Wonder why France still has control over its former colonies? In 1960, 14 francophone African countries gained their indépendance from France. These colonies were handed their independence on a condition; to be a part of the French Union and accept the Colonial Pact. This colonial pact has requirements each member colony has to adhere to.
Related media: Why France Is Still Colonizing Africa
These 14 African countries (Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Central African Republic, Chad, Democratic Republic of the Congo, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo) are obliged to place 65 percent of their French Treasury currency reserves, plus an additional 20 percent for financial liabilities.
What this means is that these 14 African countries only ever have access to 15 percent of their own money. If they need more, they must borrow their own money from the French at commercial rates. And it has been since the 1960s.
France has the first right to buy or reject all natural resources found on the lands of French-speaking countries. If these African countries can get better prices elsewhere, they can’t sell until France rejects the resources.
French companies must be given priority; before considering any other. It doesn’t matter these countries can get a better offer elsewhere.
Presidents of the Communauté Financière Africaine (CFA) countries who have attempted to revolt against this pact faced political and financial pressure from successive French presidents and coup d’états instigated by the French.
Some French politicians seek private funding during elections in France from these countries.
These countries pay colonial taxes to France for the infrastructural development in their respective countries during the colonization period.
France has a military base in each of these countries.
Banking And Finance
There is a French veto power-holding executive in the central banks of each of these countries who determines how the economy is managed.
Let us know if you’re from France or a francophone country.
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Written by: Lydia Anobil, Mon, Apr 25, 2022.