#africanews #gold #ibrahimtraore Did you know that all Francophone African countries are required to keep half of their reserves in France Central Bank? This was part of the colonial pact signed between France and Francophone Africa before Independence was granted to them. But that’s not all. Did you also know that some African countries like Nigeria and Ghana, have been keeping their gold reserves for safekeeping with the US? It may sound shocking but this has been happening since Independence. However, President Traore of Burkina Faso and some other African countries have recently decided to repatriate their gold and foreign reserves from the US and France. The question is why and why now? Let’s find out.
The colonial pact signed between France and the African colonies maintained French control over the African states' economies. It took possession of their foreign currency reserves. Specifically, all Francophone countries have their national reserves kept by France in the Central Bank of France. According to estimates, France has almost $500 billion in African countries' money in its treasury each year and will go to any length to maintain it. The worst part is that African countries do not have access to this money.
In fact France forced its former colonies to deposit 65% of their foreign currency reserves in the French Treasury, plus another 20% for financial liabilities, leaving them with only 15% of their own money. And if they require additional funds, they must borrow from France at market rates. So, these African republics are French taxpayers, but their populations are not French and do not have access to the public goods and services that their money helps to fund. It's no surprise that France is so developed because they fund themselves with money from Africa. One major question is, "Do French people realise they have been living off the wealth of African countries for over a half-century?" And if they do know, do they care at all?
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