The African century begins with unity – or it does not begin Part 2: Money or Freedom – a single currency to break the last colonial lock

Africa is the richest continent in the world, yet it is inhabited by some of the poorest people. This paradox is not inevitable. It is a two-pronged form of organized crime, the second pillar of which is addressed by the single economic zone.

Let us begin with the abscess that the diplomacy of convenience refuses to lance. The CFA franc – whose full name is, get this, “franc of the French Colonies of Africa,” euphemistically renamed “franc of the African Financial Community” for the needs of post-colonial propaganda, and now repainted as “Eco” in a cosmetic operation that only fooled those who wanted to be fooled – still today links fourteen African countries to a monetary system of institutional brutality without parallel in contemporary history.

Here are the raw facts, without euphemism. The foreign exchange reserves of the CFA franc zone member countries were deposited 50% in the French Treasury – and up to 65% before the cosmetic reforms of 2019. The exchange rate of this currency is fixed in Paris, according to French and European macroeconomic interests, without any say in the matter for African governments. The Central Bank of West African States (BCEAO) and the Bank of Central African States (BEAC) are structurally prevented from financing the public deficits........

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