Opinion: The ECO seems like halfbaked CFA
By my reckoning, the rebranding of Central African Franc (CFA), which was the relic of the colonial French rule in Western African states. During the last few 48 hours, there is news of a new currency, which has implications, but also imperfections.
The ones praising this move is naive. The reason is simple, Emmanuel Macron or the French is still not giving way to power nor influence. They are still having their hand in the cookie jar. They are still involved with the inner-works of the financial sphere of the former colonies. They are maybe stopping the control directly from the National Bank of the French.
This move is to ease the pain of the past, but still the French and the European Union will have their stakes in it. As the pegged currency will be accordingly traded towards the Euro. A Euro, which the French has influence over in the EU. Therefore, the former colonies and the ones accepting this “ECO” Currency are accepting control from Paris and Brussels still.
They are maybe done with the regulations of CFA and the banking system as known today. But the ECO will be measured after the Euro. This is all a condition, that still benefits the former colonizer. If it wouldn’t, he wouldn’t have accepted it. Not like the French wants to loose influence nor the ability to easy trade with former colonizes. Why do you think most of the cars in Tunisia is French and not a random Skoda?
With that in mind, the ECOWAS was not launching this, but Macron was. Therefore, the whole thing seems like ploy to leave one relic behind, hoping people would be so happy that they don’t look into the mechanisms of the new currency. Not like the French would ever drop influence nor their strong hand over Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal & Togo. All of these will still be semi-controlled by Paris.
I have a hard time believing the intent of the French is to give way. No, this is just a shift to extend their power and find new measures to secure it. By remaking the former currency and the monetary union these nations have. Not like they are suddenly creating their own or having 8 separate ones. If they did that, then it might been significant. Where the own national banks, together with Ministry of Finance would make and ensure the safety of own national currency accordingly and necessary for their own Republic.
To remake and rename, only questions the motives behind the move. Other, than trying to clean the dirt of your hands and call it good days work. After years of questioning the currency and the stranglehold of these Republics. By having appointed men in their National Banks and having their gold in Paris.
I lack faith, but I am also very cynical about it. I’m not easily buying into it. I am hopefully wrong. Until the measures, until the mechanisms are all out and the proof of a vital change. It just seems like a small ploy to trigger hope for a difference, when its really just a new name and the same landlord over it. Its still the same farm and the same output, but the master just renamed the land differently. Peace.