Articles tagged De Gaulle

Pièce de 5000 fcfa en argent

Liberating Africans from the CFA “franc” trap

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Nowadays, African countries are wooed because they are perceived as the spearheads of the world economy. The Economist, the English weekly newspaper, predicts that in the next five years, seven out of ten fastest growing economies in the world will be in Africa: Ethiopia (8.1 per cent), Mozambique (7.7 per cent), Tanzania (7.2 per cent), Congo (7.0 per cent), Ghana (7.0 per cent), Zambia (6.9 More >

illustration par John Overmyer

Decolonizing the Franc Zone

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illustration by John Overmyer

DAKAR – France is wrestling with a burden of debts and public deficits that led Standard & Poor’s recently to downgrade its credit rating. Even as the risk of recession looms, the country has been forced to implement a drastic austerity program. But France’s woes are also being felt far beyond its borders, sparking rumors of a possible devaluation of the CFA franc, More >

Africa's Winds of Change

Africa’s Winds of Change Return

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DAKAR – How did Ivory Coast come to this? After gaining independence from France in 1960 with Felix Houphouet-Boigny as President, the country became the world’s largest exporter of cocoa beans and a significant exporter of coffee and palm oil. Throughout the 1960’s and 1970’s, sizeable export earnings, combined with easy access to credit, fueled an economic surge dubbed the “Ivorian miracle.” More >

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France-Africa leaders’ festivities : What to celebrate ?

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As the former French colonies of Africa head to Nice to celebrate the 25th France-Africa Summit at the end of May, Sanou Mbaye questions the enduring legacy they’re honouring. Following decades of political and economic tyranny forged by French politicians, the citizens of former colonies continue to absorb the impact of chaotic and ruinous policies left over from their imperial history. ‘As long More >

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Françafrique at 50

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DAKAR – This month, Africa’s Francophone countries will mark the 50th anniversary of their independence, and of the ties they maintain with France. But is there much to celebrate?

Even before French President Charles de Gaulle took office in 1958, he foresaw the wave of revolutionary nationalism that would soon sweep across Africa, Asia, Latin America, and the Middle East. As French president, he More >

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CFA Franc: a Colonial relic

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The former sub-Saharan French colonies did not have to fight for their independence. De Gaulle, then President of France, granted it to them. These countries undertook immediately to dismantle the federal structure in which they were operating and erected trade barriers between them.

Paradoxically, they kept the CFA as their common currency. They surrendered the management of 65% of their foreign More >

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Why the CFA franc must go

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Sanou MBaye suggests that the price of maintaining links with France is too high

FOURTEEN OF THE former West African French colonies use the CFA franc, whose exchange rate is pegged to the French franc, as a common currency. The CFA franc was created, in its initial form, in the 19th century to help France shape and control the economies of her colonies. The scheme was quite useful to France, More >

zone CFA

Sanou MBaye suggests that the price of maintaining links with France is too high

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FOURTEEN OF THE former West African French colonies use the CFA franc, whose exchange rate is pegged to the French franc, as a common currency. The CFA franc was created, in its initial form, in the 19th century to help France shape and control the economies of her colonies. The scheme was quite useful to France, which it helped to resist the tremors of the economic crises of the 1930s; it was More >

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