https://en.sputniknews.africa/20240609/fa-franc-hinders-african-countries-development-chadian-expert-says-1066944347.html
СFA Franc Hinders African Countries' Development, Chadian Expert Says
СFA Franc Hinders African Countries' Development, Chadian Expert Says
Sputnik Africa
The CFA Franc is a currency used by several West African and Central African countries. It stands for "Franc de la Communauté Financière d'Afrique" (French for... 09.06.2024, Sputnik Africa
2024-06-09T13:34+0200
2024-06-09T13:34+0200
2024-06-10T12:23+0200
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FA franc hinders African countries' development, Ahmat Tahir Bakhit, the head of the Russian House in Chad, told Sputnik Africa on the sidelines of the 2024 St. Petersburg International Economic Forum (SPIEF), arguing that of the states that use this currency "imposed by another power," many are "the poorest in the world today."Bakhit appreciated the idea of creating a BRICS currency "that does not depend on the dollar" and thus could reduce dependence on the United States.The other point for the group is that in terms of GDP and industry, "these are the most industrialized countries in the world today," the representative of the Russian House in Chad added.There are even European countries "allied with the West that hope to join the BRICS, but they can't voice their intention for fear of sanctions," he said.
https://en.sputniknews.africa/20240608/west-must-pay-debt-for-centuries-of-exploitation-of-africa-russian-foreign-ministry-spokeswoman-1066940897.html
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СFA Franc Hinders African Countries' Development, Chadian Expert Says
13:34 09.06.2024 (Updated: 12:23 10.06.2024) Muhammad Nooh Osman
Writer/Editor
The CFA Franc is a currency used by several West African and Central African countries. It stands for "Franc de la Communauté Financière d'Afrique" (French for "Franc of the African Financial Community"). The currency is managed by the French Treasury and is backed by a guarantee of convertibility into euros.
FA franc hinders African countries' development, Ahmat Tahir Bakhit, the head of the Russian House in Chad, told Sputnik Africa on the sidelines of the 2024 St. Petersburg International Economic Forum (SPIEF), arguing that of the states that use this currency "imposed by another power," many are "the poorest in the world today."
"We can't cooperate with Russia or China if France doesn't give us permission. If France isn't happy, if it's angry with this or that African country, it can block all investments; it can freeze the accounts of these states," Bakhit explained.
Bakhit appreciated the idea of creating a BRICS currency "that does not depend on the dollar" and thus could reduce dependence on the United States.
"BRICS is the future of the world. One of the reasons for this is that the member countries "do not interfere in the internal affairs of others" and have never "exercised colonial practices," Bakhit said.
The other point for the group is that in terms of GDP and industry, "these are the most industrialized countries in the world today," the representative of the Russian House in Chad added.
There are even European countries "allied with the West that hope to join the BRICS, but they can't voice their intention for fear of sanctions," he said.
