The darkness of the CFA franc that hinders the development of Africa [Part 2]
なぜアフリカは経済発展することができないのか？その根本的な原因に、フランスが作り上げた「経済搾取」の仕組みがあると批判されてきました。70年以上も存続してきたCFAフランとは、いったいどんな仕組みなのか？フランスはCFAフランを通じて、アフリカでどんな搾取をしてきたのか？前半と後半の2回にわたり、フランス最大の闇に迫ります。(English) Why can't Africa develop economically? It has been criticized that the root cause is the mechanism of "economic exploitation" created by France. What kind of mechanism is the CFA franc that has existed for over 70 years? What kind of exploitation has France done in Africa through the CFA franc? Over the first and second half, we will approach the most considerable darkness in France.
The darkness of the CFA franc that hinders the development of Africa [Part 2]
1)
00:00
Did you know that the main reason why Africa has not been able to develop its economy is the system of economic exploitation created by France, which has been criticised? What exactly is the CFA Franc that has existed for over 70 years?
What kind of exploitation has France done in Africa using the CFA Franc? Have you ever heard of the CFA Franc? Why has the CFA Franc survived for more than 70 years?
We will explain the historical background, the movement to abolish the CFA Franc in recent years, and the confrontation between Western countries, China, and Russia from an African perspective. First of all, what is the CFA Franc?
2)
01:02
A common currency is a currency that can be used for transactions within a particular region. For example, the euro, which is used in Europe, is an example of a common currency. The point is that it has a fixed exchange rate.
Currently, France uses the euro as the common currency of the EU, so an exchange rate of about 656 euros to the euro has been set. This has been pointed out, but the first thing to mention is that the exchange rate with the euro is fixed at a high level.
The African countries where the CFA Franc would typically be used are economically weak, so the value of their currency is proportionately lower. International prices for agricultural products and industrial natural resources are relatively low, which is good for exports of countries capable of economic development.
3)
02:08
However, as I mentioned earlier, the CFA Franc has been criticised for hindering the economic development of African countries because its exchange rate with the euro is set at a high level. The rule is that 50% of foreign currency must be deposited in the French treasury.
This has also hindered the economic development of African countries. Other countries members of the CFA Franc cannot issue a currency of their choosing. Although the Bank of France issues it, its policy decisions are taken only after a previous unanimous meeting of a board of representatives from several countries. However, the members of this board are always elected from France.
4)
03:12
In effect, this means that France has controlled the power to issue the currency of the member countries. It has been pointed out that there is no freedom of choice. France, an economic powerhouse, guarantees the stability of its currency.
After gaining independence from the colonies, many African countries were politically unstable. However, the fact that the exchange rate with French money is fixed means that even in the unlikely event of an economic collapse, the currency's value will not be lost and can be converted into cash.
In this way, France, an economic powerhouse, guarantees the value of the money, an advantage of the CFA Franc. For example, the fact that 50% of the country's foreign currency must be deposited in the French treasury means that France has become an essential source of income.
5)
04:18
In other words, the CFA Franc is a system that has survived because of its great merits for France. In 1945, the secure franc system lasted for more than 70 years. From the 19th century to the middle of the 20th century, most of Africa was under colonial rule by European countries.
It was divided and ruled by different countries, but France mainly ruled over the region from West Africa to Central Africa - France colonised the blue areas on this map. It wasn't until the 1950s and early 1960s that the formerly independent African countries gained their independence.
6)
05:20
It was a war of independence from 1954 to 1962, mainly in French Algeria. Why did the President implement the policy of freedom for the colonies? Why did the President implement the policy of independence for the colonies?
On the other hand, colonial rule was ended by granting autonomy to France before a war of independence broke out and relations with France deteriorated, as in the case of Algeria. It is said that the fact that France wanted to remain influential in the future was one of the reasons for the independence policy of the colonies. It was called an African city because it recognised the independence of 13 colonial countries.
7)
06:23
The name "African City" suggests a year of hope for Africa, but France also had a political intention. It is unthinkable that one day, France and other European countries would suddenly abandon everything so clean. France also had circumstances that it could not compromise on.
But if France were to become independent without recovering the investment, it would be a significant loss for France. Some argued that this benefited African countries vulnerable to economic instability immediately after independence. Still, on the other hand, there was also the political intention of France to remain influential after the end of colonial rule.
In this context, the CFA Franc system between France and African countries continued after the end of colonial rule. However, African countries that were members of the CFA Franc system lost their right to issue currency even after gaining independence from the French colonies.
8)
07:28
To maintain the CFA Franc, which has become a favourable mechanism for France and a significant vested interest, France has used various methods to control African countries. Many of these countries are economically poor, and these countries often experience food shortages due to drought and other factors.
In addition to food aid, military aid has been provided in these areas where feudal government organisations and terrorist activities are rampant. Still, France has not used its military. We have made efforts to stabilise public order by sending.
9)
08:33
The fact that countries members of the CFA Franc receive economic and military support from France does not mean they cannot turn against France. Understanding that such political intentions are hidden behind international aid is necessary.
Some leaders have called for independence, but politicians who tried to escape economic exploitation by France, such as the abolition of the CFA Franc, are said to have fallen from power in a military coup. Some social activists have argued that the franc is destroying Benin's economy and industry.
Benin's products continue to depend on imports that cannot compete on price, so Benin's economy cannot stand on its own two feet.
10)
09:37
Politicians have no choice but to do as France says. West Africa is in a state of economic slavery. West Africa, including Benin, has not yet achieved independence.
Still, if you look at the history of Africa so far, African leaders who fought against European and American rule were assassinated. In the Harakanda channel, for example, Patrice Lumumba, who led the future independence of the Democratic Republic, was assassinated by a Belgian-American conspiracy after declaring that he would nationalise natural resources in the future.
I also picked up on the historical fact that political assassinations are rarely made public, so it isn't easy to say for sure, but politicians who have tried to abolish the CFA Franc. In 1960, for example, he attempted to assassinate the first president of the independent country of Mali.
11)
10:43
After being sent to prison, he spent almost ten years and died under suspicious circumstances on 16 May 1977. Colonel Gaddafi of Libya planned to introduce a common currency, the dinar, across Africa. He was killed due to military intervention by North Atlantic Treaty Organisation forces.
There are also allegations that French intelligence services were involved in the background of Gaddafi's assassination. The French government, of course, denies such allegations. But regarding political assassinations, almost no solid information comes to the fore.
As I said before, I'd like the debate to be based on facts, and I wouldn't say I like the excitement of conspiracy theories without reliable knowledge. Many stories have been of politicians who advocated independence for Africa, regardless of the CFA Franc, being crushed by world powers, so I think it's worth it.
12)
11:48
France used to have a lot of influence on African countries, but the situation has changed in recent years.
This is due to the presence of China and Russia, which have increased their power in Africa in recent years. So far, France has provided economic and military support to African countries. Russia is expanding its influence in the region.
France cannot compete with China economically or with Russia militarily. In other words, African countries must give China the right to extract natural resources in exchange for help from China, or they will be slowly made into debt and given the right to use roads, ports and infrastructure. That is the point.
13)
12:53
But the people of Africa have been under European rule for hundreds of years, and many locals are disgusted with France. More and more people have become aware of the exploitation system and protests for independence from French rule.
Although France was the only aid recipient, we had no choice but to obey their orders. It is no longer necessary to be completely compliant, and it is now possible to make strong political statements. In fact, in 2019, the CFA Franc that circulates in West Africa will be abolished, and a new common currency in West Africa called the Eco will be introduced.
After introducing the new eco currency, the Governing Council of the Central Bank of West African States, which previously issued the CFA Franc, will no longer have to keep half its foreign exchange reserves in the French treasury. It was decided not to send French representatives to the meeting.
14)
13:57
However, it is also pointed out that France, fearing losing its vested interests if the CFA Franc is abolished, is holding its breath against the common eco-currency.
However, Nigel and other Anglophone countries have made political manoeuvres, including announcing a delay in introducing the eco in January 2020. France and West Africa are economic powerhouses that want to influence the region. People say the political conflict in Nigeria has something to do with it.
By the way, in June 2021, after the economic damage caused by the epidemic of the new coronavirus, we're going to introduce a new common currency, the Eco. It has been announced that the introduction will be postponed until 2027.
15)
15:01
It will be some time before African countries are entirely free of French financial control. What kind of worldview can we learn from the events surrounding the CFA Franc?
African countries have been exploited by European countries, including France, for hundreds of years. It may finally be possible to escape from the exploitation of Western countries that has lasted for hundreds of years. The presence of China and Russia ultimately supports the hopes of the people of Africa.
16)
16:03
But soon after Russia's invasion of Ukraine began, for example, in the United Nations resolutions condemning Russia, a whopping half of the 54 African countries chose to take a risk or not to participate, unlike China and Russia. But for hundreds of years, the people of Africa have been subjected to the slave trade, colonial rule and economic exploitation by Western countries after independence.
We are more sensitive to double standards in Western countries than in other countries, to the hypocrisy of putting our affairs on the back burner and criticising other countries. Perspective can change 180 degrees.
The darkness of the CFA franc that hinders the development of Africa [Part 2]
https://www.youtube.com/watch?v=sZDNLa2S7u0