Analysis - Most sub-Saharan African French colonies got formal independence in the 1960s. But their economies have progressed little, leaving most people in poverty, and generally worse off than in other post-colonial African economies.
30 August 2022Sydney and Kuala Lumpur — Most sub-Saharan African French colonies got formal independence in the 1960s. But their economies have progressed little, leaving most people in poverty, and generally worse off than in other post-colonial African economies.Pre-Second World War colonial monetary arrangements were consolidated into the Colonies Françaises d'Afrique franc zone set up on 26 December 1945.
Both UEMOA and CEMAC use the CFA franc . Ex-Spanish colony, Equatorial Guinea, joined in 1985, one of two non-French colonies. In 1997, former Portuguese colony, Guinea-Bissau was the last to join. Ex-French espionage documentation service head Maurice Robert later acknowledged,"France launched a series of armed operations using local mercenaries, with the aim of developing a climate of insecurity and, if possible, overthrow Sékou Touré".
CFA apologists claim pegging the FCFA to the French franc, and later, the euro, has kept inflation low. But lower inflation has also meant"slower per capita growth and diminished poverty reduction" than in other African countries.
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