Ouattara, Macron announce the end of the CFA franc

[Vergennes]

Ivorian President Alassane Ouattara, speaking alongside his French counterpart Emmanuel Macron, announced the reform of the long-disputed CFA franc on Saturday, a currency that is used in eight nations in West Africa.

The agreement with France and the Monetary Union of West Africa (UEMOA), which is currently led by Ouattara, will advance the “eco.” The new currency replaces the CFA and broadens the possibility for the 15 members of ECOWAS – with some UEMOA nations overlapping – to adopt the currency as well. It was presented during a three-day visit by Macron, who also visited French troops stationed in Côte d’Ivoire.

Ouattara acknowledged the need to move beyond the CFA, which was long seen as a symbol of French colonial rule. Macron stressed the need for France to respond to African youth, a common theme of his administration, and establish a new relationship between his country and the African continent.

“I wanted to engage France in a historic and ambitious reform of the cooperation between the West African economic and monetary union, and our country,” said Macron. “With the reform of the CFA Franc, we are taking a big step to write a new page in our relationship with Africa.”

The eco will remain fixed to the euro, as Ouattara had advocated, though the required deposits from African nations into French coffers are now eliminated and France will no longer hold a seat on the UEMOA-linked West African central bank.

https://africatimes.com/2019/12/22/ouattara-macron-announce-the-end-of-the-cfa-franc/

 

[Clutch]

Ivorian President Alassane Ouattara, speaking alongside his French counterpart Emmanuel Macron, announced the reform of the long-disputed CFA franc on Saturday, a currency that is used in eight nations in West Africa.

The agreement with France and the Monetary Union of West Africa (UEMOA), which is currently led by Ouattara, will advance the “eco.” The new currency replaces the CFA and broadens the possibility for the 15 members of ECOWAS – with some UEMOA nations overlapping – to adopt the currency as well. It was presented during a three-day visit by Macron, who also visited French troops stationed in Côte d’Ivoire.

Ouattara acknowledged the need to move beyond the CFA, which was long seen as a symbol of French colonial rule. Macron stressed the need for France to respond to African youth, a common theme of his administration, and establish a new relationship between his country and the African continent.

“I wanted to engage France in a historic and ambitious reform of the cooperation between the West African economic and monetary union, and our country,” said Macron. “With the reform of the CFA Franc, we are taking a big step to write a new page in our relationship with Africa.”

The eco will remain fixed to the euro, as Ouattara had advocated, though the required deposits from African nations into French coffers are now eliminated and France will no longer hold a seat on the UEMOA-linked West African central bank.

https://africatimes.com/2019/12/22/ouattara-macron-announce-the-end-of-the-cfa-franc/

France controls 85% of the national reserves of 14 African countries. They are all forced to pay colonial tax to France. The 14 countries are obliged to put 50% of their foreign exchange reserves at the Bank of France, and can only use 15% yearly, or pay to use their own money.

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

• 30 JANV. 2014
  
• PAR JECMAUS
  
• BLOG : CONGONEWS-BRAZZAVILLE

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By Mawuna Remarque KOUTONIN*




Did you know many African countries continue to pay colonial tax to France since their independence till today!
When Sékou Touré of Guinea decided in 1958 to get out of french colonial empire, and opted for the country independence, the french colonial elite in Paris got so furious, and in a historic act of fury the french administration in Guinea destroyed everything in the country which represented what they called the benefits from french colonization.

Three thousand French left the country, taking all their property and destroying anything that which could not be moved: schools, nurseries, public administration buildings were crumbled; cars, books, medicine, research institute instruments, tractors were crushed and sabotaged; horses, cows in the farms were killed, and food in warehouses were burned or poisoned.

The purpose of this outrageous act was to send a clear message to all other colonies that the consequences for rejecting France would be very high.

Slowly fear spread trough the african elite, and none after the Guinea events ever found the courage to follow the example of Sékou Touré, whose slogan was “We prefer freedom in poverty to opulence in slavery.”

 

[Vergennes]

France controls 85% of the national reserves of 14 African countries. They are all forced to pay colonial tax to France. The 14 countries are obliged to put 50% of their foreign exchange reserves at the Bank of France, and can only use 15% yearly, or pay to use their own money.

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

• 30 JANV. 2014
  
• PAR JECMAUS
  
• BLOG : CONGONEWS-BRAZZAVILLE

• FAVORI
• RECOMMANDER
• ALERTER
• IMPRIMER

• Partager
• Tweet

• 4 COMMENTAIRES
  
• 1 RECOMMANDÉ

By Mawuna Remarque KOUTONIN*




Did you know many African countries continue to pay colonial tax to France since their independence till today!
When Sékou Touré of Guinea decided in 1958 to get out of french colonial empire, and opted for the country independence, the french colonial elite in Paris got so furious, and in a historic act of fury the french administration in Guinea destroyed everything in the country which represented what they called the benefits from french colonization.

Three thousand French left the country, taking all their property and destroying anything that which could not be moved: schools, nurseries, public administration buildings were crumbled; cars, books, medicine, research institute instruments, tractors were crushed and sabotaged; horses, cows in the farms were killed, and food in warehouses were burned or poisoned.

The purpose of this outrageous act was to send a clear message to all other colonies that the consequences for rejecting France would be very high.

Slowly fear spread trough the african elite, and none after the Guinea events ever found the courage to follow the example of Sékou Touré, whose slogan was “We prefer freedom in poverty to opulence in slavery.”

There are no colonial taxes.

50% of their reserves are in French coffers at the French treasury,but France doesn't make use of that money,the 0,75% yearly interest rates are returned to African countries each years.

As pointed out by many African economists,very critical of the CFA BTW,nothing forbids African countries to use that money for their development,the rest is just BS. BTW,many African countries (Benin first) are moving to move their reserves from the French treasury.

What's hilarious is some people believe they deposited trillions of $ in the French treasury.

 

[Clutch]

There are no colonial taxes.

50% of their reserves are in French coffers at the French treasury,but France doesn't make use of that money,the 0,75% yearly interest rates are returned to African countries each years.

As pointed out by many African economists,very critical of the CFA BTW,nothing forbids African countries to use that money for their development,the rest is just BS. BTW,many African countries (Benin first) are moving to move their reserves from the French treasury.

What's hilarious is some people believe they deposited trillions of $ in the French treasury.

Of course it's not real for the white French... It's very real for the African..


Very news that goes against the brainwashing from your school's ... I.e. White man good... Color bad... Is got to be fake...

Here is a BBC article ..
Also fake?... I can provide many more references...

African protests over the CFA 'colonial currency'
By Lamine KonkoboBBC Africa

• 30 August 2017
  
• Africa

Share this with Email Share this with Facebook Share this with Twitter Share this with Whatsapp
Image copyrightAFP

Image captionThe arrest of Kemi Seba reignited the anti-CFA currency protest
A controversial Franco-Beninese activist who was charged over burning a 5,000 CFA note has been acquitted by a court in the Senegalese capital, Dakar.

Kemi Seba was arrested last week following a complaint by the Central Bank of West African States (BCEAO).

The CFA is a colonial-era currency that is still used in several former French colonies in Africa.

Mr Seba is among many activists calling for the CFA to be abandoned, saying it is a relic of French colonialism.

Image copyrightAFP

Image captionKemi Seba is calling for the CFA to be abandoned
On Friday 25 August police officers descended on a residence in Dakar with an arrest warrant for probably one of the most controversial black activists in the Francophone world.

 

[Vergennes]

Of course it's not real for the white French... It's very real for the African..


Very news that goes against the brainwashing from your school's ... I.e. White man good... Color bad... Is got to be fake...

Here is a BBC article ..
Also fake?... I can provide many more references...

African protests over the CFA 'colonial currency'
By Lamine KonkoboBBC Africa

• 30 August 2017
  
• Africa

Share this with Email Share this with Facebook Share this with Twitter Share this with Whatsapp
Image copyrightAFP

Image captionThe arrest of Kemi Seba reignited the anti-CFA currency protest
A controversial Franco-Beninese activist who was charged over burning a 5,000 CFA note has been acquitted by a court in the Senegalese capital, Dakar.

Kemi Seba was arrested last week following a complaint by the Central Bank of West African States (BCEAO).

The CFA is a colonial-era currency that is still used in several former French colonies in Africa.

Mr Seba is among many activists calling for the CFA to be abandoned, saying it is a relic of French colonialism.

Image copyrightAFP

Image captionKemi Seba is calling for the CFA to be abandoned
On Friday 25 August police officers descended on a residence in Dakar with an arrest warrant for probably one of the most controversial black activists in the Francophone world.

The colonial tax is BS. You haven't been able to provide me a credible source about the so called "colonial tax",just many dubious websites sharing the original article from "silicon africa",nothing else.

Colonial currency is just BS,any country can exit the franc CFA. Guinea did. Mauritania did. Mali did in 1962,before using back the CFA in 1984 after its economy collapsed. If it is a "colonial currency" explain to me why Guinea-Bissau and Equatorial Guinea are using the CFA ? They weren't French colonies.