Since its creation in 1945, the CFA Franc is considered as “an insult to the sovereignity of the African countries”, according to numerous experts. The offensive against this currency resurfaced on the eve of the last French elections. The leading politicians felt themselves obliged to comment on the issue.
Articles by Donato Ndongo
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The date for the Confederation of African States and monetary union is set for May 2063, when the African Union commemorates the centenary of its foundation as Organisation of African Unity (OAU). Gold Mandela has been chosen as a possible name for the African single currency.
There has long been much polemic surrounding the CFA franc. Is it a symbol of France’s “exploitation and pillaging” in Africa, which has been denounced by demonstrators and many experts who analyse issues affecting this continent. Or, on the contrary, is the CFA franc a guarantee of economic stability and development, as its European and African defenders claim?
LETTER FROM AFRICA | May 20, 2015 | By Donato Ndongo | Europe needs to fix this human tragedy that has meant the death of 23,000 people in the last 13 years. Strengthen borders control and providing charitable assistance to starving sub-Saharan Africans who achieve to reach the rich northern shore after a terrible journey through deserts and seas is not working. Tripling the budget will only raise the price of the seat in a boat.
By Donato Ndongo-Bidyogo | On 24 July, thousands of students took for several hours the precincts of the National University of Equatorial Guinea (UNGE) and made it to the streets of Malabo. An unusual fact, they were demanding the payment of their grants. Although the Army and police forcefully repressed the demonstrations, the government reaction was far from the bloodbath occurred in December 1992, when more than a hundred of students, teachers, opponents and priests were tortured in police stations. Now President Teodoro Obiang hurried to meet the demands of students and national oil company’s GEPETROL workers, who were missing several months’ wages.
MADRID | By Donato Ndongo-Bidyogo | For the last weeks Nigeria has made big headlines due to the kidnapping of more than 200 girls by the Islamist terrorist group Boko Haram. Most of the victims remain missing, as the first African economy faces systemic issues that compromise next year elections.
MADRID | By Donato Ndongo-Bidyogo | Its oil reserves – 15.6 billion barrels, 2.5 million exported daily – and gas (three million cubic meters) make Nigeria the leading African economy, outperforming South Africa. A notable industrial potential, petrochemicals and cinema industries stand out: Nollywood released more than 7,000 movies in the last decade, just surpassed by India (Bollywood) and ahead of the USA (Hollywood).
After 44 years, this former Spanish colony feels tired of Teodoro Obiang’s dictatorship. New times will bring much needed updates to the country’s business sector. Spanish companies have an important role to play, says Donato Ndongo-Bidyogo.