign assets with the French Treasury.
2. Foreign exchange cover of at least 20% should be maintained for “sight liabilities.”
3. Each government is limited to a ceiling of 20% of that country’s revenue from the previous year.
4. The currency was initially based on the French Franc exchange rate and later on it was pegged to the Euro with a fixed rate of 1 Euro = 655.96 CFA Francs.
5. Bak of France holds 50% of total currency reserves and pays a ceiling rate of interest of 0.75% annually.
6. In year 2019 ECOWAS announced that it will change West African CFA Franc to a new currency named "ECO" and that was supposed to happen by the early 2020 under below conditions:
a) A fiscal deficit of less than 3% of GDP
b) Inflation rate under 10%
c) National Debt of less than 70% of GDP
So, France and Western Hegemons worked overnight to ensure that this is sabotaged, and economic slavery of the African continent continues.
It is estimated that France now holds nearly $500 billions of African countries’ money in its treasury and will do anything to keep it. Moreover, the African countries do not have access to this money.
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Figure 2 |
4. Control of Funds
As i said earlier, it is estimated that France currently holds nearly $500 billions of funds from African countries within its treasury, and it appears determined to retain control over these funds at all costs. Regrettably, the African nations are denied access to this substantial sum of money.
France permits these countries to access a mere 15 percent of the funds annually. Should they require a larger portion, they are compelled to borrow from the remaining 85 percent, which essentially constitutes their own money, albeit held hostage by the French Treasury. This arrangement forces them to borrow at commercial rates, further exacerbating their financial burden.
To compound matters, France imposes a limit on the amount these countries can borrow from their reserves. This limit is set at 20 percent of their public revenue from the previous year. Should the countries require a loan exceeding this threshold, France exercises its veto power to deny their request.
In a video, Jacques Chirac, the former president of France, candidly acknowledged that a significant portion of the funds held in French banks is derived from the exploitation of former colonies in Africa. This statement underscores the need for the French people to come to terms with this reality.
5. Control of Natural Resources
France asserts its entitlement to exploit all natural resources discovered within its borders. Additionally, France maintains its prerogative as the primary purchaser of any natural resources discovered within the territories of its former colonies. Consequently, African nations are restricted from freely seeking alternative partnerships.
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Figure 3 |
6. Preferential Treatment
France exerts influence over African countries by imposing a preference for French interests and companies in the realm of public procurement and bidding. This practice, mandated by government contracts, prioritizes French companies above all others, even if partnering with non-French entities would be more advantageous for the African nations involved.
Consequently, numerous former French colonies find themselves with their key economic assets firmly in the hands of French entities. Take, for instance, Cote d'Ivoire, where French companies exercise complete ownership and control over vital utilities such as water, electricity, telephone services, transportation, ports, and major banks. This pattern extends to sectors like commerce, construction, and agriculture.
The ramifications of this arrangement are far-reaching. Not only does it limit the economic autonomy of African countries, but it also perpetuates a system where French interests dominate and stifle the growth and development of local industries. The unequal distribution of economic power hampers the ability of African nations to fully harness their resources and potential.
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Figure 4 |
7. Military Authority
France asserts its exclusive authority to provide military equipment and training to African military officers. This is accomplished through a well-structured system of scholarships, grants, and "defense agreements" linked to the Colonial Pact, which establishes a shared currency, the CFA Franc, among Francophone nations. Consequently, African countries send their senior military officers to France for training.
Regrettably, the current state of affairs in Africa reveals that France has inadvertently fostered a significant number of individuals who have betrayed their own nations. These individuals are strategically activated by France whenever the need arises to orchestrate a coup d'etat or instigate political turmoil within Africa.
It is imperative to acknowledge the complex dynamics at play in this situation. France's position as the primary provider of military resources and training to African nations grants them considerable influence over the region. However, it is crucial to approach this matter with a balanced perspective, recognizing the potential consequences and implications of such actions.
By nurturing a network of trained military officers, France inadvertently creates a situation where loyalty to their own countries becomes compromised. This raises concerns about the long-term stability and sovereignty of African nations, as their military leadership may be swayed by external interests.
8. French Language Hegemony
African countries are required to adopt French as the official language for both the country and its educational system. The "Francophone" cultural and educational network, along with its various satellites and affiliates, is directly overseen by the French Minister of Foreign Affairs.
This situation exerts significant pressure on African individuals to prioritize the use of French over their native languages. Such a restriction is highly constraining, as it has been proposed that individuals who solely speak French have access to less than 4 percent of the world's knowledge and information.
9. Financial Reporting
African countries are required to submit an annual balance and reserve report to France. Failure to provide this report results in the denial of access to funds from the reserves held by the Central Bank of France. Furthermore, the central banks of former colonies are subject to control and management by the Central Bank of France.
10. Control over Military Alliances
African countries are prohibited from entering into any military alliances. In general, these countries maintain military alliances with their former colonizers. Additionally, France strictly prohibits African nations from seeking any form of military cooperation or protection beyond what is provided by the French government.
It is important to note that African countries are bound by restrictions that prevent them from engaging in military alliances. Historically, many of these nations have maintained close ties with their former colonizers, relying on them for military support and cooperation. France, in particular, imposes stringent regulations that limit African nations from seeking alternative sources of military assistance.
This policy has significant implications for the defense capabilities and sovereignty of African countries. By restricting their ability to forge independent military alliances, these nations are compelled to rely heavily on their former colonizers for protection and cooperation. This arrangement, while rooted in historical ties, raises questions about the autonomy and self-determination of African nations in matters of defense.
Furthermore, France's strict stance on military cooperation underscores the complex dynamics between African countries and their former colonizers. The French government's insistence on exclusive military ties can be seen as a means to maintain influence and control over its former colonies. This approach, however, may hinder the development of a more diverse and self-sufficient defense network for African nations.
In conclusion, African countries face limitations when it comes to entering into military alliances. The historical ties with former colonizers, coupled with France's prohibition on seeking alternative military cooperation, shape the landscape of defense partnerships in the region. These restrictions raise important questions about the autonomy and self-reliance of African nations, as well as the need for a more balanced and inclusive approach to military cooperation.
11. In Times of War
In times of war or global crisis, African countries are bound by a solemn obligation to align themselves solely with France.
It is a historical fact that over a million African soldiers made invaluable contributions to the defeat of Nazism and fascism during the tumultuous years of World War II. Regrettably, their remarkable efforts have often been overshadowed or underestimated.
12. Winds of Change
Whatever is happening in the West Africa especially in Niger right now is not a year or two's reckoning, but a long long long subjugation and pain inflicted on the African countries by the colonial imperialism which is manifesting itself in the open revolt now.
Winds of Change...!!!
Oh Yes...!!!
OfCourse...!!!
