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      Money, Freedom, a Story of the CFA Franc

      2022 1h 44m Documentary History List
      Reviews Can a country be truly independent if its currency is still controlled by its former colonial oppressors? If Africa is the so-called continent of the future, one must ask: for whom? MONEY, FREEDOM, A STORY OF THE CFA FRANC traces the history of a currency whose roots lie in compensation for slave owners. Originally used by countries in Central and West Africa, the currency was pegged to the French franc. While France publicly touted the CFA as a benefit to developing nations, it effectively robbed them of the ability to control their own monetary policy. MONEY, FREEDOM, A STORY OF THE CFA FRANC features archival footage and interviews with economists, former politicians, bankers, and a colonial administrator. They discuss the CFA franc in the context of a colonial system that destroyed local governance and economic structures and continues to prevent West African nations from reimagining an economy that benefits Africans first. The devastating effects of the currency's devaluation and the IMF's austerity programs in the mid-1990s is explored, followed by its overnight strengthening less than a decade later, when it became tied to the Euro with no input from Africans. At present, the CFA is set to finally be phased out and replaced by a new currency called the ECO, but will this change be anything more than cosmetic? Read More Read Less

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      Synopsis Can a country be truly independent if its currency is still controlled by its former colonial oppressors? If Africa is the so-called continent of the future, one must ask: for whom? MONEY, FREEDOM, A STORY OF THE CFA FRANC traces the history of a currency whose roots lie in compensation for slave owners. Originally used by countries in Central and West Africa, the currency was pegged to the French franc. While France publicly touted the CFA as a benefit to developing nations, it effectively robbed them of the ability to control their own monetary policy. MONEY, FREEDOM, A STORY OF THE CFA FRANC features archival footage and interviews with economists, former politicians, bankers, and a colonial administrator. They discuss the CFA franc in the context of a colonial system that destroyed local governance and economic structures and continues to prevent West African nations from reimagining an economy that benefits Africans first. The devastating effects of the currency's devaluation and the IMF's austerity programs in the mid-1990s is explored, followed by its overnight strengthening less than a decade later, when it became tied to the Euro with no input from Africans. At present, the CFA is set to finally be phased out and replaced by a new currency called the ECO, but will this change be anything more than cosmetic?
      Director
      Katy Léna N'diaye
      Genre
      Documentary, History
      Original Language
      French
      Runtime
      1h 44m