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 14 African 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.
Believe it or not it gets worse.
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.
Yeah! Yet West Africa, the AU can simpy put this shiet to an end but have they…? Naaaaaaah!
Not true
CORRECT TITLE: HOW AFRICAN COUNTRIES CONDONE MEDIOCRITY TO SATISFY THE WHITE MAN’S APPETITE FOR NATURAL RESOURCES AT THEIR OWN EXPENSE. (A case study of Francophone countries)
Insane shit. African political leaders lack a spine
That is slavery man … I wish you could list all these AFRICAN COUNTRIES here :
The French will never let their West African colonies go as long as the people in those countries are indifferent to their situation. People like the Vietnamese had to fight the French to kick them out. The very idea that these countries are independent is laughable. And the worst part is their leaders, the ones who know whats happening and can give the rest of the population direction, are actually willing participants in colonialism 2.0. Some even govern their countries from the French Rivera.
Yenyewe you looked for the right name, you are an hacktivist
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And now the chinese will do the same for the next 400yrs