Devaluation of the Colonial Franc

 Source : Notre voie : 11/21/2011

 This is privileged information. The member countries of the CFA-Franc-Zone will soon be brooding over “black thoughts.” except for last-minute reorganization, in forty days exactly, that is, on January 1, 2012, the CFA Franc will be devaluated, once again. The CFA, which is currently pegged to the euro at the exchange rate of 1 euro for 655.59 CFA, will soon fall at the rate of 1,000.00 CFA for 1 euro. According to a European diplomat, French president Nicolas Sarkozy has charged Alassane Dramane Ouatara with bringing the news to his peers of the WEAMU (West African Economic and Monetary Union); which explains Ouattara’s last week’s grand West African tour.

 “Denis Sassou Nguesso of Congo-Brazzaville has been directed to inform his peers of the Monetary and Economic Community of Central Africa (CEMAC) and also of the Comoros Islands,” the diplomat stresses, adding that Sarkozy has taken upon himself to personally notify susceptible Senegalese president Abdoulaye Wade, who is presently facing social and political discontent at home. Wade is expected to later inform his peer of tiny Guinea-Bissau.

 The decision to devaluate the CFA is a consequence of the crisis in the Euro-Zone, which has for the most part been carried by Germany. Our source indicates that Merkel has stressed to Sarkozy the importance of putting some budgetary order in France’s ex-colonies before it is too late. However, it is clear that this measure is less intended to shelter the economies of the CFA-Zone than to save the Euro-Zone by preventing a further crash of France’s economy, as the burden of saving the euro becomes too much for Germany to bear. How would CFA devaluation really help France?

 France’s gain would be enormous in financial and budgetary terms. The war that France fought openly against Cote d’Ivoire in April 2011, and which resulted in the fall of President Gbagbo and the installation of puppet Alassane Ouattara, was as bloody and savage as to obliterate most nationalist inclinations in Africa. The war has eradicated any tendency in French-speaking African leaders to enfranchise their countries’ economies from France’s dominion by diversifying their political and economic partnerships. In Cote d’Ivoire, in the aftermath of France’s 2011 military assault, all the 1961 Franco-Ivorian “agreements” got revived. French companies are now snatching all the contracts in the country. French Bouygues has taken over the economy of Cote d’Ivoire. Today, it appears normal that Sarkozy should compel the government of Cote d’Ivoire to use France as an indispensable go-between on the global market. France has priority right in Cote d’Ivoire. It is first to France that Cote d’Ivoire should sell its export commodities and from France that it should buy its imported goods. With the CFA devaluation, countries of the CFA-Zone will spend a lot of CFA in exchange for few goods from France. This inequality in the terms of exchange, compounded with France’s shameless exploitation of Francophone African agricultural and geological resources, means that very soon France will garner the billions of Euros Sarkozy has been desperately seeking everywhere in order to pull France out of its economic slump. As an economic expert has once predicted, African countries will use 40% of their assets to refurbish France’s broken economy.                         

 As it happened during the 1994 CFA devaluation, once again aid-seeking African countries will receive a lot of money from European countries, since the euro’s value will increase with the devaluation of the CFA. Once again, the naïve praise-singers lodged in African presidential palaces, unaware of the deception, will greet the “rain of billions” brought down by European “benefactors” in a carnivalesque celebration. Future generations of Africans, once again, will be left to service huge debts to Europe with high interest rates.

 The cost of foodstuff, which has skyrocketed since Ouattara’s usurpation of power in Cote d’Ivoire, will rise even higher from January 1 onward. The devaluation is only advantageous to those who export. However, most countries in the CFA-Zone do import more than they export. They import almost all of their manufactured goods, their processed food, and their rice. Starting January 2012, African importers will need to spend 1,000 CFA for every 1 euro-worth of the commodities they buy from Europe. African retailers will raise their prices on local markets to compensate for their losses. The crunch will be felt in African pots and pans and gas tanks. The poor African populations will only keep enduring, powerlessly.              

 By Abdoulaye Villard Sanogo, translated by Martial Frindéthié

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22 Responses to Devaluation of the Colonial Franc

  1. This is very bad news for African Countries using the CFA FRS:What one do,excange his Euros for CFA or keep and excahnge when it happens.Cameroon govt should immediately increase salaries of civil servants like wise private firms

  2. joseph Besong dit :

    Well, if this happens then we shall see an early collapse of many CFA African governments that have just recently been elected on the grounds of renewed impetuous for economic growth and development. With citizens and especially civil servants bankrupt, there will be no government to quell the anger and frustration of the people. I seriously hope this does not happen. I am sure the aftermath will be too hot for Sarkozy to manage. It will be hotter than his reelection bid. God save francophone Africa and help them realize that monetary independence is the only way to end post colonialism and slavery. Let’s see if poor francophone Africans will shoot themselves in the foot rather than threaten to stage a massive walk-out on this monster called the Euro. After-all even poor Europeans are planning to walk away. How long shall Germany and france play the Ombudsman? Just for so long! Greece, Italy, Portugal and Spain are bankrupt countries. There is no chance they’ll be recovering in the coming 5 years even after all the changes and bail outs. Can Germany and France handle the heat for 5 years? I think an external force will ease the disintegration and collapse of the Euro as crisis will burgeon national identity struggles in an already fragmented zone. Just at the time African economies are performing better than those in Europe, Sarkozy wants to make his problems Africa’s.Just like poor Africans fought wars and shed blood in wars that had little bearing on their survival.

  3. Anonyme dit :

    God can not help Africa because of the stupid leaders such as Ngesso, Biya, Wade and others who work for those colonial killers who chased Bagbo and even killed Kadafi and Sadam.

    Those leaders are very stupid.

  4. Anonyme dit :

    The Euro is the currency that has problem and not the FCFA. Who buys from Europe nowadays? The only thing Europe offers is tourism. It’s high time we let this E.U countries who have nothing to offer Africa and the rest of the world to kiss my @$Z. If Sarkozy has a problem on how to run his economy, i’ll advice he quit, and stop trying to bring misery to innocent African countries.

  5. kiffa jeff dit :

    French africa is a disgrace.How could millions of people and their leaders be so stupid.

  6. kiffa jeff dit :

    This french African leaders(idiots) only care about themselves and immidiate family. They are scared about france throwing each one out with a coup d’etat

  7. Anonyme dit :

    I keep reading stupid, stupid, stupid. What are you doing about it?

  8. Anonyme dit :

    Sarkozy has once more demonstrated his inability to manage his economy. The decision to devalue the CFA can be referred to as "the obvious economic error in the 21st century". At the time when African countries are paving their way towards better economic growth and development, human greed and lack of wisdom is about to turn things otherwise. Thank God we have China to supply all we need in Cameroon. So, my fellow businessmen DO not carry your money to Europe for business. Deal with China and other Countries. As for the presidents, they are simply Admin. Assistants working for the French administration. It is a pity that African countries have not been able to position themselves to benefit from the fallout of globalization.

  9. Enow Fiat dit :

    These are all the things that Ghadafi had predicted.

  10. Anonyme dit :

    Yes! and the white man never wanted this my brother

  11. Anonyme dit :

    Sorry we do not have any Ghadafi again, our schools boys would accepts from their school master and it is only their subjects that would suffer. God would judge them one day. Since we are afraid of to loss our inherited presidencies what’s more? Sarkozy go ahead. I hope you will not die, remain for ever until thou kingdom came let thou will be done here on earth as it is in heaven. Vengeance will follow them. God is washing. Time shall tell. Amen.

  12. DERRICK dit :

    if any African country should accept that, then, i will be sorry to say we are a disgrace. in Cameroon for example, after the cruel treatment of the Germans, we went to the conservative selfish English, and to the curney French policies, then to a stage of neocolonialism. if at this time that we thing we are becoming mature, because they have succeed to kill the only spokes man we ever had, they will start manipulation our economies and we accept, then we have not only failed at 4o we have failed more than 40 and therefore failed for life. the issue hear is not for the old people like Biya, he is old, 83 is not 8 weeks 3 day. while other are even worst and more illiterate than he is. we need to stand as a country and as body in our own way no matter how small and fight of this ills. CFA faced the first devaluation because French Franc faced in inflation and today we still have to face because french franc faces economic crises. for God sake when their economies boom we do not any significant repercussions, why should only be ills. French companies take contract in Cameroon and poorly execute them, yet that say they are helping. it is not only evil of , it un head of, unbearable. this worst than killing if really we have justice in this world. hope God will hear our prayers anf inflict this french people with somany natural disasters to set us free like the children of Israel in Egypt. GOOD WILL PUNISH THE FRENCH MAN AND 20 GENERATION FOR THEIR BAD

  13. Anonyme dit :

    What do you expect? This is proof that African countries are still living in the colonial era. Don’t be fooled Africa is still owned and controlled from abroad. We are so caught up with our individual greed that we cannot stand up to this modern slavery. when are we going to wake up? I am alive but asleep somebody wake me up!!!!!!!

  14. tension dit :

    why are we always victimised by those so called europeans ? i want kaddafi blood to be in Africa, so that we can be able dump those devils and move in our own.

  15. Scary but honestly, nothing new…The Arabs finally decided to take matters into their hands (Egypt, Tunisia & Syria) We on the contrary sit back & watch: Yet we have the guts to complain about football lol. Our families & friends back home are going hungry by the day (& by the millions too) & still we talk more about football than getting Biya & the other African tyrants deposed. South & Centre Americans recognized this malaise a long time ago & by the mid 90s countries like Brazil, Venezuela, Argentina, Peru, Mexico, were dictating how they want things done. See how much their economies have grown. By the way, most of those South American economies had the same, if not even inferior potential as Cameroon in the 70s.

  16. Anonyme dit :

    Brothers and sisters of cameroon, there are no 2 ways to this upcoming devaluation of the cfa franc, just one way out: We have our resources and we need to have our own CURRENCY right now, LIKE NIGERIA AND GHANA. If our puppet leaders cannot see this, then we would remind them in a very brutal way. We do not need France in any way. China is right is there to help meaninfully, i.e if we need help at all.

    John Boy

  17. Anonyme dit :

    May God bless Cameroon. I strongly believe he has done so. We need just our own Moses to take Cameroon out of this mess. Please Mr.Natural President this is the time to get out of slumber and if not so, you would loose your kingdom and your life before your time. Cameroonians would not allow any coward to put them into this mess from Sarkozy. Have we not been made to understand that Cameroon is the land of promise as it is sang in the Athens? So we must stand up like one man and fight even it means using the gun, after all change can not come with out sacrifices. Tell me what is difficult for Cameroon to form its own currency? Are we not mature enough to that blood monger Sarkoryz that we do not need him. Let me tell you President for life whether you like it or not we will do or we mare because the time has come. GOD HELP US AND GRANT OUR DESIRES.

  18. Anonyme dit :

    Its only GOD that will deliver Africa from the hands of the oppressors

  19. Anonyme dit :

    Hmmmmmmmmmm We are all one way or another believers. & God has been watching that even before the berlin conference ( share of african cake) when explorers were collecting data
    of the continent.
    I think God is tired of African who think that the heads he gives them is an ornament.

  20. Jean dit :

    This means the prices of foodstuff will shoot up by 60-70%, which will bring untold hardship to the population of all Francofone countriers.I will not be surprised if some countries go into civil war because of thei

  21. NDONWI dit :

    This is total Nonses!!!!

    They are trying not to make the Euro collapse by devaluating other currencies and our SO CALLED FINIANCE MINISTERS ARE GIVING ROUNDS OF APPLAUSE .

    GOD HAVE MERCY!

  22. Somebody dit :

    The question is are our so call Leaders very Stupid or they are just Power Mongers and really don`t care about their Subjects. Western Europe and USA at already at the point of Growth Stagnation and after stagnation is a phase of a serious Drop ( Full ). It is time for Africans to get up from that Manipulation, Neocolonialism and move towards Independence and Growth. They can Fool some people some times but they will never fool all the people all the times.

    They are complaining of China right now as Currency Manipulator…… , Because China has seen that she can not count on the Western Countries for Development she has look and finally found her Path Way to Development and Economic Growth…… And today China is second leading economy in the World

    These Dictators and Power mongers in the names of President be aware and be-warn

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