When You Don't Have Control Over Your Money, You're Not Truly Free

PushBlack
April 16, 2019

A movement is growing across Africa to reject one of the last things still holding Africa’s independence hostage: the CFA Franc.

A lot of misinformation surrounds the CFA Franc. While some call it a “colonial tax,” others claim it’s the only thing keeping the 14 countries using it (including the Congo, Senegal, and Mali) financially stable. So what is it really?

When France violently took over these countries, it wanted to control them. One of the best ways to do this? Force every country to use the same money: the CFA Franc.

These countries are still required to use the CFA Franc. They are also still required to keep 50% of their money in French-controlled banks!

These rules are supposed to help with stability, because so many African countries have had problems with corruption. But critics say it’s just a form of control.

Some of the strongest economies in Africa - like Morocco and Algeria - once used the CFA Franc, but rejected it. And now they’re doing WAY better financially than ANY country still using it!

The movement against the CFA Franc includes activists as well as well-respected economists, such as Ndongo Samba Sylla.

The CFA Franc "is a currency which benefits French companies… and people who are involved in the import business," Sylla has said. "But it does not benefit African people."

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