France and the CFA Franc: West African Problem
Eight Countries in West Africa drops CFA Franc for Eco currency, the Former French colonies took a major step in their currency reform which adopted the Eco currency that will replace the C.F.A Franc, which is a currency still used in former French West African colonies namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
The currency can also be found in France Central Africa and West Africa, while the currency in France is called Franc, African colonies under French possession used CFA Franc while her Pacific Colonies used CFP Franc.
In 1945 the French government introduced the C.F.A for her colonies in Africa, with the full meaning being French Colonies of Africa but was changed to the Financial Community of Africa when her colonies were gaining independence. Countries that make use of the currency in Africa were required to keep 50 percent of their foreign currency reserves in the French treasury which is seen by activists as neo-colonialism, extortion, and financial dependency.
The Ivorian President Alassane Ouattara commented on the move which he saw as a historic day for West Africa at a joint news conference with the visiting President of France, Emmanuel Macron.
The agreement was supposed to grant the eight countries financial independence but it was gathered that it was just a name change but no actual changes or financial autonomy because the Eco will be pegged with the Euro making the countries stick to the normal scheme, the major difference will be that they won’t have to pay the 50 percent anymore to the French reserve.
How long will the French government keep meddling in matters that concern Africa, drop your comment below!!!
West Africa drops CFA Franc