This blew my mind!
Of the top 20 countries in the world with the highest inflation rates, 10 are from Africa! Interestingly, only ONE of these countries, Congo, in 19th positon, uses the French "colonial money".
Shouldn't we actually be thankful for the #CFA Franc?
Asking in good faith.
That’s not good news - ty for sharing that
Wow very surprised. Was led to believe much bigger issue.
Poor credit ratings and awful IMF loans, gold purchases by the US for freshly printed dollars, and France's first buying rights deflationary force are also factors to bring into this. Sheer inflation indexation is a poor measure for anything. I think the CFA is a crime and the French people are oblivious as to what their socialist society really runs on.
Honestly, I think the conditions for the IMF loans are equally bad for all countries.
Also, I checked the credit ratings, and in the African top 10, there are of course the usual suspects, but nevertheless 3 CFA countries!
https://tradingeconomics.com/country-list/rating?continent=africa
The other side of the CFA debate is equally fascinating.
According to Cheikh Ahmed Bamba Diagne in his very informative and factual article (2019): "The West African Economic and Monetary Union is the most... stable monetary zone in... the world." 🤯
https://theconversation.com/why-abandoning-the-cfa-franc-would-be-a-risky-operation-120551
I'll add this personal opinion: most anti-CFA activists on the ground (one of them is mentioned in the article) do not understand bitcoin, or share the same ideas of freedom, privacy, sovereignty, responsibility etc that many bitcoiners value. Their dream of a "Pan-African currency" is exactly the antithesis of what we stand for, I'm convinced it's a very dangerous idea.
