Video Source: The Atlantis Reports
The long-awaited CFA Franc End Bill was approved by the French Ministers’ Council on Wednesday. That’s what French spokeswoman Sibeth Ndiaye has announced. Sibeth Ndiaye, the French government spokeswoman, has announced the long-awaited CFA bill was passed by the French Council of Ministers on the 14 former Africa colonies, significantly ending 75 years of the French currency imposed.
The document validates the transition to Eco, the newly-evoking currency to be accepted by the West African bloc, ECOWAS, from the CFA franc, used by eight French countries in western Africa. It also marks the end of centralization by the French Treasury of the Devises Reserves of the 8 western African nations.
Also Read: IMF Executive Board Approves US$ 3.4 Billion: Nigeria
In concrete, the West African Central Bank would be no longer forced to deposit the Banque de France in half of its foreign currency reserves. Also, France must remove its participation from bodies of governance.
The future Eco currency will retain a fixed parity with the euro. The fixed parity of the future Eco currency with the euro should be maintained. Eight countries are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
“When they (Chairman Macron and leaders of French Western Africa) officially visited Ivory Coast in December 2019, they announced a historic monetary reform that will lead to the end of the CFA franc. “As the President of the Republic was able to stress, this symbolic end was part of the renewal of French-African relations,” she said.
The ratification also ends the centralization by the French Treasury of the foreign exchange reserves of 8 western African countries. France would have to remove its presence at the Western African Central Bank, which will therefore no longer have to deposit at the French treasury half the funds of the members.
About CFA Franc:
The CFA franc was established in 1945 and branded as a controversial currency for French influence, called “Colonies Francaises d’Afrique.” Originally, the currency was tied to the franc but after 1999 was transferred to the euro. The board of the monetary union was made up of a French delegate. To exchange for France promising a currency, the French colonies must store 50% of their foreign currency reserves with France.
The former AU Ambassador to the United States Dr. Aricana Chihombori Quao was unfairly fired at by the President of the AU Commissioner, Fakki Mahamat, in order to draw attention to this French oppression of the former colonies. In various speeches and interviews in media houses, Dr. Chihombori Quao did not stop but instead heightened her campaign against France.
When Chihombori Qao had heard the news of the ratification in a short DNT interview said, “Our stance is of righteousness and all we must do is stand up, talk up and protect our turf. It matters, no what matters is that it should be done. Now we must rely on the Eco currency.”
This ratification by France serves as a reminder that Africa risks continuation of her raping if she refuses to address injustices head-on.
Data Source: DNT News
