Mon Sep 09 14:58:47 UTC 2024: ## Former French Colonies Remain Economically Enslaved: A Look at the CFA Franc and its Impact on Africa
**By Peter Koenig, Geopolitical Analyst**
**Global Research, [Date]**
Despite gaining independence over 60 years ago, Africa continues to grapple with a form of economic colonization, particularly in former French colonies, through the CFA Franc currency system. This system, deeply intertwined with French interests, maintains a financial chokehold on these countries, hindering their economic development and preventing genuine independence.
The CFA Franc, initially standing for “Colonies Françaises d’Afrique” and later renamed to “Communauté Française d’Afrique”, is a currency used by 14 former French colonies in West and Central Africa. Its fixed exchange rate, tied to the Euro, is intentionally overvalued, favoring French interests over the economic needs of these nations.
The IMF, ostensibly a regulator of global currencies, stands idly by, failing to address the systemic flaws of the CFA Franc, which have led to economic stagnation and hampered Africa’s potential. Despite billions in debt investments from the World Bank and African Development Bank, these funds often fail to address genuine needs, instead fueling Western interests and agendas.
This “modern” form of economic colonization is perpetuated through the strategic placement of leaders who prioritize French interests, ensuring a continued imbalance in production capacity between Africa and the West. This imbalance, designed to maintain Africa’s dependence on Western exports, prevents the continent from developing its own industries and achieving self-sufficiency.
The West’s refusal to reduce its over-capacity, coupled with the US dollar’s dominance in global trade, further restricts Africa’s economic autonomy. However, hope lies in the growing BRICS alliance, which is gradually creating a new trading currency independent of the US dollar, providing a potential path towards economic independence for the Global South, including Africa.
This article urges readers to learn more about the CFA Franc, the insidious effects of “modern” colonization, and the potential for the BRICS alliance to offer a path towards true economic liberation for Africa.
First Piper 