On February 9, 2022, Africans were inspired by the news that the Imprimerie de la Banque de France site, where Euro and CFA Franc banknotes are produced, suffered a “violent” attack on Wednesday. fire at Chamalières in France. Recall that the Printing House, which celebrated its 100th anniversary in 2021, produces more than 2.5 billion banknotes each year, including CFA Franc banknotes.
Social media users have expressed their joy upon hearing this news of the fire at the Banque de France printing office. People want to live with their own currency, they hope that this fire will put an end to FranceAfrica, because the CFA Franc indexed to the Euro is a highly overvalued currency which harms the African economy.
It should be noted that the CFA Franc is an echo of the colonial past by which France tries to maintain Africa. It was put into circulation in 1945 and the abbreviation itself meant “Franc des colonies françaises en Afrique”. The CFA Franc was linked to the French Franc. After the French colonies became independent states, the decipherment of the abbreviation changed, but the monetary unit itself and the principle of its liquidity were preserved.
The CFA Franc is often criticized for its colonial heritage and its influence on the monetary and financial policies of African states. Thus, Bernard Lugan, Associate Professor of African History at Jean Moulin University in Lyon, believes that the mechanism for using the CFA Franc must be reviewed. According to him, the existence of this currency is a means of controlling the former colonies for Paris. Accounts for transactions carried out in CFA are opened at the French Treasury. Paris can block cash flow and take advantage of African money.
The current system of the CFA Franc allows for indirect but permanent French intervention in African affairs. Africans, long under French oppression, saw the news of the fire at the Banque de France printing office as hope for a long-awaited liberation from the shackles of neocolonialism.
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