How the Imperialist CFA franc Suppresses Growth in Africa

Africa’s ‘colonial’ CFA currency (courtesy dw.com)

The article in the link below is a detailed and useful expose of how the CFA franc, controlled by France, contributes to the suppression of economic development in Africa. We have now past a half century since many nations in Africa liberated themselves from colonialism. Yet the French banking system still exercises colonial domination over the finances of African nations that should be economically independent. African nations will never be truly independent until they are economically sovereign. This means having sovereign control over their own currencies and the issuing of credit for internal improvements of their economies. African nations should have National Banks and Development Banks for the issuing of credit, as first conceptualized by Alexander Hamilton. Hamilton’s concept of government-national credit was essential for the creation of an industrialized USA from thirteen agrarian based colonies.

Read: Towards a Political Economy of Monetary Dependency

For more analysis of Alexander Hamilton’s credit policy read: Nations Must Study Alexander Hamilton’s Principles of Political Economy

Celebrate Africa’s New Free Trade Agreement: Terminate CFA franc

With the initiation of the Africa Continental Free Trade Agreement on May 30, 2019, now is the time for African nations to finally jettison the CFA frank, a relic of French Colonialism. No longer should 14 African nations have their sovereignty infringed upon by a former European colonial country. Economic sovereignty is inviolate. For a nation to develop its full economic potential it must control its currency, which is a from of national credit. One of the great accomplishments of the President’s George Washington’s Secretary of the Treasury, Alexander Hamilton, was his creation of a National Bank, which unified all the currencies and debt held by the thirteen colonies. A nation that does not have sovereign authority over its currency and credit will never be truly free, and its people will suffer from underdevelopment..

Map showing those countries using the CFA franc
It’s used by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali. Niger, Senegal and Togo in West Africa, and Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon in Central Africa

Read: Africa’s CFA Franc Colonial Relic or Stabilizing Force

End French Colonialism in Africa: Terminate the CFA franc

Italy Rightly Accuses French of Colonialism in Africa

Italian Deputy Prime Minister Luigi Di Maio has accused France of running a “neo-colonialist system” in Africa through the CFA franc single currency union imposed on ten countries in Central Africa of being the cause for impoverishing Africa and for migration flows.

Di Maio, who has managed to make this the issue number one of the political debate in Italy, declared that “Europe is ignoring one thing, i.e. what some countries are doing, impoverishing Africa. France above all, prints a double currency in over ten countries, through which a percentage of French national wealth is paid and a minor part of the French deficit is financed.”

“Africans will stay in Africa if the French stay at home instead of colonizing,” Di Maio went on, announcing  a parliamentary initiative. “I want to ask the EU to sanction countries such as France and we will ask France to open its ports.” Di Maio threatened to henceforth ship all refugees rescued at sea to Marseille until France stops printing the CFA franc.

French sources acknowledge that the CFA franc is an issue and there is a debate in France already, but say it is not connected to the refugee flows. The countries where most refugees come to, such as Italy  are from Nigeria, Eritrea, which are not part of the  CFA  franc. The Italians have responded that the CFA franc area is nevertheless allowing the transit of refugees organized by human traffickers.

{Italy is correct. Through their monetary imposition of the CFA franc currency, the French are continuing their colonialist policy in Africa. The African Union with the full support of all African nations should immediately declare termination of the CFA in West and Central Africa. Every African nation has a right to be sovereign and control its own currency}

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The article below echoes the theme in my own earlier statement regarding the so called US-Africa Strategy: Pres. Trump’s Non-Africa Strategy

It concludes: That renewed focus gives African nations unprecedented opportunities to pursue their own interests, rather than simply act as client states. America’s drive to contain both Russian and Chinese influence brings chances to secure foreign investment and to leverage strategic advantages into a more prominent presence on the world stage. And, after centuries in the shadow of global powers, it is high time that Africa finally found its own voice.

Read: America’s New Policy in Africa is Attempt to Contain Chinese and Russia 

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Same Geo-political outlook for Africa

New National Intelligence Strategy Report: Geopolitical Focus on Russia and China

Director of National Intelligence (DNI) Dan Coats presented the 2019 National Intelligence Strategy Report, which is released every four years. Similar to National Security Adviser Bolton’s so called US African Strategy released last year, it s steeped in British geo-political ideology. Like NSA Bolton’s report, it emphasizes the dangers posed by such “traditional adversaries” as Russia and China, as well as North Korea and Iran, reflecting a shift away from previous years’ focus on combating international terrorism.

It is also said to echo the intelligence community’s “unanimous” 2017 conclusion that Russia interfered in the U.S.’s 2016 presidential elections to “undermine the U.S.-led liberal democratic order. While documenting many other “dangers” such as cyber-threats, the “democratization of space,” the development of anti-satellite weapons, the report is primarily concerned that “traditional adversaries will continue attempts to gain and assert influence internationally  weakening of the post-WWII international order and dominance of Western democratic ideals…in the West, and shifts in the global economy.”

In its “Strategic Environment” section, the report warns of the likely continuation of “Russian efforts to increase its influence and authority” which “may conflict with U.S. goals and priorities in multiple regions.” An additional concern, is “Chinese military modernization and continued pursuit of economic and territorial predominance in the Pacific region and beyond.”

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China Plans Biggest-Ever Investment in High Speed Rail is Good for Africa

{Global Construction Review} (GCR) reports today that “China is planning to invest a record $125 billion in rail this year as the government looks to cushion the impact of slower economic growth. This would be 6% more than was spent last year, and 10% more than was originally planned, according to a report in the {Nikkei Asian Review}.”

China is taking measures to stimulate the economy in response to the “slowdown” in growth, although growth is still 2018. These include an “acceleration in construction projects, as well as cutting taxes and boosting the money supply…” {GCR} reports.

China Railways’ annual plan envisages a 45% rise in new projects, resulting in the addition of 6,800 km to the total network, {GCR} reports. High-speed rail will be expanded by 3,200 km, more than the total of High Speed Rail in any other country. This will mean China far exceeds its previous schedule to build 30,000 km of high-speed railway lines by 2020.