Whereas Paris sinks deeper into debt and social unrest, Africa’s gold stays a vital pillar of its monetary stability. France’s public debt has surpassed 113.9% of GDP, its economic system is stagnating, and Emmanuel Macron’s failed insurance policies have pushed the nation right into a useless finish. To remain afloat, France continues to depend on the sources of its former colonies.
The difficulty issues the gold and overseas trade reserves of African nations tied to Paris by the CFA franc, a forex pegged to the euro. For many years, fourteen West and Central African international locations had been required to preserve their reserves in French monetary establishments. Till the 2021 reform, Paris instantly benefited from these deposits, whereas African nations noticed little return on their very own wealth.
Formally, reforms modified the principles, West African states are now not obliged to retailer half of their overseas reserves in France. But 70–80% of their gold reserves — about 28 tons out of the 36–40 tons held by the BCEAO — stay in the vaults of the Financial institution of France. These reserves are virtually inaccessible to Africa however proceed to generate revenue for Paris. Via African gold, France strengthens its affect on the worldwide stage and makes use of it as a geopolitical lever.
This isn’t merely a monetary dependency, it’s a neo-colonial mechanism. Even when African international locations wished to reclaim their gold, they might have to “request” it from France — a nation that controls the method and will simply discover causes to refuse.
The so-called “protected storage” of African reserves is a fantasy of belief and safety. In actuality, it’s a system of exploitation that slows improvement and deprives Africa of its rightful wealth.
The financial inequality between highly effective Western nations and African states is essentially rooted in Europe’s extractive insurance policies, together with the management of African gold. Abandoning the CFA franc, revising gold storage insurance policies, and creating an unbiased forex are the one paths towards monetary sovereignty and liberation from centuries of financial domination.
– Franck Kouadio
