The Bank of Senegal: Ancestor to the FCFA – producing Bank

Monnaie_Bank of Senegal 1872
5 Francs from La Banque du Senegal – 1872

My people, have you ever heard about The Bank of Senegal? The grandparent to the current FCFA producing banks (BCEAO, BEAC)? The bank which was created to cover the losses of slaveowners when slavery was abolished? The owner of slaves were compensated, but not the slaves who had been over-exploited. In essence, after the abolition of slavery, in French colonies, a new system of exploitation was put in place through the banking system (The 11 Components of the French Colonial Tax in Africa).

Monnaie_Bank of Senegal 1917
2 Francs BAO 1917

Well, the Bank of Senegal was created by Napoleon III by imperial decree on 23 December 1853. First established in Saint-Louis in Senegal. In 1867, a branch was opened in Gorée (then transferred to Dakar in 1884), then another branch in Rufisque. It was started as a public limited company with a capital of 230,000 F, approved by the Emperor established by reference to the law of April 30, 1849, to settle the problem of compensation granted to slaveholders following the abolition of slavery (Décret d’abolition de l’esclavage du 27 avril 1848).

Monnaie_Bank of Senegal 1938
25 Francs BAO – 1938

The Bank of Senegal was created to finance the campaigns of the traders in the purchase of tropical products and the sale of manufactured products. The distribution of capital in this new bank depended on the number of slaves owned or sold. The owner of slaves were compensated, but not the slaves who had been over-exploited.  This Private bank had the power to issue bearer, banknotes. In 1901, the bank evolved and became the Bank of West Africa whose shareholders were the Bordeaux houses (60%) (The Maurel house, Teisseire and Beynis), the CNEP (20%), the Marseillais (20%) (Charles Bohn).

FCFA_Dakar_BAO_1904
B.A.O. Building in Dakar, Senegal, 1904

In 1901, the Bank of Senegal became La Banque de l’Afrique Occidentale (Bank of West Africa), B.A.O. .  In 1929, its emission privilege was expanded and extended to French Equatorial Africa, Cameroon and Togo. The system put in place would help build multinational plantations for international market. As you see, there were no opportunity to access finance for local entrepreneurs. On April 14, 1959, the Central Bank of the Equatorial African States and Cameroon BEAC and the Central Bank of the West African States BCEAO were created. Although they are called Central Banks, they do not play the role of a central bank which is that of implementing monetary policies, setting official interest rate used to manage both inflation and the country’s exchange rate and controlling the nation’s entire money supply.

Let’s examine one of the most incongruous accords in humanity after the black code

Monnaie_Bank of Senegal 1941
100 Francs BAO 1941

It is the convention between France and 14, 15 African countries in the franc zone which stipulates that:

The member states agree to pool their external assets in a foreign exchange reserve fund. These reserves will be subject to a deposit with the French Treasury in a current account called “operations account.

From 1945 to 1973, these Africans exported, for example, raw materials for 100 billion dollars they deposited all the 100 billion dollars in the French treasury.

From 1973 to 2005, if they exported for $ 100 billion, these same African countries were obliged to deposit 65 billion in the French Treasury in the operations account.

Monnaie_Bank of Senegal 1994 - BEAC
2000 Francs – BEAC 1994

Paradoxically, it is France which decides when the currency can be devalued like in 1994 when the FCFA was devalued by 50%. Since September 20, 2005, the deposit amount stands at 50% for West Africa and 60% for Central Africa. This simply means that if Africans export up to 100 billion dollars or Euros, Yuan, etc. they are obliged to deposit 50 billion in the French treasury.

For Central Africa, 60% of these dollars are purely and simply recovered by the Banque de France, while only 40% go down into the treasury of the African countries

France claims that she is retaining this money to guarantee the fixed exchange rate 1 € = 655 FCFA. This is purely an economic nonsense. First we are told that the rate is fixed, and then we learn that in reality it is not because of market forces that no one can control.

Monnaie_Bank of Senegal 1994 - BEAO
5000 Francs – BCEAO

As major consequences, when African countries of the Franc zone export their raw materials to France, let’s say for example 100 million euros, France does not pay a single dime. All she does is mark a plus on the country’s name in the Operation Account better known in French as the “Compte d’opération” in the French treasury. But if it is Nigeria or Ghana that export to France, De Gaulle’s country, will be obliged to take 100 million euros from the Operation Account to pay them.

All this to say, that we, Africans, need to break these chains of economic slavery that have been on our necks for the past 167 years. We need to free ourselves, and not expect France to free us. As Thomas Sankara said in his 1984 speech at the UN, “the slave who is not capable of assuming his rebellion does not deserve that we feel sorry for him. This slave will respond only to his misfortune if he is deluding himself about the suspect condescension of a master who claims to free him. Only struggle liberates [«… l’esclave qui n’est pas capable d’assumer sa révolte ne mérite pas que l’on s’apitoie sur son sort. Cet esclave répondra seul de son malheur s’il se fait des illusions sur la condescendance suspecte d’un maître qui prétend l’affranchir. Seule la lutte libère … »]…!” AFRICA MUST UNITE and FREE ITSELF!!!

Is France Trying to (re) Colonize Africa?

500 Fcfa_BEAO
1000 FCFA (West African CFA)

On the eve of Christmas last year, the Côte d’Ivoire President, Alassane Ouattara, and the French president Emmanuel Macron announced the “end” of the FCFA and the introduction of a new currency, the ECO, to replace the treacherous FCFA currency. Many have applauded the announcement, but to me, it looks more like a coup perpetrated by France on African countries to colonize even the countries it never colonized, … simply by using currency.

The FCFA is a colonial tax imposed by France on its former colonies which amounts to at least 500 billion Euros every year in the coffers of France without having to raise a finger, as African countries which are part of this FCFA zone deposit 50-60 % (at one point it was 85 %) of their foreign reserves into France central bank.

A few things were already fishy with the Ouattara-Macron announcement:

ECOWAS_members
ECOWAS Member States

1. Only FCFA countries in West Africa (BeninBurkina FasoGuinea-BissauCote d’IvoireMaliNigerSenegal and Togo) will have their currency changed to the ECO, while the FCFA countries in Central Africa (CameroonCentral African RepublicChadRepublic of the CongoEquatorial Guinea and Gabon) will continue to have the FCFA as a currency and to send out 60 % of their reserves to France. Why is it only West Africa moving on to the ECO? Isn’t the FCFA used by 15 countries in West Africa, Central Africa, and the Comoros? Why is the break only for West Africa then? Sounds like a divide-and-conquer tactic!

2. Also, France says the new currency’s value will be pegged to the Euro, similar to the way the FCFA‘s value was pegged to the French Franc, and now to the Euro. The ECO will remain fixed to the Euro, though the required deposits from these nations into French coffers are now eliminated (how true is this?) and France will no longer hold a seat on the UEMOA-linked West African central bank; it will instead send its puppets like Ouattara.

FCFA_Franc_map
FCFA Map

Why do I call this a coup? The ECO is the currency that the  Economic Community of West African States (ECOWAS), 15 members of the West African union, had been working on for years, to be rolled on the entire territory of their union to facilitate exchanges between countries. Thus the name ECO stems from ECOWAS. The 15 member states of the ECOWAS are Benin, Burkina Faso, Cape Verde, Ivory Coast, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Out of these 15 countries, 6 are not part of France’s pré-carré, and thus do not use the FCFA: NigeriaGhana, Gambia, Cape Verde, Liberia, and Sierra Leone. As you can see, Africa’s second biggest economy, Nigeria with its Naira is part of the ECOWAS, as well as Ghana with its Ghanaian cedi. This is also the reason why only the West African Franc zone countries will move to the ECO while the Central African Franc zone will not: because France is simply stealing the ECOWAS idea! Given the protests in recent years asking for France to step away from the FCFA and to leave African countries alone, France had no real choice but to act as if they had taken into considerations the requests. Now, France is trying to stage a coup on stable economies such as Nigeria and Ghana which have been fighting so hard to re-create President Kwame Nkrumah‘s dream of a common currency in the region and in Africa as a whole.

ECOWAS_Flag
ECOWAS Flag

In essence, France is simply hijacking the idea of the ECO. More importantly and this is cause for serious action, France is trying to colonize some of Africa’s biggest economies simply by using the currency! This is extremely deceitful, and we pray that NigeriaGhana, Gambia, Cape Verde, Liberia, and Sierra Leone, will not fall for this. France is simply trying to harvest where it never sowed (as always), with the help of its puppet, Ouattara!

As a last note, it is about time that we, Africans, those who are still in the FCFA zone, those from whom France collects 500 billions Euros every year, it is high time to awaken, and to break the chains of slavery. Thomas Sankara said in his 1984 speech at the UN, “the slave who is not capable of assuming his rebellion does not deserve that we feel sorry for him. This slave will respond only to his misfortune if he is deluding himself about the suspect condescension of a master who claims to free him. Only struggle liberates …!AFRICA MUST UNITE and FREE ITSELF!!!

To learn more, read my articles The 11 Components of the French Colonial Tax in AfricaFCFA: France’s Colonial Tax on AfricaAfrica is funding Europe!, and also read this article on Africa Report.

“Le saviez-vous ? 14 pays africains contraints par la France à payer l’impôt colonial pour les « avantages » de l’esclavage et de la colonisation” – Mawuna R. Koutounin

10,000FCFA (BEAC-1992)
10,000FCFA (BEAC-1992)

Below is the original article published by Mawuna R. Koutounin on Mondialisation.ca on Feb 20th 2014. I had accessed it on April 17 2017. Today, this article has disappeared from the website. This article is the basis for The 11 Components of the French Colonial Tax in Africa. Enjoy and share with all!

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Le saviez-vous ? 14 pays africains contraints par la France à payer l’impôt colonial pour les « avantages » de l’esclavage et de la colonisation

Par Mawuna Remarque Koutonin

Mondialisation.ca, 20 février 2014

siliconafrica.com

Région : Afrique subsaharienne

Thème: Histoire, société et culture

francafrique-Foccart et Houphouet
Jacques Foccart et Felix Houphouet-Boigny 

Photo : Foccart & Houphouet-Boigny, les pères fondateurs de la françafrique

Le saviez-vous? Aujourd’hui encore, beaucoup de pays africains continuent de payer un impôt colonial en France, et ce malgré l’indépendance !

Lorsque Sékou Touré de Guinée décida en 1958 de sortir de l’empire colonial français, et opta alors pour l’indépendance du pays, l’élite coloniale française à Paris était s’est indignée, et dans un acte de fureur historique, demanda à son administration alors en place en Guinée de détruire, dans tout le pays, ce qui représentait, à leur yeux, les avantages de la colonisation française.

Trois mille Français quittèrent le pays, en prenant tous leurs biens et détruisant tout ce qui ne pouvait être déplacé: les écoles, les crèches, les bâtiments de l’administration publique furent détruits, les voitures, les livres, les médicaments, les instruments de l’institut de recherche, les tracteurs ont été écrasés et sabotés; les chevaux, les vaches dans les fermes ont été tués, et les nourritures entreposées furent brûlées ou empoisonnée.

sekou-toure-time-cover-021959-600
Sekou Toure, Cover Time Magazine, Feb. 16, 1959

Le but de cet acte scandaleux était bien évidemment, d’envoyer un message clair à tous les autres colonies sur les conséquences du rejet de la France.

Le fait est que peu à peu, la peur s’empara des Élites Africaines, et après ces événements aucun autre pays ne trouva jamais le courage de suivre l’exemple de Sékou Touré, dont le slogan était « Nous préférons la liberté dans la pauvreté à l’opulence dans l’esclavage ».

Pour les pays nouvellement indépendant il fallut trouver des compromis avec la France. Sylvanus Olympio, le premier président de la République du Togo, un petit pays d’ Afrique de l’Ouest, trouva une solution susceptible de calmer les Français :

Ne voulant pas continuer à subir une domination française, il refusa de signer le pacte colonisation proposé par De Gaule, mais accepta en contrepartie de payer une dette annuelle à la France pour les soi-disant avantages obtenus lors de la colonisation française.

Ce furent les seules conditions de la France pour ne pas détruire le pays avant de partir. Toutefois, le montant estimé par la France était si grand que le remboursement de la soi-disant « dette coloniale » était proche de 40 % du budget du pays en 1963. Continue reading ““Le saviez-vous ? 14 pays africains contraints par la France à payer l’impôt colonial pour les « avantages » de l’esclavage et de la colonisation” – Mawuna R. Koutounin”

The 11 Components of the French Colonial Tax in Africa

10,000FCFA (BEAC-1992)
An old 10,000 FCFA from Central Africa

This is yet another favorite on the African Heritage blog.

Please take a moment to reflect on this colonial tax African countries have been made to pay for the past 70+ years, particularly in view of the new West African money ECO which is trying to come to life. We applaud the idea of a common currency in West Africa, and in Africa as a whole… remember that this was Kwame Nkrumah‘s dream and the forefathers of the African Union, but when we hear France’s puppet Alassane Ouattara of Côted’Ivoire say  that the ECO will be just another name for the FCFA, we can only scream against it, or rather against France’s scheming yet again to impoverish African countries. What France is doing to African countries, by getting over 500 billion dollars every year for free (Africa is funding Europe!), is the same thing that Nazi Germany did to France with their currency at the time of World War II: the FCFA was inspired from it. Yet… after pillaging Africa yearly and raping her daily, they do not seem to hold their economy down, dealing with unemployment, and the Yellow Vests! Free money is always like that: because you did not work for it, it always seems to run out quickly! It’s about time they think of a partnership… but then it is France, so that will probably never happen!

African Heritage

Carte des pays de la zone CFA Carte des pays de la zone CFA

African countries continue to pay colonial tax to France 50 years after their independence. This system is an abomination destined to keep African countries poor forever! Here are some excerpts from the article by Mawuna R. Koutonin. For the full article, go to France Colonial Tax , and do not forget to check out the article I wrote a while back on the Franc CFA: slave currency! Also, please read the book by Pr. Nicolas Agbohou on the subject:  ‘Le Franc CFA et l’Euro contre l’Afrique.’

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Did you know that many African countries continue to pay colonial tax to France since their independence till today?

sekou-toure-time-cover-021959-600 Sekou Toure, Cover Time Magazine, Feb. 16, 1959

Sékou Touré of Guinea decided in 1958 to get out of french colonial empire, and opted for the country’s independence, the french colonial elite in Paris got so…

View original post 1,235 more words

“Independencia Total” by Alda Neves da Graça do Espírito Santo

500 Fcfa_BEAO
1000 Fcfa_BEAO

I recently read the national anthem of São Tomé and Príncipe, and thought of how much it represents the aspirations of the entire African continent, especially for French speaking countries which are still under that awful nazi currency system called FCFA through which France has been siphoning over 500 billion dollars every year for free! What do I mean by free? Well, because the FCFA (France’s Colonial Tax on Africa) is a currency of servitude and is a colonial tax paid by African countries to France (Africa is funding Europe!). 14 african countries (15 if you count also the Comoros whose currency is not called the same, but is nonetheless pegged to France) are obliged by France, through a colonial pact, to put 50% (it used to be 85%, then 65%, …) of their foreign reserves into France’s central bank under the French minister of Finance control. As we speak today in 2019, Senegal and about 13 other African countries still have to pay colonial debt to France. African leaders who refuse are killed or victim of a coup. To learn more, also read The 11 Components of the French Colonial Tax in Africa.

Sao Tome Flag
Flag of Sao Tome and Principe

The national anthem of São Tomé and Príncipe, rightfully titled Independência total (Total Independence), was written by Alda Neves da Graça do Espírito Santo, the celebrated Sao Tomean poet and writer who was a minister on several occasions and also the president of the national Assembly. Her poem for the national anthem was adopted in 1975. As you read it, wherever you see Sao Tome and Principe, replace by Africa, African continent and claim the total independence: “Warriors in the war without weapons, Live flame in the soul of the people, Congregating the sons of [Africa], Around the immortal Fatherland, Total independence, total and complete.” Enjoy!

Chorus:

Independência total,

Glorioso canto do povo,

Independência total,

Hino sagrado de combate.

 

Dinamismo

Na luta nacional,

Juramento eterno

No país soberano de São Tomé e Príncipe.

Guerrilheiro da guerra sem armas na mão,

Chama viva na alma do povo,

Congregando os filhos das ilhas

Em redor da Pátria Imortal.

Independência total, total e completa,

Construindo, no progresso e na paz,

A nação mais ditosa da Terra,

Com os braços heroicos do povo.

 

Chorus

Trabalhando, lutando, presente em vencendo,

Caminhamos a passos gigantes

Na cruzada dos povos africanos,

Hasteando a bandeira nacional.

Voz do povo, presente, presente em conjunto,

Vibra rijo no coro da esperança

Ser herói no hora do perigo,

Ser herói no ressurgir do País.

Chorus

Dinamismo

Na luta nacional,

Juramento eterno

No pais soberano de São Tomé e Príncipe.

Chorus:

Total independence,

Glorious song of the people,

Total independence,

Sacred hymn of combat.

 

Dynamism

In the national struggle,

Eternal oath

To the sovereign country of São Tomé and Príncipe.

Warriors in the war without weapons,

Live flame in the soul of the people,

Congregating the sons of the islands

Around the Immortal Fatherland.

Total independence, total and complete,

Building, in progress and peace,

The happiest nation on earth,

With the heroic arms of the people.

 

Chorus

Working, struggling, struggling and conquering,

We go ahead with giant steps

In the crusade of the African peoples,

Raising the national flag.

Voice of the people, present, present and united,

Strong beat in the heart of hope

To be a hero in the hour of peril,

A hero of the Nation’s resurgence.

Chorus

Dynamism

In the national struggle,

Eternal oath

To the sovereign country of São Tomé and Príncipe.

African Joke: A Rich Zimbabwean Pen Pal

zimdollars-480x336
Zimbabwean Dollars

A chick has a very rich Zimbabwean pen pal.

Every night, she loves on Skype, WhatsApp, Imo, Twitter, etc…

One morning, the guy surprises her by sending her a moneygram transfer for 60 millions as pocket money.

Given all the operations that she anticipates doing, she hires 2 security agents (100 000 FCFA) to accompany her, she hires a cab for the day, and buys a pretty handbag on credit to go retrieve the money…

Billet de 10000 FCFA (1992)
Billet de 10 000 FCFA (1992)

 

At the counter, they tell her that 60 Zimbabwean million dollars is 30 320 FCFA.

Imagine the rest. 😂😂😂😂😂😂😂😂😂😂

The original in French is found on Nouchi.com . Translated to English by Dr. Y. Afrolegends.com

Libya and Slavery: Sheep without a Shepherd

Slavery_capture
Slave capture

For several weeks now, we have seen many people scream loud about the enslavement of Black people in Libya. I have seen Claudy Siar, whom I love, stand up outraged about the treatment of Black people in Libya, yet, I did not see him outraged when Libya was being bombed by NATO; I did not see him this outraged when migrants drowned in the Mediterranean Sea; I have not seen him outraged because MartiniqueGuadeloupe (where his family is from), and French Guiana, have been deprived of independence and are still Overseas territories of France today. I saw Samuel Eto’o and other footballers come out outraged, yet… I never saw Eto’o outraged that there are no roads to go to his village in Cameroon, I never saw him outraged that international companies exploit huge plantations in Cameroon without paying taxes (was he outraged when Lapiro de Mbanga was imprisoned for asking those companies to pay some little taxes?). I never saw these big footballers outraged that African youths are unemployed largely due to their presidents working hand-in-hand with European interests. Faure Gnassingbé, president of Togo even raised his voice against the enslavement of Africans in Libya, and was outraged! Are you serious, when he inherited the throne, presidency of Togo, after 38 years of Gnassingbé Eyadéma, his father’s reign? Alpha Blondy never said a word when Côte d’Ivoire was being bombed by France in 2011, yet today he opens his mouth for Libya, and wants the migrants to take up arms! Seriously?

Libya, the Prey of the West
Libya, the Prey of the West

I do not understand why we always act like sheep without a shepherd! Back in the middle of the 2000s, we were served with the genocide in Darfur, when Hollywood stars such as George Clooney came out in numbers claiming to care about the plight of the Black man, and saying that the Black people of Darfur Sudan were enslaved by their lighter skinned Sudanese brothers. This led to the creation of South Sudan, and Darfur, well… nothing happened in Darfur… so it had all been a scheme to split Sudan into 2, and take away its rich southern oil fields from the nation itself!

Children begging
Children begging

Do you think that African youths, if they had jobs in their countries, will not stay home? Do you think that if the FCFA was not this tax imposed on African countries (The 11 Components of the French Colonial Tax in Africa), they will not be developed? This outrage I hear should not be taken out on Libyans who had no say when their country was bombed by the Coalition that is NATO, but rather against our presidents who continue to stay in the FCFA zone (FCFA: France’s Colonial Tax on Africa), who continue to give at least 50% of our economies to France! France gets $500 Billions every year from 14 countries in Africa just from the currency, plus of course the free uranium of Niger, the free gold of Mali, the free plantations of Cameroon, the free cocoa of Côte d’Ivoire, etc. This has to stop! Our outrage cannot be taken out on Libyans, but rather on NATO, and now more than ever on those puppets that we call our presidents, who serve the interests of the Hexagon. Get out of the FCFA zone, and create jobs! Stop importing pencils, pens, and food, when you can grow and make your own and become sustainable economies to serve your youths! Africa is the continent with the youngest population, and with so many resources, and thus so much to develop! Africa is the future!

500 Fcfa_BEAO
500 Fcfa_BEAO

Yesterday, I heard a talk by Robert Bourgi who was the adviser to so many African presidents, good servants of Imperialist forces: MobutuOmar Bongo, etc; and he said that, what Africans were asking for was governmental alternance, i.e. election of new presidents. NO, we do not need new presidents who are just puppets of the West like Macky Sall or Alassane Ouattara who will sign off our future to the IMF and World Bank. We need a definite change, we want to be in charge of our economic destiny; we want to have our own currency, we do not want to pay a colonial tax when our forefathers died in WWI and WWII to liberate the French and the whole of Europe, when our ancestors were taken into slavery by Europeans to the Americas where their sweat was used to build Western economies. We want economic freedom to decide on our own terms whether we live or die. We will rather be poor with our own currency, than be a happy slave with a fake currency pegged to the Bank of Paris, which used to take 85% of our revenues and now takes 50%. All the same, We have had enough! So our outrage should not be at our Libyan brothers, because we do know that our true Libyan brothers will never do that, Khadafi fought for us Africans to be free from imperialist forces, but to our presidents, to our elites, who refuse to free us, who refuse to stand up and seize the moment! We, the people, want freedom, economic freedom! No More FCFA!

FCFA: France’s Colonial Tax on Africa

10000FCFA-1978
10000FCFA-1978

As the battle to end the FCFA, the Slave Currency, intensifies, I have decided to share with you this video about it. It tells it all, the mathematics of it in a short time. This has to stop. We, Africans, deserve to be independent, and independence starts with the ability to define how to use our money.

To summarize, the FCFA is the colonial tax paid by African countries to France since their independence. As Mawuna R. Koutonin says it, “African leaders who refuse are killed or victim of a coup. Those who obey are supported and rewarded by France with lavish lifestyle while their people endure extreme poverty, and desperation. It’s such an evil system even denounced by the European Union, but France is not ready to move from that colonial system which puts about 500 billions dollars from Africa to its treasury year in year out.” No wonder the French people are always on strike, requesting shorter times of work (32 h vs 35 h vs 37h per week): because Africans are slaving for them, and every year they get 500 billion dollars without even having raised a finger!

Africa is funding Europe!

MBW
Mallence Bart-Williams

I had to share this snippet of Mallence Bart-Williams’ TEDx talk. It is so good. It says it all! We, Africans, are made to think that we are poor, when in reality, like Jacques Chirac, previous French president, said “without Africa, France will be relegated to a third world power.”

Mallence says it so well…”why is it that, 5000 units of our currency is worth 1 unit of your currency, when we are the ones with the actual gold reserves! It is quite evident that the aid is in fact not coming from the west to Africa, but from Africa to the Western world, the Western world depends on Africa in every possible way!“…  “So sweet of you to come with your colored paper for our gold and diamond.” “we want to share with you our wealth and invite you to share with us.” And “…in nature, any species that is over hunting, over exploiting the resources they depend on for nourishment, natural selection will sooner or later take the predator out because it offsets the balance!” This is to all Africans, stop thinking yourself poor, and rise!

The 11 Components of the French Colonial Tax in Africa

Carte des pays de la zone CFA
Carte des pays de la zone CFA

African countries continue to pay colonial tax to France 50 years after their independence. This system is an abomination destined to keep African countries poor forever! Here are some excerpts from the article by Mawuna R. Koutonin. For the full article, go to France Colonial Tax , and do not forget to check out the article I wrote a while back on the Franc CFA: slave currency! Also, please read the book by Pr. Nicolas Agbohou on the subject:  ‘Le Franc CFA et l’Euro contre l’Afrique.’

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Did you know that many African countries continue to pay colonial tax to France since their independence till today?

sekou-toure-time-cover-021959-600
Sekou Toure, Cover Time Magazine, Feb. 16, 1959

Sékou Touré of Guinea decided in 1958 to get out of french colonial empire, and opted for the country’s independence, the french colonial elite in Paris got so furious, and in a historic act of fury the french administration in Guinea destroyed everything in the country which represented what they called the benefits from french colonization. …

Slowly fear spread through the African elite, and none after the Guinea events ever found the courage to follow the example of Sékou Touré, whose slogan was “We prefer freedom in poverty to opulence in slavery.”

[…] In March 2008, former French President Jacques Chirac said: Without Africa, France will slide down into the rank of a third [world] power.

Chirac’s predecessor François Mitterand already prophesied in 1957 that:  “Without Africa, France will have no history in the 21st century”

At this very moment I’m writing this article, 14 african countries are obliged by France, trough a colonial pact, to put 85% of their foreign reserve into France central bank under French minister of Finance control. Until now, [2017], Togo and about 13 other african countries still have to pay colonial debt to France. African leaders who refuse are killed or victim of a coup. Those who obey are supported and rewarded by France with lavish lifestyle while their people endure extreme poverty, and desperation.

capitalism2It’s such an evil system even denounced by the European Union, but France is not ready to move from that colonial system which puts about 500 billions dollars from Africa to its treasury year in year out.

[…] Below are the 11 main components of the Colonisation continuation pact since 1950s:

#1.  Colonial Debt for the benefits of France colonization

The newly “independent” countries  should pay for the infrastructure built by France in the country during colonization. …

500 Fcfa_BEAO
1000 Fcfa_BEAO

#2. Automatic confiscation of national reserves

The African countries should deposit their national monetary reserves into France Central bank.

France has been holding the national reserves of fourteen African countries since 1961: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.

“The monetary policy governing such a diverse aggregation of countries is … operated by the French Treasury, without reference to the central fiscal authorities of any of the WAEMU or the CEMAC. Under the terms of the agreement which set up these banks and the CFA the Central Bank of each African country is obliged to keep at least 65% of its foreign exchange reserves in an “operations account” held at the French Treasury, as well as another 20% to cover financial liabilities.

The CFA central banks also impose a cap on credit extended to each member country equivalent to 20% of that country’s public revenue in the preceding year. Even though the BEAC and the BCEAO have an overdraft facility with the French Treasury, the drawdowns on those overdraft facilities are subject to the consent of the French Treasury. The final say is that of the French Treasury which has invested the foreign reserves of the African countries in its own name on the Paris Bourse.

In short, more than 80% of the foreign reserves of these African countries are deposited in the “operations accounts” controlled by the French Treasury. …” Wrote Dr. Gary K. Busch.

10,000FCFA (BEAC-1992)
10,000FCFA (BEAC-1992)

It’s now estimated that France is holding close to $500 billions African countries money in its treasury, and would do anything to fight anyone who want to shed a light on this dark side of the old empire. 

The African countries don’t have access to that money. 

France allows them to access only 15% of the money in any given year. If they need more than that, they have to borrow the extra money from their own 65% from the French Treasury at commercial rates.

To make things more tragic, France impose a cap on the amount of money the countries could borrow from the reserve. The cap is fixed at 20% of their public revenue in the preceding year. If the countries need to borrow more than 20% of their own money, France has a veto.

#3.  Right of first refusal on any raw or natural resource discovered in the country

France has the first right to buy any natural resources found in the land of its ex-colonies. It’s only after France would say, “I’m not interested”, that the African countries are allowed to seek other partners.

#4. Priority to French interests and companies in public procurement and public biding

In the award of government contracts, French companies must be considered first, and only after that these countries could look elsewhere. It doesn’t matter if the african countries can obtain better value for money elsewhere. …

As a consequence, in many of the french ex-colonies, all the majors economical assets of the countries are in the hand of french expatriates. …

french-military-bases-in-africa
French military bases in Africa (Source: Olivier Berger, SiliconAfrica.com)

#5. Exclusive right to supply military equipment and Train the country military officers

Through a sophisticated scheme of scholarships, grants, and “Defense Agreements” attached to the Colonial Pact, the Africans should send their senior military officers for training in France or French ran-training facilities. …

… France has trained hundreds, even thousands of traitors and nourish them. They are dormant when they are not needed, and activated when needed for a coup or any other purpose!

#6. Right for France to pre-deploy troops and  intervene military in the country to defend its interests

Under something called “Defense Agreements” attached to the Colonial Pact, France had the legal right to intervene militarily in the African countries, and also to station troops permanently in bases and military facilities in those countries, run entirely by the French….

#7. Obligation to make French the official language of the country and the language for education

Oui, Monsieur. Vous devez parlez français, la langue de Molière! …

1000 FCFA (BCEAO)
1000 FCFA (BCEAO)

#8. Obligation to use France colonial money FCFA

That’s the real milk cow for France, but it’s such an evil system even denounced by the European Union, but France is not ready to move from that colonial system which puts about 500 billions dollars from Africa to its treasury.

#9.  Obligation to send France annual balance and reserve report.

Without the report, no money. …

#10. Renunciation to enter into military alliance with any other country unless authorized by France

… In the case France ex-colonies, France forbid them to seek other military alliance except the one it offered them.

#11. Obligation to ally with France in situation of war or global crisis

Over one million africans soldiers fought for the defeat of nazism and fascism during the second world war.

Their contribution is often ignored or minimized, but when you think that it took only 6 weeks for Germany to defeat France in 1940, France knows that Africans could be useful for fighting for la “Grandeur de la France” in the future.

Map of Haiti
Map of Haiti

There is something almost psychopathic in the relation of France with Africa.

France is severely addicted to looting and exploitation of Africa  since the time of slavery. …

It’s up to us as African to free ourselves, without asking for permission, …

For historical comparison, France made Haiti to pay the modern equivalent of $21 billion from 1804 till 1947 (almost one century and half) for the losses caused to french slave traders by the abolition of slavery and the liberation of the Haitian slaves.