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Zmeselo
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Posts: 16794
Joined: 30 Jul 2010, 20:43

Benin President Orders Economic Decolonization From France

Post by Zmeselo » 10 Nov 2019, 20:07



Benin President Orders Economic Decolonization From France



By Staff Writer

https://taarifa.rw/benin-president-orde ... om-france/

November 8, 2019

For the first time a Head of State from Africa’s CFA currency region has openly spoken about a very politically and economically sensitive subject that could ruin relationship with colonial master, France.

President Patrice Talon has ordered that his country’s foreign currency reserves colonially deposited in French Central Bank be immediately withdrawn. Such a decision has been a taboo and no other french colony has ever done this.

All CFA zone countries are former colonies of France and have historically deposited their foreign exchange reserves to Banque de France. This has been an unchangeable rule for decades but the Benin leader seems to have a different route he wants to take his country.

These reserves are an insurance that guarantees the stability of the CFA and therefore the control of inflation.

In early October, French Finance Minister Bruno Le Maire said Paris was open to an “ambitious reform” of the CFA franc and that it was up to the countries that share the currency to decide what they want.

Countries in the western Africa Economic bloc ECOWAS are introducing a new currency known as eco and will replace other currencies in this part of the continent which unavoidably will affect the colonial era CFA currency.

What will change is that the banks in the West African CFA zone will have to manage all their foreign exchange reserves. A kind of monetary independence that demands a part of the opinion in the region.



However, international law experts argue that the decision by President Talon may encounter some legal hurdles before his decision is effected.

Martial Ze Belinga an expert says there is a legal framework that sets obligations to raise at least 50% of reserves to the French Treasury. Now, there is a political decision.
It will be necessary to negotiate, to enter into discussion to get the African reserves out of the Treasury. So it may take a while, but the process is ongoing,
he said while appearing on a French TV.

French politicians say President Talon’s move to withdraw from Banque du France may also trigger a political blockade.
For a long time, 100% of the reserves in the CFA area were kept in the French Treasury. And even when we went to 65% in the 1970s, African central banks continued to pay almost 100% to the French Treasury. So, anyway, it is an annuity and it is part of the colonial rents undoubtedly.
We must build win-win games now. And old models will not work. They will no longer work between Africans and Europe, between Africans and the rest of the world, but they will not work anymore.

Temt
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Joined: 04 Jun 2013, 22:23

Re: Benin President Orders Economic Decolonization From France

Post by Temt » 10 Nov 2019, 20:51

It is better late than never. It is a good start, President Patrice Talone. Wasn't it crazy to see a former colonial master still as your boss in these days and age? That is a shame.

Zmeselo
Senior Member
Posts: 16794
Joined: 30 Jul 2010, 20:43

Re: Benin President Orders Economic Decolonization From France

Post by Zmeselo » 10 Nov 2019, 21:39

Temt wrote:
10 Nov 2019, 20:51
It is better late than never. It is a good start, President Patrice Talone. Wasn't it crazy to see a former colonial master still as your boss in these days and age? That is a shame.
Yes, bro!

It's time for the other francophone countries leaders to follow his example now, & not chicken out.

Digital Weyane
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Posts: 979
Joined: 19 Jun 2019, 21:45

Re: Benin President Orders Economic Decolonization From France

Post by Digital Weyane » 10 Nov 2019, 22:08

We Weyane have been warning the Western world about the danger Eritrea poses for their neo-colonial rule in Africa by spreading its sphere of influence throughout the continent. Sure enough, the Wesf'aatam Benin is now misbehaving like the Shabo Eritreans by rebelling against the colonial norms and values that helped sustain the luxurious lifestyle the wonderful French people are accustomed to.

The good news is, this will open up a new opportunity for us Weyane to offer our expertise in fighting against African countries that refuse to recognize Europeans as a superior race.

Sanction the Wesf'attam Benin Now! :evil: :evil:

Zmeselo
Senior Member
Posts: 16794
Joined: 30 Jul 2010, 20:43

Re: Benin President Orders Economic Decolonization From France

Post by Zmeselo » Yesterday, 13:59





France

France puzzled over 'very pure' cocaine washing up on Atlantic coast

Rennes’ public prosecutor warns people who spot packages to refrain from touching them

Angelique Chrisafis in Paris

https://www.theguardian.com/world/2019/ ... ntic-coast

Mon 11 Nov 2019

French police are investigating how a “significant amount” of cocaine and other drugs have washed up on beaches along the Atlantic coast in recent weeks. New packages continue to appear daily.

The cocaine is particularly pure and therefore dangerous, according to the prosecutor’s office in the western city of Rennes, who urged people who spot packages not to touch them but immediately call the police.
Suspect packages have been found on all beaches ... from the Loire-Atlantique department down to the Landes department [a strip of coast of more than 500km],
the prosecutor’s office said.

About 14kg in drug packages were found on Pornic beach in the Loire-Atlantique on Sunday alone.

In total, more than 760kg of drug parcels with a potential value of about €60m (£52m) have washed up on the coast thickly wrapped in clear or black plastic.

Philippe Astruc, the Rennes public prosecutor, said the packages “very probably” contained cocaine from South America.
It’s a very pure product that must not be consumed in this form because there is a very high risk of overdose,
he told France 2 https://www.theguardian.com/world/france TV.
There is absolutely an immediate health risk.
Police are investigating whether a drug traffickers’ boat hit a storm or ran into trouble and released its cargo.

Sud Ouest newspaper reported that two people out walking discovered two packages on the beach at Arcachon, south-west of Bordeaux, on Friday containing 3kg of cocaine.

It said some of the packages were marked “diamante” or “brillante”, similar to packages reported to have washed up in Florida during Hurricane Dorian https://www.theguardian.com/world/2019/ ... ion-latest in September.

French police have contacted Florida authorities asking for their input into their investigation.

A source close to the inquiry told AFP that tides started washing up the packages a month ago on beaches stretching from Nantes to as far south as the resort town of Biarritz.

Local media reported finds of drug packages on beaches in La Rochelle and north of Arcachon, warning that people should not pick them up as they would be running a significant legal risk of a 10-year prison term for handling the drugs.

French police and customs officers regularly investigate drugs entering the country by sea routes, particularly via ports such as Saint-Nazaire or Le Havre. About 680kg of drugs were seized from a container in Le Havre last week.

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