Ndongo Samba Sylla Profile picture
Nov 23, 2022 17 tweets 6 min read Read on X
The #BBC published a piece to “fact check” some claims made on the #CFA franc. Ironically, this piece is full of “fake news”, biased and sloppy statements.
bbc.com/news/63708313
The topic of this piece is a currency supposed to be “African”. It’s “surprising” that the #BBC interviewed or quoted no African, especially those who critically work on it.
The intent behind such kind of exercise is to try indirectly to discredit and delegitimize valid criticisms against the #CFA franc as a colonial currency (same organizing rules since colonial times).
Instead of engaging with the work of African intellectuals and with the fake news propagated by the French government and officials, it has always been easier to “fact check” claims no expert made.
Such kind of exercise could be worthwhile given the extent of “fake news” circulating on social media. But how can we trust those who try to police “fake news” when they themselves produce their own brand of “fake news” in an ideologically-driven way?
“Voluntary” is not the appropriate adjective. Most African leaders who opposed this “currency arrangement” were killed, removed from power or imposed financial sanctions with the complicity of the French government. See our book.
Sloppy: the currency was officially created on December 1945.
False: it’s not individual “African countries” but each of the two central bank issuing the CFA franc – the BCEAO and the BEAC. There is a principle of solidarity/common pooling between Afr. countries in each monetary union (at least for the BCEAO).
BBC does omit that this figure is a nominal interest rate. Real rates have often been negative, i.e, actually “African” central banks have been paying the French Treasury to hold their forex.
This pattern of negative returns in real terms was already observed by the Cameroonian economist Joseph Tchundjang Pouemi in 1980:
Jérôme Bascher, member of the Fr. Senate Finance Committee, on January 28 2021, declared:
"On the [Afr.] foreign exchange reserves placed in the French Treasury, for a long time, the Treasury, and therefore the French Republic, earned a little money on the return on deposits."
This has always been considered “fake news”…when enunciated by African activists and experts. For people like myself, this is a very "minor" aspect our criticism of this colonial currency.
False. The reform only concerned the West African CFA franc, not the “CFA zone”. Still, part of the BCEAO forex that were held at the French Treasury… is now used to buy essentially euro-denominated sovereign debt at real negative interest rates.
Sloppy. Who are the “other economists”?
Anyway: the evolution of real gdp per capita in CFA franc countries has been lower compared to the rest of sub-Saharan Africa. This graph comes from @platanomics
These very poor journalistic standards are often the “norm” when it comes to cover “sensitive” aspects of African relationships with the rest of the world.
Fortunately, there exist few good reporting by independent Western journalists that do not repeat the “fake news” propagated by French officials and their experts.
nybooks.com/articles/2022/…

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More from @nssylla

Aug 12, 2023
Thread: #Democracy in post-independence #Africa. A non-Western-centric view.
My friend @KaiKodden invited me at the Univ of #Bayreuth on May 2022 to deliver a #Masterclass entitled “Rethinking #Democracy & Economic #Liberation in Post-Independence #Africa”. Image
Given the current events in #West #Africa (#Niger), I am happy to have provided students with an alternative (non-Western-centric) view that helps them better understand OUR world. I discussed with them some of the slides below - derived from my earlier work. Image
Intro: “Western Discourse on Democracy as an Epistemicide” (epistemicide = murder of knowledge). Image
Read 18 tweets
Aug 4, 2023
Thread: Debunking some myths about coups in Africa.

edition.cnn.com/2021/09/12/afr…
With the military coups observed in some of the 55 countries of the #African continent, speculations and grandiose statements abound. Most commentators talk about a “return” of coups and #democracy in “retreat”.
This mainstream account (shared by many Africans) is false. Because it does not have the basic facts right. Any investigation should start by having basic facts and concepts right.
Read 25 tweets
Aug 3, 2023
[Thread]: French “aid” to Niger and Monetary Imperialism
edition.cnn.com/2023/07/29/afr…
Reading the media, one gets the impression that Niger, as a country, is a net beneficiary of France's development aid (ODA). Therefore, according to them, Niger will highly suffer from France's decision to suspend its "aid".
Actually #French "aid" (i) is not a NET transfer of resources to #Niger; (ii) it benefits the French economy more than the Nigerien economy and population.
Read 18 tweets
Nov 21, 2022
A video is circulating showing the Italian PM criticize the #CFA franc in very harsh terms. Wow! Has the Far Right suddenly become “anti-imperialist”? Does this criticism make the Far Right an ally for our long time struggles? Below our take with @fpigeaud
Every time the Italian government has been lectured by its French counterpart, especially on migration, raising the CFA franc has been a convenient way for Rome to “retaliate”. This was already the case on January 2019. nytimes.com/2019/01/22/wor…
The #CFA #franc has been a kind of shameful and dirty secret for France. With limited exceptions, the French Left and media have always been silent on this harmful colonial relic and on French Imperialism more generally.
Read 19 tweets
Oct 5, 2022
[Thread] In their official reports, French officials acknowledge the strategic importance of #Africa for Europe’s future. They often subtly reiterate President Mitterrand’s 1957 warning that “Without Africa, France will have no history in the twenty-first century.”
However, they persistently downplay the strategic importance of Africa when speaking on media and social media.
The report below was published in 2013 by the French Senate. It is entitled “Africa is OUR future”. Not Africa is the future of AFRICA. But Africa is the future of FRANCE!
senat.fr/notice-rapport…
Read 10 tweets
Oct 4, 2022
[Thread] Many people say that #France does “no longer” need #Africa. Their argument: France’s declining trade share in the continent, and esp. with the 14 countries still using a colonial currency controlled by the French Treasury, the #CFA #franc.
They stress in particular that Africa represents around 5% of French global trade. So, for them, this is evidence that any claim of French dependence on Africa or #neocolonialism is an exaggeration.
Their argument has a name: the “small ratio argument” (SRA). It was used by those who denied the tremendous economic impact of the slave trade on the economic development of the West. It is now used by the cheerleaders of French #neocolonialism.
Read 23 tweets

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