The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens, fully supports the February 6th Statement by the Ghanaian Ministry of Finance protesting Moody’s downgrades to CAA1 of Ghana’s Long-Term Issuer and Senior Unsecured Bond Ratings.

Voilà bientôt trois ans que ce livre a été publié. Il a même été récemment traduit en italien et en anglais, preuve de l’actualité et de l’intérêt du sujet dont[1] la pertinence n’est plus à démontrer. Parce qu’il pose de manière claire et pédagogique les termes d’un débat fondamental jusque-là largement escamoté, le livre de F. Pigeaud et N. S. Sylla mérite d’être lu et relu. Nous insistons sur l’emploi du qualificatif « fondamental », car la zone franc constitue quasiment le dernier archétype d’un dispositif monétaire néocolonial : d’où le titre de l’ouvrage publié chez Pluto Press qui nous apparaît davantage correspondre à la démonstration de l’ouvrage: Africa’s last colonial Currency. The CFA Franc Story.

In “Africa’s Last Colonial Currency: The CFA Franc Story,” Fanny Pigeaud and Ndongo Samba Sylla highlight the monetary side of French neo-colonialism in Africa, while emphasizing that “There is nothing more ‘political’ than money.” Sylla and Pigeaud provide an overview of the history of the CFA franc, its colonial origins, how it operates both technically and politically, and proposals for more democratic and development-oriented alternatives. They do so in a clear and accessible way that explains basic concepts like foreign exchange rate markets and regimes. This book both reflects and contributes to the growing opposition to the CFA franc. The CFA’s functioning is obscure even in France and the CFA zone member countries; therefore, this newly translated edition is valuable and timely. It helps expand the number of Africans that can meaningfully participate in these crucial debates about the future course of the continent’s development.

In reading Pigeaud and Sylla’s Africa’s Last Colonial Currency: The CFA Franc Story I could not help but think of the word doublespeak which refers to a kind of “language used to deceive usually through concealment or misrepresentation of truth.” Deployed by the American linguistic scholar William Lutz and others doublethink is the kind of manipulation of language and thought, so eloquently deployed by George Orwell in his dystopian novel1984, as a way of maintaining political control. As Orwell argued in his essay “Politics and the English Language” political language and the exercise of power consist “largely of euphemism, question-begging and sheer cloudy vagueness,” while providing “largely the defence of the indefensible.” Orwell’s insight is very applicable to the ways in which political control undergirds economic arrangements as Pigeaud and Sylla’s book discusses.

In our book, we tried to explain the circumstances in which this politico-monetary arrangement was created, how it works, what changes it has undergone, what purposes it serves, what benefits France derives from it, and how it handicaps the development of African countries that use it. While tracing the long history of repression against African political leaders and intellectuals who strove for the monetary liberation of French-speaking Africa, we have not forgotten to mention the recent movements on the continent and in its diaspora that are calling for the end of the CFA franc. Faced with the criticism that the opponents of the CFA franc have no serious alternative to propose, we show that African economists such as the Franco-Egyptian Samir Amin, the Senegalese Mamadou Diarra and the Cameroonian Joseph Tchundjang Pouemi, among others, had outlined different options for leaving this colonial device from the end of the 1960s, that is to say, well before the formulation from 1983 of a single currency project for West Africa.

Marking the first African sovereign debt default in the year 2022, UMOA-Titres, the West African market for government securities announced that Mali reneged on its obligation to service treasury bonds that matured on January 2022 in the value of the 15.6 billion CFA francs ($26.6 million). This is only one of a number of treasury bonds default projected to be in the total sum of over $31 million.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

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