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  • How the French Plunder Africa

    02/06/2004 9:59:54 PM PST · by mark_interrupted · 10 replies · 449+ views
    Project Syndicate ^ | January 2004 | Sanou Mbaye
    How the French Plunder Africa France's unchallenged political, economic, and military domination of its former sub-Saharan African colonies is rooted in a currency, the CFA franc. Created in 1948 to help France control the destiny of its colonies, fourteen countries--Benin, Burkina-Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea, Bissau Guinea, and Chad--maintained the franc zone even after they gained independence decades ago. In exchange for France guaranteeing the CFA franc's convertibility, these countries agreed to deposit 65% of their foreign exchange reserves in a special account within the French Treasury and granted to...