The Heads of State of East Africa have agreed to adopt the single currency “Eco” in commercial transactions as of 2020.
The Russian newspaper “Pravda” that this was the dream of Muammar Gaddafi, who was killed because of him, and wondered whether France will allow to achieve.
African countries want to introduce a single currency.
At the end of last week, the members of the East African Community (Benin, Burkina Faso, Gambia, Ghana, Guinea-Bissau, Côte d’Ivoire, Cape Verde, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo) Eco is called from the beginning of 2020, according to the French newspaper Le Monde.
These countries, where some 385 million people live, have been studying this plan since 1983 and have postponed its implementation four times.
On Saturday, the summit in Abuja, Nigeria, confirmed that the single currency should become a reality next year.
To do so, eight countries will have to abandon the franc currency in the former French colonies, linked to the euro, and seven other countries – for their national currency.
In its closing statement, the Summit affirmed the “gradual approach (to adopt) the single currency, starting from countries whose economy is balanced.
One of the most important things to implement the plan is the establishment of foreign exchange reserves that cover at least three months of imports, or budget deficit less than 3% of GDP, or inflation less than 10%.
Five of these countries already meet the criteria, including Nigeria, Côte d’Ivoire and the Gambia, but the statement states that 12 out of 15 “have improvements in terms of meeting the standards of low inflation and funding the budget deficit by the central bank”.
How France provides new colonialism:
The new single currency, seen by African countries as a way to free itself from financial dependence on its former capital, France.
It is noteworthy that under the 1960 agreement with each country with France, the franc is controlled by the French Central Bank, where it is printed.
Partners in African countries must retain 50 per cent of their foreign exchange reserves in the French treasury.
In other words, France keeps millions of Euros in arrears in the form of the franc, with an interest rate of 0.72%, giving it huge financial profits to finance education, health or safety to fund French military operations in Africa and debt payments.
At the same time, African countries have to borrow at a rate of 3 to 7 percent a year from the Central Bank of West Africa and the Central Bank of Central Africa to carry out their projects and pay wages to government employees and retirees.
It is governed by the use of scarce financial resources and assistance, the size of which depends on the whims of France, African countries cannot industrialization.
“These roads are so strong that any potential leader who wants to lead the former French colony must remember that he is forced to serve France and its interests that is to provide it with mineral resources”.
Patty Bibi, a Cameroonian journalist, spoke about this in an interview with Czech portal Info.cz.
In essence, it recalls these treaties aimed at “establishing and maintaining a dictatorship that serves the interests of France”.
“Every country trying to put an end to this immoral practice is facing the problems of insurgency and protests”, she said.
In fact, civil wars are taking place in Côte d’Ivoire and Mali, Nigeria, hails, suffering in the war against terrorists from Boko Haram.
Bati Bibi believes today that France is not interested in investing in human capital in Africa.
“Money comes in the form of so-called humanitarian aid or development assistance”, she said.
“If the governments of the United States of America and Europe at least reduce their huge subsidies to their farmers”, Africa can help.
“Thus, African farmers can access and live on world markets, which will be more efficient than development assistance, In fact, they are stolen and constitute debts”.
Will France allow its colonies to leave in the form of the franc?
During his visit to Burkina Faso in 2017, Emmanuel Macron pointed out that “stability is given to those who have the franc”.
Last year, Facebook confirmed that a former French general, unknown to Africa24.info, said that the franc is a matter of state security, and any country that dares to put an end to this is in danger of suffering.
One of the serious consequences is the military and nuclear reaction”.
The statement was then recognized as false.
Libyan leader Muammar Gaddafi, 42, has had an ambitious plan to create an African currency equivalent to the euro and a single African bank.
There are reports that Paris, threatened by the loss of wealth, has eliminated Gaddafi and IMF President Dominique Strauss-Kahn, who has supported the Libyan president’s project morally.