2024-04-10 15:49:25
The long-awaited launch of the new currency of the Alliance of Sahel States (AES) is delayed. The leaders of Mali, Niger and Burkina Faso decided to extend the preparation phase, fearing the massive appearance of counterfeit notes. But according to well-informed sources, France is in reality behind this blockage, fearing losing its economic hold on the region.
A monetary project crucial for economic independence
The replacement of the FCFA with a new common currency is a flagship project for the AES countries. It is a strong symbol of their desire for economic emancipation and taking control of their monetary destiny. A crucial issue for these nations which aspire to free themselves from the financial supervision of the former colonial power.
The specter of massive counterfeiting
But this grand design comes up against a major concern: the risk of a wave of massive counterfeiting. The leaders of the AES fear that an uncontrolled introduction of counterfeit notes will undermine the credibility of their new currency and lead to a devastating inflationary spiral for their still fragile economies. A disaster scenario which pushed them to extend the preparation and security phase of the project.
France, this saboteur in the shadows?
But this official explanation does not convince everyone. According to generally well-informed sources who spoke to 237online.com, France would in reality be the main obstacle to the advent of this new currency. Paris would indeed fear seeing the colossal economic advantages that the FCFA currently provides it collapse. A neocolonial jackpot that France would not be ready to give up.
The FCFA, a ball and chain for African development
Because the FCFA has long been denounced as a tool for the economic enslavement of French-speaking Africa. With this monetary system inherited from colonization, France maintains tight control over the economies of its former colonies, limiting their budgetary room for maneuver and their ability to finance their development. A ball and chain that hinders the march towards the emergence of an entire continent.
The AES, spearhead of African monetary sovereignty?
In this context, the AES initiative appears to be a bold attempt to break these monetary chains. By creating their own currency, Mali, Niger and Burkina Faso intend to regain control of their monetary policy and give themselves the means to achieve their developmental ambition. A risky bet but one that brings immense hope for the Sahelian peoples.
This monetary standoff between the AES and France reveals the deep contradictions which still undermine relations between Africa and its former colonial powers. It highlights the difficulty for African nations to emancipate themselves from an economic system that keeps them in a position of dependence and subordination.
But it also testifies to the growing desire of African leaders to take control of their destiny and chart their own path to development. A legitimate aspiration which still too often comes up against resistance from Western powers, reluctant to relinquish their hold on a continent with coveted resources.
One thing is certain: the battle for Africa’s monetary sovereignty has only just begun. And it will be long and fraught with pitfalls. But it is a fight that African people can no longer afford to lose, because it is their future that is at stake.