Former West African French Colonies to withdraw CFA-Franc Reserves from France

Benin President, Patrice Guillaume Athanase Talon has told Radio France Internationale that former French Colonies in West Africa have “unanimously agreed” to slash the financial umbilical cord between them and France.

This move will see the end of decades-long colonial practice instituted for the former French colonies to keep their foreign-exchange accumulation at the French Treasury. Save for Sékou Touré of Guinea, and his decisions in 1958 to get out of the French colonial empire, the other fourteen colonies were conditionally lured into the former master’s exploitive economic policies.

Former French colonies are largely viewed as delaying political efforts for the unification of the continent. Unsurprisingly, the planned is highly welcomed across the continent.

All the eight nations are currently members of the West African Economic and Monetary Union, ECOWAS. ECOWAS has recently announced ECO’ single trade currency policy (ECO) to be adopted by all Members States.

The activities and relationship between France and its former colonies have come through touchy criticism over the years.

“I can’t give you the date, but the willingness of everyone is already there,” Talon said in response to a reference to French Finance Minister Bruno Le Maire’s.

Ivory Coast is said to have the biggest reserve in the French Treasury.

The sovereignty of former French colonies, with the exception of Mali and Guinea Conakry, was always seen as a mere substitute for the extreme form of “Neocolonialism”. Addressing this matter, Talon continued to say “Psychologically, with regards to the vision of sovereignty and managing your own money, it’s not good that this model continues.”

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