Flashmag Digizine Edition Issue 67 March 2017 | Page 38

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Is it possible to exit the CFA Franc?

Inquiry

The CFA franc remains unbounded even though it makes the headlines every time. In recent years, social journalism has put greater pressure on it, pointing it out as the last shackle of African slavery, an impregnable citadel of French colonization in Africa. The debate is raging on the web, intense argument are raging on shantytowns from Bamako to Douala, populations of the francophone black Africa are fed up, for the most part, of this shameful strangulation which slows down their development, while the elites who Govern seem rather circumscribed, refusing to give concrete answers to a situation which by clearing a part of their failure in economic management would nevertheless prove their ignoble collaboration with the Nazi system of spoliation of Francophone Africa. The CFA Franc owes its fragile and costly stability to its subordination to the Euro to which it is stowed through France . The different blocks of the franc zone have an operating account housed in the French Treasury, where reserves are stored as in a current account with the right to overdraft. In the name of this "stability", 65% of the money generated by the economies of these countries passes through it, in the form of investment to serve the French economy to the detriment of African economies,which are generally not allowed to attain a certain Threshold in development spending.

When one accuses, the latter to not use the money that is theirs from the French treasury, very few economists are aware of this prohibition which is the corollary of the control programs of the international monetary fund on the countries of the franc zone. Thus, of the 35 percent of the money allowed to them, they rarely spend more than 15 percent in the real. Experts states that roughly 400 billion euros are taken from Francophone Africa every year with this ploy. A monetary windfall that if used wisely in one exercise would forever change the face of the continent.

The cries of the people seem not to shake the caravan which continues to advance relentlessly crushing the lives of more than 150 million people. Putting in jeopardy lives of those who are born today or have not yet been born. The frustration of feeling helpless is of a thickness to cut with a knife. The people can cry, moan, manifest organize conferences nothing changes. The Population has no power to decide on the monetary policy of the country and those who hold political power seem to lend only deaf ear to the situation. One comes to guess that they do it either for fear of reprisals, in this case they are not worthy to manage their country if they cannot protect their people, either by cowardice, since the system CFA has always watered the elite who Serve it by greasing their paw in an ostentatious manner. How many bank executives who, apart from a staggering salary, would receive as a retirement gift the sum of their salary received during one year of service and the dividends resulting from the profits which the bank would have made during a financial year, would dare Be indignant at the misery which enriched them.

Indignation is a word that the African petty bourgeoisie does not know.