It is estimated that France now holds nearly $500 billion every year of African countries’ money in its treasury and will do anything to keep it. Moreover, the African countries do not have access to this money – These are Benin, Burkina Faso, Senegal, Cote d’Ivoire, Mali, Niger, Togo, Cameroon, Central African Republic, Guinea Bissau, Equatorial Guinea, Chad, Congo-Brazaville, and Gabon
In fact France forced its former colonies – CFA countries – to put 65% of their foreign currency reserves into the French Treasury, plus another 20% for financial liabilities, thus leaving them access to only 15% of their own money. If they need more they have to borrow their own money from France at commercial rates. Thus these African states are French taxpayers but their citizens are not French and do not have access to public goods and services their money helps pay for. Do French people know they’re living off the wealth of African countries and have been doing so for over half a century? And if they know, do they care at all?
France has the first right to buy any natural resources found on the territory of its ex-colonies. The African countries are also not allowed to seek other partners freely as the preference is given to French interests and companies in the field of public procurement.
France has an exclusive right to supply military equipment and training to the African military by deploying troops and intervening in the African countries to defend France’s interests.
Moreover, France’s former colonies are forced to use the colonial currency FCFA (the CFA franc) and to send France an annual balance report. Besides, they are obliged to ally only with France during a situation of war or crisis.
When those states declared independence from France, the French government put all the former colonies in a group called ‘compulsory solidarities.’ This meant that those independent states would need to pay 65% of foreign currency reserves to the French treasury and 20% for their financial liabilities.
In March 2008, former French President Jacques Chirac said: “Without Africa, France will slide down into the rank of a third [world] power”