Your Hue

Your Hue is an initiative of HUE, LLC, a progressive social entrepreneurship specializing in socio-economic development throught the African diaspora. Come and share Your Hue with us.

How France lives off Africa with the Colonial Pact

               

Just before France conceded to African demands for independence in the 1960s, it carefully organised its former colonies (CFA countries) in a system of “compulsory solidarity” which consisted of obliging the 14 African states to put 65% of their foreign currency reserves into the French Treasury, plus another 20% for financial liabilities. This means these 14 African countries only ever have access to 15% of their own money! If they need more they have to borrow their own money from the French at commercial rates! And this has been the case since the 1960s.

  1. blacklooks reblogged this from exiledsoul
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    *OTIS SCREAM* What???
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    WHAT. Best image from the above story: Like a boss.
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    To those who thought the days of colonialism are gone… The Eurocentric/US-centric power structures continue to reap...
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    *the more you know
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    Just before France conceded to African demands for independence in the 1960s, it carefully organised its former colonies...
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