Franco valuta exporters exploited the parallel exchange rate

Evidence

It is important to bear in mind that independent financing and development cannot take place without an independent currency. ‘A monetary system supported by the resources of a foreign state is ipso facto subordinated to the trade and financial arrangements of that foreign country’, said the president of Ghana Kwame Nkrumah at the first summit of the Organisation of African Unity (OAU), on 24 May 1963. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369 (#exemplifies, via linked claim)

‘France is the only country in the world to have succeeded in the extraordinary feat of circulating its currency, and only its currency, in politically free countries’, the Cameroonian economist Joseph Tchundjang Pouemi observed in 1980. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 130 (#exemplifies, via linked claim)

Categorization

• XREF: connects to: Foreign-backed monetary systems subordinate a state to that foreign country. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369; France uniquely maintained its currency in politically independent countries — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 130; Global wage suppression was engineered to boost dollar profit rates — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 199

Related

• France uniquely maintained its currency in politically independent countries (similarity 0.87)
• Foreign-backed monetary systems subordinate a state to that foreign country. (similarity 0.84)
• Nkrumah in 1963 declared foreign-backed monetary systems subordinate to that country’s interests (similarity 0.84)
• Colonial-era monetary system survived into independence as four interlocked principles (similarity 0.83)
• The Balladur doctrine made loans contingent on accepting devaluation (similarity 0.83)
• The colonial vertical-integration trade model persists despite reoriented trading partners (similarity 0.83)
• Post-colonial monetary unions survived only in the franc zone and small dependencies (similarity 0.82)
• France alone preserved its monetary empire after its African colonies gained independence (similarity 0.81)
• Portugal replicated France’s currency cooperation model with Cabo Verde. (similarity 0.81)
• France granted African states nominal monetary rights while denying them in practice (similarity 0.81)
• The currency was the core mechanism of French control despite formal sovereignty. (similarity 0.81)
• Currency independence alone cannot succeed without a self-centred development model (similarity 0.81)
• The CFA franc gives France instruments to control the politics of 15 African states. (similarity 0.80)
• Nkrumah warned in 1963 that foreign-backed currencies subordinate African states (similarity 0.80)
• France avoided needing dollars to buy from CFA-zone countries. (similarity 0.80)

Broader Connections

• Foreign-backed monetary systems subordinate a state to that foreign country. #exemplifies (0.55) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369
• France uniquely maintained its currency in politically independent countries #exemplifies (0.50) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 130