CFA Franc : Pompidou reminds Eyadema the “limits” of sovereignty

Georges Pompidou and Gnassingbe Eyadema. Photo: RR

NEWSROOM (ADV) – On 23 November 1972 in Lomé, during the welcoming banquet speeches, Togolese President Gnassingbe Eyadema asked his French counterpart Georges Pompidou to review the parity between the CFA Franc and the former French Francs.

“It’s a question of justice,” dares Eyadema who calls for “an exhaustive study based on objective criteria” to determine “a new parity more favorable to our peoples”.

The response of the tenant of the Elysee is violent: the independence and sovereignty that can claim others has its limits in the guarantee given by the French state, he says, visibly irritated by this “affront”. “Following your words, Mr. President, it is obvious that the CFA Franc would collapse if France withdrew its guarantee,” says Pompidou who, like Macron, was an executive at Rothschild before becoming President of the Republic.

Nearly 47 years after this bitter-sweet exchange, which at the time led to a revision of the monetary cooperation agreements in 1973, the debate remains. How is the fixed parity rate between the two currencies determined? What is the cost of this “solidarity” that stinks the scam? What effect does this colonial currency have on the economy?

France is ready for the evolutions of this currency, declared Pompidou. An assurance reiterated by François Hollande and his successor Emmanuel Macron. Under the guise of “guarantee”, Paris continues shamefully to exploit its former colonies.

Luigi Di Maio, Italian Deputy Prime Minister and leader of the five-star populist movement, blamed France for impoverishing Africa and encouraging migration to Europe. He accused the French government of manipulating the economies of former French colonies in Africa through the CFA franc.

“France is one of those countries that, by issuing a currency for 14 African countries, prevents their economic development and contributes to the fact that refugees leave their countries and then die at sea or arrive on our shores”, said Mr. Di Maio.

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