FCFA=VOLUNTARY ENSLAVEMENT

F CFA = VOLUNTARY ENSLAVEMENT

As guest to the economic forum in Aix-en-Provence, Mr kako Nabukpo an ecomist of Togolese origin had this to say on F CFA (Communauté financière africaine),

the FCFA has a stable exchange rate with the Euro and African Countries members of this zone have the obligation to deposit 50 % of their foreign earnings in the French treasury.

in the year 2005 African countries members of this club had reserves in the French treasury that totaled 3600 milliards FCFA [72000 millions euros]nothing in paper according to him stops African countries from using this money to accompany their development effort,

 

FCFA frustrates African development effort

Money is supposed to assist a peoples growth and development effort,for this reason credits are necessary to the economy .The ratio of loaned money to PIB in the franc zone is 23%, in the euro zone is 100% .For this reason Franc zone countries will never attain emergence if the FCFA remains attached to the Euro.

We also see with the Greek case that economic adjustment with a weak economy attached to a strong currency is very difficult to achieve.How can we be credible in our speeches on emergence when we don't have a free hand to manage our currency?

Voluntary servitude

African countries refusal to use the more than 72 milliards euro stocked in the french treasury  is what I will describe as voluntary servitude.Someone who constitute himself out of free will as a slave to another human being.

According to the accord cadre of 1945 African countries are supposed to cover the monetary emission by 20%, it is  practically  100% now,  what then stops African Countries from using the surplus is what I cant understand.

In his article 'À qui profite réellement le franc CFA ?' Awa Sako concludes

'We can conclude that the FCFA profits first foreign companies,also foreign companies based in Africa who can repatriate their profits to Europe or America without fear of any exchange risks and also those who export to AFRICA where they have a reservoir of consumers without any restriction restriction,

In reality it represents a setback to competitiveness of the locale companies and also to the industrialization of Africa.

The 2011 report of the United Nations conference for commercial  and industrial  developments states  that Africa represented only 1% of manufactured products in the world'.

In his book 'F CFA et Euro contre lAfrique'professor Nicolas AGBOYOU of Ivorian nationality have got a lot of startling revelations.

In this book the learned professor describes the FCFA as 'Nazism monetaire 'what the occupying Nazi forces did to the French.

The  French to thank African countries for the help they accorded her in her liberation war against Germany now use the very slave master relationship [in the monetary field]on the African people.

The three central banks of the French zones are controlled by the french members who though a minority have veto powers so no decision can be taken by these banks that go against the french interest even if by all logic it be for the supreme interest of Africa.

The French charge African countries a staggering 25% of face value to print her currency e.g if Cameroon request the french to print 100millions FCFA 25 millions of this amount will be for the french. 

French nationals are favoured in the award of business loans by African central banks to the indigenous  business class, these and many more unbelievable revelations can be seen in this book.

It is a compelling necessity for the franc zone Africa to have a sovereign say on her currency if she is to develop,leaving the French tutelage is not negotiable.