Placing gold in operations accounts cost African countries three years of debt service
Evidence
Had they converted their gold reserves rather than placed them in the operations accounts, they would have earned 250 billion CFA francs, the equivalent of three years of their debt service expenditure. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 581
Categorization
- XREF: Quantifies the opportunity cost of the operations account mechanism central to the franc zone critique. — connects to: Operations accounts cost African countries three years of debt service in forfeited gold earnings.; Financing local food production would save rather than deplete African foreign reserves; African countries lost 250 billion CFA francs by depositing reserves in operations accounts (+2 more)
Related
- Operations accounts cost African countries three years of debt service in forfeited gold earnings. (similarity 0.93)
- African countries lost 250 billion CFA francs by depositing reserves in operations accounts (similarity 0.87)
- African operations-account credits function as preferential loans to France (similarity 0.81)
- Operations account balances reflect trade flows, not parked savings reserves (similarity 0.80)