#cfa franc

determinate-negation:

jooferslannisterisbackister:

by “colonial tax” i think they mean the CFA franc, the colonial french currency used by 14 african nations. france no longer even uses the french franc yet controls the economies of 14 sovereign nations. one of the obligations of the CFA franc agreements is that the countries must “keep 50 percent of their foreign exchange reserves in an operations account held at the French Treasury.” this form of neocolonialism has has had the effect of

1. “Limited intra-regional trade, especially in Central Africa.
2. High dependence on producing and exporting a limited number of primary commodities.
3. A narrow industrial base.
4. A high vulnerability to external shocks.”

you can read more about it in those things as well as this- The CFA Franc: French Monetary Imperialism in Africa, just to show how hypocritical macrons statement is