Articles tagged West African Economic and Monetary Union
by Sanou Mbaye
The nations of sub-Saharan Africa, in the post-independence euphoria of the 1960s, wanted to end the international division of labour under which they exported raw materials and imported manufactured goods. They diversified their More >
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 >
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 >
The promoter of the African Diaspora Investment Bank (ADIB) is the London-based Senegalese banker Sanou Mbaye, a former member of the senior management team of the African Development Bank, and the author of “L’Afrique au secours de l’Afrique” (Africa to the Rescue of Africa).
African migrant remittances to their country of origin is such an important source of finance that they are at the centre More >
France’s unchallenged political, economic, and military domination of its former sub-Saharan African colonies is rooted in a currency, the CFA franc. Created in 1948 to help France control the destiny of its colonies, fourteen countries–Benin, Burkina-Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, Bissau Guinea, and More >
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 >
After the collapse of the Mobutu regime Zaire, now renamed the Democratic Republic of Congo, has been left stripped of resources, in spite of the mineral wealth being eyed covetously by foreign investors. Elsewhere, the International Monetary Fund’s figures point to a significant improvement in sub-Saharan Africa. However, imposing structural adjustment, privatisation and deregulation policies More >