Last month, Italian Prime Minister Giorgia Meloni drew some waves when she (rightfully) criticized French Colonialism in Africa. She drew particular attention to the CFA Franc Zone.
While her critique was rightful, there is much to be said about her motivations.
Today, we are joined by Ndongo Samba Sylla, author of “Africa’s Last Colonial Currency” to talk to us about the brutal history of the CFA Franc and how it purposefully impoverishes Africa.
0:41 - Colony within a nation:
“Neoliberalism is another iteration of colonial logic, at least economically speaking”
5:14 - President Mitterand in 1957, “Without Africa, France would have no history in the 21st century”
6:48 - CFA Frank with two monetary zones
9:11 - Who liberated France?
10:11 - CFA Franc was born out of the devaluation of the French Franc
12:12 - Sham Decolonialisation
13:40 - Guinea
15:45 - Sekou Toure
17:34 - Fundamental Principles of the CFA system
21:06 - The third pillar “Guarantee of convertability”
Central banks are obliged to deposit with the central bank 50% of their exchange reserves.
30:00 - Military Agreement with Relation to the CFA Frank
32:15 - Thomas Sankara Example
36:28 - French Interventions of Africa
38:53 - What is going on in Mali?
44:51 - Struggle against Monetary Repression
“Instant Misery Fund” = IMF
47:03 - Secrecy behind the CFA institutions
50:20 - France is a “Guaranteer”! What does it mean?
Africans provided loans to the French Government.
56:03 - Myths surrounding the CFA Franc
What do you think about the CFA Franc Zone?
You can follow Ndongo Samba Sylla on Twitter