One of Africa’s leading Economists, Prof. Nicolas Agbohou, has said France is responsible for the underdevelopment and the stunted economic growth in Francophone African countries. “France is using the FCFA currency to stall economic growth in Francophone Africa,” Prof. Agbohou of Ivorian nationality stated during a conference at the Yaounde University I on April 16.

The FCFA which means French currency in Africa (Francs de Cooperation Financiere d’Afrique) the Economist claimed was instituted by the former French President, Charles De Gaulle “to underdevelop Africa.” The vocal professor of Economics said the original meaning of FCFA was “Francs de Colonies Francaise d’Afrique”, loosely translated as Franc for French Colonies in Africa.

“The FCFA is used in 15 Francophone African countries. These countries have grouped themselves into three central banks. These banks include the Bank of Central African States, BEAC, the Bank of West African States, BEAO and the Central Bank of Comoros, BCC,” the Ivorian Economist explained. He said that BEAC covers six countries including Cameroon while BEAO has eight countries.

Prof. Agbohou revealed that each of these Central Banks has a decision-making organ better Known by its French appellation; as “Conseil d’Administration (Board of Directors) which are largely controlled by French nationals. He claimed that the French nationals are the ones who take decisions on the financing of the banks.

Hear him: “The Conseils D’Adminstration of BEAC is made up of 14 representatives. Twelve of them are Africans while the remaining two are French nationals. That of BEAO has 18 representatives including two French nationals.”

He also revealed that the BCC has four French people and eight Africans. He said the French nationals in the boards of the three central banks have powers in such a way that no decision can be taken without their approval. Going by the Professor, decision-making in BEAC is based on the principle of unanimity. This means that there is no way a decision can be taken without the approval of the French nationals.

“This veto power by the French representatives gives them a chance to reject decisions that are contrary to the French interest”, the Professor said. Asked who gave these French nationals the right to be part of these banks, the Professor said he was not aware but stressed that it was a plot by “France through the use of FCFA to highjack economic growth and development in Francophone Africa.”

“There also exist four principles drafted since the colonial era to hamper growth in the Franc zone”, the Professor stated. These principles include; “the principle of centralisation. This principle obliges Francophone African countries to deposit 50 percent of foreign currency earned from imports into the French public treasury, the economist said. Between 1945 and 1973, Africans deposited 100 percent of foreign earnings. The rate dropped to 65 percent between1973 and 2005, and 50 percent from 2005 to 2014.

The principle of convertibility of Francs CFA to Europe provides for Francophone African countries to use the FCFA with Euro. But the Ivorian Economist argued that this freedom is limited because the FCFA used within part of the Franc Zone cannot be used to purchase goods and services in another part of the zone.

Prof. Agbohou, cited Cameroon, Ivory Coast, and other Francophone countries as victims of these principles. He argued that the economic growth of these African countries is low compared to English-speaking African countries like Nigeria and South Africa. To rescue Africa from this economic and social underdevelopment, the Economist proposed the creation of an independent African currency and the industrialisation of Africa.