healthserve:
Why do we have to peg it to the Euro. Francophone sha and the idocy of the Anglophones


Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoking ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Anglophones..spits


From Britain to Greece to Spain to Cyprus Europe has continously remained a dodgy bloc when it comes to dealing. Yoking is easy, unyoking if necessitated is what becomes troublesome.

BabaRamota1980:
France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate, and is why whenever any people or sub ethnic in West Africa starts to talk of secession, France is engaged and pumps money in to destroy the thought. If Biafra is allowed to break free other ethnic groups in many of Francophones will follow that example. At end of day France power will diminish along with the dismembered countries.

This is the story of Southern Cameroon.

ibietela2:

They have already approved it na.... The Brexit

GidiWoodsMan:


they have to keep it pegged it to the EURO because the combined cfa-bloc are yet to establish their own central bank which is not something you can do overnight. the economies have different peculiarities, weaknesses & strengths.

if you ask me there is no need for this radical change, they should've simply renegotiated the terms of their economic engagement with france. black africans are not ready for this single-currency thing because there is still a lot wrong with our people in terms of ethical orientation, life-philosophy, etc. we lack the required institutions still. even the europeans are having a a tough time keeping the EU afloat and take a look at the time-distance between their civilization and ours, three hundred years at the least...

Nigeria is the biggest beneficiary of this foolish move executed by francophone Africa, but only if our leaders understand how to profit from the new economic regime. France will definitely withdraw military subsidies enjoyed by those countries, they now have to pay out of pocket (which they can barely afford) or go without the enormous clout they had when France underwrote their political/military adventurism in the subcontinent (the Bakassi fiasco comes to mind)

Ilaje44:


That's a big fat lie a lot Africans like to peddle around to console themselves. If the CFA countries would withdraw all their reserves from France, of course it would have an economic impact, but don't believe this would make France suddenly become a poor country. France is still a manufacturing hub of world repute. Even in the article, it is written that the combined GDP of the 14 countries is merely $300 billion (150 million people). Compare it to France's (https://en.m.wikipedia.org/wiki/Economy_of_France).

Sentiment apart, if you ask me who would be poorer, I would like to suggest to you to look closer to home. French leaders aren't definitely going to deplenish their country's Reserve and spend on frivolities or stealing and locking it away in one foreign account.

DexterousOne:



You have no idea how Françafrique works, and how it has enriched France for the last almost 70 years at Africa's expense

They are still the "manufacturing hub"

Manufacturing what?

The Areva, Bollores and other French giants building France and paying most of France's revenues
How do you think they get their monies?

The uranium that generates 3/4 of France electricity (tell me which other country energy need is structured like this)

Do you know the agreement signed with Mali and niger that facilitates this
Plus the faulty pricing mechanism?

Many of you just don t get it

Ilaje44:


You said I have no idea, but failed to provide the facts on how Franceafrique is enriching France tremendously that it would lead to France becoming a poor country if the African countries should withdraw their Reserves. Also, you can as well provide snippets of the contracts France signed with Mali and Niger which can buttress your claim that France is cheating those countries.

Do come forward with your facts please. I am waiting. No sentiments.

Thank you.

Godhatesodomy:

You are the only one talking the holy fathers of the land have started the change.

Wake up out your slumber

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA2 franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS3countries in 2004.

source

The meeting was attended by three heads of state, Presidents Olusegun Obasanjo of Nigeria, Jerry Rawlings of Ghana, and Lansana Conté of Guinea, as well as representatives from Liberia, Sierra Leone, and The Gambia. Cape Verde, the remaining non-CFA ECOWAS member, has a currency peg to the euro with the support of Portugal, and was not a signatory of the "Accra Declaration on a Second Monetary Zone."

source

Blue3k2:


The idea of monetary union came before then. Dont start lying fallen man. The idea is almost 2 decades old. All Nigeria done is talk. It hasn't even met fiscal requirements to spear head it.

Godhatesodomy:



Talk is what you would like to be good at yet even then you are sub standard. When you doubt yourself, how high can you rise?


Wake up out your slumber

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA2 franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS3countries in 2004.

source

The meeting was attended by three heads of state, Presidents Olusegun Obasanjo of Nigeria, Jerry Rawlings of Ghana, and Lansana Conté of Guinea, as well as representatives from Liberia, Sierra Leone, and The Gambia. Cape Verde, the remaining non-CFA ECOWAS member, has a currency peg to the euro with the support of Portugal, and was not a signatory of the "Accra Declaration on a Second Monetary Zone."

source

Blue3k2:




Lol when your lies get exposed you start rambling. What clowns your royal fathers must be to condone your lying ways.

Godhatesodomy:



Stop trolling

afroxyz:


when they said you people should read you chose to entangle yourself with BBNaija and ladies with low mentality. Just look at how you are dancing naked in the marketplace.

Go and watch the documentary franceafrique. after that I can give you more resources. Next thing you would say the GDP of the US and China is bigger so they dont depend on Africa. what do you even think capitalism is all about sef?

grandstar:


France may have some dependence on its former colonies but it is not as mighty as you think.

If you free those colonies from France's grip, France will fully recover within a year or two. The dependency is overrated. That can easily be gleaned from the size of France's GDP compared to its former colonies. The stats do not lie.

''People believe what they want to believe' as a scammer once. The narrative that France is a malign exploiter of its former colonies to enrich themselves is far sweeter than the truth.

grandstar:


France may have some dependence on its former colonies but it is not as mighty as you think.

I[b]f you free those colonies from France's grip, [/b]France will fully recover within a year or two. The dependency is overrated. That can easily be gleaned from the size of France's GDP compared to its former colonies. The stats do not lie.

''People believe what they want to believe' as a scammer once. The narrative that France is a malign exploiter of its former colonies to enrich themselves is far sweeter than the truth.

urahara:


My brother pls which grip ?

panafrican:

The real question is Why did France work so hard since 1945 to impose CFA Franc to its colonies and have the French treasury dictate the exchange rate of that currency ?

panafrican:

The real question is Why did France work so hard since 1945 to impose CFA Franc to its colonies and have the French treasury dictate the exchange rate of that currency ?

urahara:


Before the cfa franc, French colonies used the French franc , but when France ratified the Bretton Woods Agreement, the French franc had to be devalued.France didn't want it's colonies to suffer the consequences of the devaluation so it created a new currency for them called the cfa franc.

P.s using the cfa franc is not by force , any country is free to leave at any point in time.Guinea left , Madagascar left.

It is important to note that even Equitorial guinea ( ex Spanish colony ) joined the use of cfa franc.

Blue3k2:


The cult of victimhood dont read. Cape verde pegs its currency to the Euro and nobody claiming Portugal is forcing them. It's simply wrong to make every little issue frances fault.

panafrican:

How many military bases does Portugal have in its former African colonies ?
How many military bases does the UK have in former British colonies in Africa ?
Can you now ask the "innocent " French the same question ?

DexterousOne:


You cannot get the details of the contract
Because it's all shrouded in secrecy

That's how francafrique works

But you can get the sharing formula....
Like for example

uranium
The last time I checked
Niger gets just 5%
Which is scandalous
Have you asked why a country so rich in uranium is so poor that their people are scattered everywhere
It's due to, in part, Areva And the deals they made with the French govt

We have captains of industry in Nigeria And Ghana And Kenya and South Africa
You want to know why you won't find same in francophone countries?

Cos they are not allowed to compete against French business interest in their own country

Check the Forbes list
You won't see significantly francophonethere
It's not bycoincidence

French companies are the ones giving them light, managing their ports(bollore) telecoms (Orange) , etc

It's terrible for them

And another document that you can lay your hand on that is not hidden Is the "Pact for the continuation of colonialism"

In that Pact

France has right of first refusal in everything

Meaning that France buys their resource below market value
Now that China is in the mix France is getting jittery

In Nigeria case
We can do business with whoever
The higher bidder or briber wins
It's not like that for them


France also does what it wants with their reserves (can you imagine the interest and money France has made over 60 years from keeping over 60% of the reserves of 14 countries? )

Until much recently

How will their combined GDP grow
When the valuation is all wrong and faulty?
If their resources were priced properly
Like In Australia
the gdp will jump
Françafrique enriched France
And helped them get to where they are today

Blue3k2:


The cult of victimhood dont read. Cape verde pegs its currency to the Euro and nobody claiming Portugal is forcing them. It's simply wrong to make every little issue frances fault.

panpan:
This appears to be a subtle way by France to frustrate an independent joint West African currency.

France and Ivory Coast have cunningly changed the name "CFA" to "Eco", with currency links to France, but without the input of non-CFA West African countries.

What this means is that CFA countries in West Africa will now say that they have adopted the Eco, and it is left for non-CFA countries to join the now France-backed Eco or stay on their own.

Blue3k2:


The question is irrelevant to the discussion. It wouldn't prove they were forced to use CFA frank as proof other countries leaving and joining freely.

panafrican:

If you ignored the history of CFA Franc since it was enacted by De Gaulle in 1945 , then linking French military bases to France's control over former French colonies would be irrelevant.
None of the former colonies were given the freedom to choose. Guinea for instance was the victim of blackmails, embargos and military coups engineered by France from the late 1950s through mid 1970s .
In Mali, Modibo Keita was overthrown after refusing to his country be a part of CFA Franc zone. This was in 1969.
In Togo , Olympio was brutally assassinated by former French Army vets , the cover up was Olympio refused to enlist them in the army.