This economic slavery is important for the growth of the French economy. Whenever this traffic is likely to fail, France was desperate to regain. If an officer of the CFA does not meet the requirements of France, Paris is blocking its foreign exchange reserves and more, France is closing banks in the country ruled by “rebel”. That’s been the case of the Ivory Coast with Gbagbo.
CFA when the Germans get involved. A German business newspaper “Deutsche Wirtschafts Nachrichten” denunciates France of plundering every year 440 billion euros to African through the CFA.
“The French government collects from its former colonies each year 440 billion euros of taxes. France relies on revenue from Africa, not to sink into economic insignificance, warns former President Jacques Chirac.
In the 1950s and 60s, France has decided the French African colonies to become independent. Although the government of Paris has accepted formal declarations of independence, she called on African countries to sign a so-called “pact for the continuation of settlements.” They agreed to introduce the French colonial currency FCFA (“Franc for French colonies in Africa”), keep the French schools and military system, and establish French as the official language.
The CFA Franc is the name of the common currency of 14 African countries members of the Franc zone. This currency that hinders the emergence of these countries was created in 1945, when France ratified the Bretton Woods agreements and completed the implementation of its first tax parity to the International Monetary Fund (IMF. It was called at the time “Franc French colonies of Africa.”
Under this law, 14 African countries are still forced to store around 85 percent of their foreign currency reserves in the Bank of France in Paris. They are under the direct control of the French Treasury. The countries do not have access to this part of their reserves. 15 percent of the reserves not sufficient for their needs, they must borrow additional funds from the French Treasury at market price. Since 1961, Paris controls all foreign reserves in Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon.
In addition, these countries must annually transfer their “colonial debt” for the infrastructure built in France in Paris as Silicon Africa 3 reported in detail. France takes around 440 billion euros per year. The government in Paris also has a right of first refusal on all newly discovered natural resources in African countries. Finally, French companies should have priority in the allocation of contracts in the former colonies. Consequently, there is more active in the areas of procurement, finance, transport, energy and agriculture in the hands of French companies.
The ruling elite in each African country must meet these mandatory receivables with no other choice. African leaders who refuse are threatened with assassination or overthrow of their government. Over the past 50 years, we have had 67 coups in 26 African countries. 16 of these 26 countries were former colonies of France.
An example is the first president of Togo in West Africa, Sylvanus Olympio, ousted in a coup. He had refused to sign the “Pact for the continuation of settlements.” But France insisted that Togo pays compensation for infrastructure that had been built by the French during the colonial period. The sum is equivalent to one year about 40 percent of households in Togo in 1963, forcing the independent country just to quickly achieve its economic limits.
In addition, the new president of Togo has decided to remove and print its own currency, the French colonial currency FCFA. Three days after this decision, the new government was overthrown by a group of former foreign legionnaires and killed the President. The head of the Legionaries, Gnassingbe Eyadema, received 550 euros from the French Embassy for the attack, according to the British Telegraph. Four years later Eyadema was promoted with the support of Paris, the new president of Togo. He established a tyrannical dictatorship in this West African country and remained in power until his death in 2005.
In the following years, the government of Paris has kept the link with former legionaries to reverse unpopular governments in its former colonies. This was the case of the first President of the Central African Republic, David Dacko ousted by former members of the Foreign Legion in 1966.
The same thing happened to the President of Burkina Faso, Mauritius Yaméogo, and with the president of Benin, Mathieu Kerekou, author of a coup. This was also the case of the first president of the Republic of Mali Modiba Keita, who was also the victim of a coup by former legionnaires in 1968.
The reason, some years earlier, he had simply decided to separate the French colonial currency.”
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Source: Deutsche Wirtschafts Nachrichten Newsletter