by ANASTACIA PROMSKAYA
Francophone Africa. The countries coloured dark blue had a population of 392 million in 2015 and their population is forecast to reach 847 million in 2050. MAP/Wikipedia
We always accuse the leaders of African countries of being corrupt and of not working in the interest of their citizens. However, even if they wanted to be honest leaders, they would not be able to do so.
Why? I have encountered very interesting information that sheds light on this controversial issue.
In this short article I will try to explain how African countries that were colonized by France are still beholden to their colonizers. The current relationship between African countries and France prevents successful African development and sovereignty.
1. The former colonies have to pay a “colonial debt.”
The newly “independent” countries are forced to pay for the country’s infrastructure that France takes credit for building during colonization. The amount of this debt varies depending on what country is paying the debt and how its infrastructure is developed.
2. France can automatically confiscate the African country’s national reserves.
The African country must deposit its national monetary reserves into France’s central bank.
France has held the national reserves of 14 African countries since 1961: Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Guinea Bissau, Equatorial Guinea, Chad, Congo-Brazzaville and Gabon.
In fact, more than 80 percent of the foreign reserves of these African countries are deposited in so-called “operations accounts” controlled by the French Treasury.
Two declared independent African banks – BEAC (Banque des Etats de l’Afrique Centrale) and BEACO (Banque Centrale des Etats de l’Afrique de l’Ouest) – have in practice no monetary policies of their own.
The countries themselves do not know, nor are they told how much of the pool of foreign reserves held by the French Treasury belongs to them as a group or individually.
Only a limited group of officials knows exactly the amounts of these operations accounts, where these funds are invested. France carefully hides this and other details from any African bank or government.
It is estimated that France now holds nearly $500 billion of African countries’ money in its treasury and will do anything to keep it. Moreover, the African countries do not have access to this money.
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