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Stop looting African countries

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Once you read this you’ll no longer wonder why French presidents and ministers are sometimes greeted by protests when they visit former French colonies in Africa, even if the protests are about other issues. Though what other issues could be more important than this one we have no idea.

14 African countries only ever have access to 15% of their own money!

Monetary bankruptcy
Just before France conceded to African demands for independence in the 1960s, it carefully organised its former colonies (CFA countries) in a system of “compulsory solidarity” which consisted of obliging the 14African states to put 65% of their foreign currency reserves into the French Treasury, plus another 20% for financial liabilities. This means these 14 African countries only ever have access to 15% of their own money! If they need more they have to borrow their own money from the French at commercial rates! And this has been the case since the 1960s.

France has the first right to buy or reject any natural resources found in the land of the Francophone countries. So even if the African countries can get better prices elsewhere, they can’t sell to anybody until France says it doesn’t need the resources.

In the award of government contracts, French companies must be considered first; only after that can these countries look elsewhere. It doesn’t matter if the CFA countries can obtain better value for money elsewhere.

Presidents of CFA countries that have tried to leave the CFA zone have had political and financial pressure put on them by successive French presidents.

No escaping the CFA Zone
Thus, these African states are French taxpayers – taxed at a staggering rate – yet the citizens of these countries aren’t French and don’t have access to the public goods and services their money helps pay for.

CFA zones are solicited to provide private funding to French politicians during elections in France.

Read the full article here



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