Page 24 - NILE EXPLORER

instead of the previous ratio of 50 CFA the gold standard. It is
francs to 1 French franc. Over the years rumored his removal was
that followed, life became unbearable, as at the instigation of France.
unemployment increased and poverty For many years since
levels surged. the IV Republic, leading
Experts believe there is a link between French politicians have
the massive emigration of Africans always been reticent on
towards developed countries and the issue of a currency for
1994 devaluation, a phenomenon which West African countries,
has accelerated since then to this day. which was considered
Paradoxically, this was further irrelevant in previous Map showing states that are member of ECOWAS
exacerbated by, Europe’s economic electoral processes. with national flags
expansion and the consolidation of the Nicolas Sarkozy was once
welfare state requiring foreign workers. quoted saying: “France up economic development, more
Also experienced in these countries, cannot allow its former colonies to create entrepreneurial spirit and, above all,
other that the social upheaval, were coup its own currency and have full control of more jobs and employment. African
d’état, blamed either these economic its central bank. If this happens, it will be ownership must be strengthened and
challenges or linked to fallouts between a catastrophe for the Treasury, and could the days of “aid” and of “donors and
France and African leaders who made drag France down to 20th place in the recipients” put behind us. The EU and
attempts to jump out of the CFA ranking of global economic powers” its member states want to engage in
conundrum. Even Micron, who was touted as a a partnership between equals. That
means reaching a new agreement on
Indeed, what had followed the reformist, was elusive or cautious about political, economic, social and cultural
devaluation was reduced purchasing the issue in an interview by the weekly cooperation. Our starting point will be
power, leading to intervention by magazine Jeune Afrique, ahead of the the African Union’s Agenda 2063”.
international financial institutions to try first round of the French elections in The proposal aims to be an “integrated
and prop up these economies under the 2017. Saying: “exiting the FCFA zone overall approach” to address issues
currency that were then in tatters. This is a choice which should first be made ranging from food security, good
was happening despite promise that by the Africans themselves. “Those who governance to social concerns, Gerd
their situation would improve with the don’t feel comfortable in the zone can Müller, the federal minister for economic
devaluation of the FCFA. leave and create their own currency.” cooperation and development, explained
Unfortunately, like its predecessor, During a visit to Mali for a summit of during a business summit in Nairobi in
the Eco will be pegged to the euro, G5 Sahel nations in July, as President, 2017.
which advocates of the C.F.A. say Emmanuel Macron, told dignitaries: It should therefore, not be lost to
would give it stability: confirming the “Those who aren’t happy in the observers as to why Macron accented
fears of the skeptics who believe, that zone should leave”, a statement that to Eco currency agreement; the CFA
with “irresponsible governments” in underscored the premium France placed franc is pegged at a fixed exchange rate
the region, and leaders who think in on holding on to its colonial vestiges to the euro and the existing agreement
”French” this change couldn’t truly be Macron opposed a “Marshall Plan” maintains this arrangement for the eco,
in West African countries’ economic for Africa, proposed during the G-20 with the Banque de France continuing
interests. Summit in Hamburg proposed by to guarantee the new currency’s
This however, is not to say there are no Germany in July 2017. In essence, the convertibility.
African leaders who have attempted to plan proposed giving African countries This arrangement gives France a
abolish the ‘colonial pacts: Mamadou control over their economies, the continued hold on its former colonies,
Tandja, was ousted in 2010 for his promotion of partnership on the basis on and arrangement that is to the advantage
attempt to liberalize the market for equality of countries and the promotion of France and at a disadvantage to the
uranium. of investments as opposed to aid. West African countries.
As if to underscore the selfish interest According to the Germany’s minister for A regional currency and independent
of France in West Africa, Jacques economic cooperation and development, monetary union is a long-standing
Chirac, former conservative President the Marshall Plan, as explained then, ambition of the wider ECOWAS bloc,
of France in an interview in May 2008, “was an expression of our will and of and when its leaders met in June 2019,
is quoted to have said: “We often forget our optimism that we can truly find an agreement was reached to adopt the
that the money we have in our wallets a path to peace and development in common currency in principle. However,
comes precisely from centuries-long our cooperation between Europe and Ouattara’s sudden announcement that
exploitation of Africa” Africa. It must be an over-arching and the former French colonies and Guinea-
And by the time Muamar Gadafi was integrated strategy of the European Bissau were ready to proceed, got the
overthrown and killed, the Libyan leader Union and its member states and the bloc flat-footed.
was campaigning across the continent states of the African Union. Moreover, the five anglophone ECOWAS
for a consensus for the creation of a “The focus will be on fair trade, more nations and Guinea, comprising the
continental currency guaranteed by private investment, more bottom- West African Monetary Zone (WAMZ),

24 | The Nile Explorer 008