France and Africa: a matter of money

The recent hush-hush between Italy and France about immigration from Africa stirred many discussions in the ‘net, with a whole lot of rage and indignation for the harsh words used by the French President and other people related to the French authorities against Italy.

When it comes to Africa and to the complex history between African countries and the former European powers the name of France stands out for a decision made in 1945, right after the Bretton Woods Agreements. They created two brand new currencies, named CFA Franc and CFP Franc, for their colonies with a fixed exchange with the French Franc. The former was created for the African colonies, the latter for the overseas territories (French Polynesia, New Caledonia, Wallis and Futuna). To add a layer of bureaucratic redundancy, CFA Franc was split in West African Franc and Central African Franc.

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