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West African countries that use the CFA Franc have now agreed to withdraw their currency reserves from the French Central Bank and save them in West Africa’s Central Bank.

Benin’s President, Patrice Talon

Benin’s president, Patrice Talon, said that the foreign reserves of the West African CFA will be withdrawn from the French central bank in an interview with French media powerhouses RFI and France24. According to him, the decision was based on “psychological” reasons and not “technical” reasons. Furthermore, he added that all the eight countries using the CFA franc in West Africa have jointly agreed on the move.

Who will now manage the currency reserves from the French?

According to the president The Central Bank of West African States (BCEAO) will now manage the reserves from the French central bank. BCEAO, headquartered in Dakar, Senegal, is the common currency issuing institution of the member States of the West African Monetary Union (WAMU). WAMU consists of the following countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

What is the CFA franc?

The CFA franc is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. Both currencies are guaranteed by the French treasury.

The controversy surrounding the CFA

The CFA currency was initially pegged to the french Francs and then to the Euros after the French adopted the Euros. Its reserves has been kept in France since 1945. This means that the monetary policies is dependent on the European Union’s monetary policies.

Hence these African countries have no say in the fiscal policies of their currencies. This is blatant neocolonialism at play. As a result, protest have have been held in many West African cities during the previous years. They were mostly led by famous Pan-Africanist Kemi Seba, a strong critic of Francafrique. He has consistently spoken against France influence in Africa. These grass root protests played a significant role in convincing the African leaders to plan the withdrawal of their countries reserves from France.

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African youths are mobilising to fight against the CFA Franc: Foremost Pan-Africanist Kemi Seba is leading African youths to fight against the CFA as France looks to sabotage the ECO.

Kemi Seba speaking to journalists

What is the CFA franc?

The CFA franc is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. Both currencies are guaranteed by the French treasury.

Who is Kemi Seba?

Kémi Séba is a French-Beninese writer, activist, and Pan-Africanist political leader. He is the founder of the NGO Urgences Panafricanistes and has been extremely critical of France’s involvement in Africa. His organization is present in all Francafrique countries fighting against the continuing recolonization of their currencies by France. He has been a pan-Africanist since his teenage years in France.

Mobilization of African youth against French Neo-colonialism and the CFA franc

He recently organized a rally in Bamako, Mali. The purpose was to mobilize Malian youths against neocolonialism, the expansion of the Franc Zone, poor governance and against French military bases on African soil. He was greeted by thousands of concerned and conscious Malian youths. Similar rallies were also held in Niger and Congo Brazzaville.

The French since colonialism ended still refuse to cut the neocolonialism umbilical cords of her former colonies. Despite the criticism of the relations it seems the French are still hell-bent on continuing the parasitic relations.

Benefits of the Eco

When the Eco is introduced, all 15 countries will have the same currency. Rapid infrastructural developments are on-going in west Africa to better link the countries. The Eco will facilitate trade among these countries. Consequently, improving the economies of these countries.

In addition, African businesses will find it easy to set up shop in other countries. Not only will the Eco improve businesses and trade but it will also catalyze the other African regions to introduce a common currency for their respective blocs.

As a result, the cumulation of these actions will result in a common currency that will unite all the African countries in the future. But as the saying goes a journey of a thousand miles begin with one step. The Eco will be a step in the right direction.

Potential sabotage of The ECO currency by France

The ECOWAS region plans to introduce a common currency called the ECO in 2020. This will mean the gradual elimination of the CFA France from West Africa.

But it seems the French will not let go without a fight. This is mostly due to being embolden by puppet Francafrique leaders in power. Led by presidents Alassane Ouattara of Ivory coast and Macky sall of Senegal.

Oppositions to the introduction of the ECO will most likely come from these two puppet leaders. Hence other African countries are hereby warned to pay attention to any stalling tactics from these two. Kemi seba especially has warned of these two so-called leaders as being the prime puppets of France in Africa.

France adopted the Euro and dropped her former Franc currency for the betterment of the EU region. On the other hand, they are opposed to West African countries joining forces with one currency. Ironically, they will complain of African migrants in Europe but still would not allow African nations to develop.

With the expectations of sabotage from France through malicious publications about the Eco and backed by puppet Francafrique leaders, the coming months will see how it all plays out.

What are your thoughts regarding the introduction of the Eco? Do you think that the puppet Franceafrique leaders will work to derail its introduction?

Share your thoughts below .