What is behind the rumor about the likely devaluation of the CFA?
Since the Wall Street Journal announced that several European banks are preparing for the end of the euro and return to the oldnational currencies, in frenzy by naming the court at the Bank of Ireland, a rumor started on the road the likely devaluation of theCFA franc. How not to see an attempt to divert the debate that has invaded the streets out of the African Franc CFA to theeconomic and financial decline of Europe and the consequentdifficulty of its currency, the Euro? Is not it suspicious that when Africans who use the CFA Franc, begin to ask serious questions about the opportunity to stay in the CFA zone, come rumorsabout possible devaluation of the CFA? And if it was just to divert attention from the real question: should we stay in the Franc Zone? How is it that for 52 long years since independence,African countries have been deprived of the monetary policy instrument to create wealth? What explains the shame borne by African leaders to accept that their currencies are decided andprinted in France?
THE FAULT IS NOT
IT THE AFRICAN LEADERS?
Often it makes us much good to put on the back of France or the West most of our misfortunes. And it comforts, it reassures the Christian as a Jew need to wash their sins. But in the case of the CFA franc, the pill is more bitter and this time, even the Frenchwill not agree to swallow or at least not alone. Because the cap isto focus more on African leaders and intellectuals to the oldmaster. There is a legend in Africa Metropolitan skillfullyconveyed by them that, because of agreements signed with France, it would be impossible to get out of the CFA franc. But in practice, no text, no law, no agreement, no decree can not prevent people taking their sovereignty when it is aware that she had been stolen, since it includes what 'he said without losingsovereignty. The truth is that these countries seem to prefer the subordination to the sovereignty. Two examples-cons we prove:
At independence African countries, all countries of North Africawere also linked to France by the same monetary and militaryagreements.
- In Morocco: For claimed the independence of Morocco and the output of France, King Mohammed V of Morocco Youssef Benwill be deported with his family first in Corsica, then in Madagascar April 8, 1954. Installed to the throne of France his uncle. But the people refused and is welded behind the king, even exiled force. France was forced to bring it back in 1955.Independence is proclaimed the following year. 2 years after independence, the United Kingdom said goodbye to the French currency and creates his own, the Dhiram in 1958, despite the hostility of France.
- In Tunisia, there was the same opposition of France to grantreal independence. But as in Morocco it is the leaders Tunisianswho have made it clear to France that a country can not sayindependent while using the currency of another country, while it has its own territory based military of another country. In 1956, the country's formal independence, but France still controls theTunisian currency, the Franc. In 1958, France was forced to accept that Tunisia left the franc zone to create its own currencythe dinar. However, she refuses to evacuate its troops fromBizerte. In 1961, President Bourguiba, issued an ultimatum to the French before the war that will trigger a thousand deaths, almost all Tunisians to drive the French out of the military base in Bizerte.A year later, July 25, 1962, President Bourguiba is successful, sixyears after independence, French President De Gaulleannounced that France agrees to end 82 years of military presence in Tunisia.
- In Algeria, in 1962, formal independence, as everywhere, it was France who controls the money. But the Algerians insist that without the money, it's not a real independence. France is obliged to grant the completion of the Algerian independence with the creation of its own currency, the Algerian Dinar, 1 April 1964, that is to say, as here, two short years after independence.
IN SUB-SAHARAN AFRICA
President Ratsiraka in Madagascar in 1972, 12 years after independence, even by presidential decree to create the CFA Franc Malagasy, as to the transitional Ariary currency, time to let people get used to this change. When Madagascar left the CFA Franc Zone in 1972, the Malagasy franc is immediately declared inconvertible into November this year and a system of exchange controls is in place. Since July 31, 2003, the currency has become Malagasy Ariary (MGA Malagasy Francs = 5). The same year, President Ratsiraka requires the departure of French troops and the evacuation of the military base Ivato before 1September 1973. The French army colonel Cazaillet deliver the military base to the Malagasy authorities one day before the daterequired by the President Rasiraka.
50 years of independence at all, 0 YEAR OF INDEPENDENCEMENTAL
Meanwhile, Senegal, Cote d'Ivoire, Gabon, Chad, Central Africa, etc ... the world is still stuck in the 50s, with the same colonial practices, the same French military bases, the same French colonial currency called the CFA. How to explain that in North Africa, France was forced to leave to settle and grow, even with errors, monetary autonomy when it does not even need to make any effort to prevent African countries will equip real currency?For once, the exception of Madagascar and Guinea are there tosuggest that maybe this time, the fault can not be attributed solelyto the executioner, but also to the victim, the victim guilty ofinaction . It should in this case to reverse the question and turn it into another: what explains why sub-Saharan African leaders did not understand that a country can not be independent if he doessay not control its currency? if it does not control the decision toprint bank notes? if it does not assume the management offoreign exchange to balance its trade balance but also the balance of payments? Above all, how is it that more than 50 years after independence, African intellectuals have not seen fit to publicly discuss this independence amputated? The truth is probably more bitter.
PERSONAL CAREER OF EACH FIRST
In Francophone Africa, most people who have been living in the colonial logic of fatalistic acceptance of their mental inferiority vis-à-vis France. The leaders made almost all their higher educationin France and have never known any other academic experiences outside of France. What led them to develop more of a behavior of allegiance and gratitude to France to be"civilized." In any case, it gives off the impression that this attitudeof most African leaders of this continent. A Nigerian diplomat in Geneva recently expressed to me his surprise that most of his colleagues in Francophone Africa, before returning to their country, had to first perform a ritual for him incomprehensible to stay a few days in France or to the driveway at home. But the worst was that it had found that the greatest aspiration of thesecolleagues was to buy a house for the day they retire, not in theAfrican country he represented as diplomats, but in France.
This behavior can be seen from Geneva is widely diffused in the Francophone countries and at all levels. No one dares say a wordagainst France, for fear of being denied the visa to go to the ritualdescribed above. It starts of Ministers and happens to journalistswho prefer to speculate on the likely devaluation of the CFA, but no word about the incredible anachronism and economicundesirability of such a currency. They are all complicit in thedamage of the convertibility of the CFA, since to perform the ritual of the procession to a house bought in France, it is obviousthat no official African could achieve by his own salary, let alonesend his children to study. Then there is corruption and misappropriation of funds varied. And without the convertibility of the CFA franc, while it would not be possible. If the currency wasnot convertible, like almost all other currencies on the African continent, the bag of money CFA, once in Paris, it would be merepieces of paper. All or most senior officials of these countries seem enrolled in a dream of international career under the blessing of France. Almost everyone wants to work one day, evena simple time internship at the IMF, the World Bank and Franceknows how to use these small baits to rein in some very senior officials. Is this a fault? NO. How can we blame the Frenchleaders to the interests of their country? of their people? This is the African side is worrying. It's the same logic that you wonderwhat sense it almost has to deal with the International Criminal Court in racist or colonial, if lawyers are the same Africans whohave no other dream than to work on a ? The same goes for theUnited Nations.
More than 50 years after African independence, we can see thatthe choice of monetary dependence of African countries first to France and Europe today is a real fiasco economic and financial difficulties of France and the whole euro zone, with the inexplicable visual navigation of its members (19 peaks in 22months to decide nothing) are not likely to reassure African countries that have given up their monetary sovereignty to have been in good hands. And economic and social consequencesare dramatic for the African countries, so that the 10 poorest countries in Africa, eight countries are subject to the monetary regime of the CFA. Is it a coincidence? Africans have to much longer accept being taken hostage by intellectuals who areinterested only in the end their career as possible under the umbrella of France or Europe? African youth is sufficientlyinformed to build and express their outrage? Is not it came timethe mea culpa of 70% of students Africans in the Diaspora whose parents are civil servants in Africa? For them to ask themselves whether they are truly convinced that the money they pay the studio rent € 500 (328,000 FCFA) per month in Paris is really200,000 FCFA (€ 305) monthly salary their dad or their mom in Africa? Until the arrival of a single African currency, if each country created its own currency and makes non-convertible,what shall we do this armada of students living in the diasporathrough the subsystem is such today 'Today? Are we still willing to clean our own house and say goodbye to the CFA?