Ibrahim Traore Just Introduced New Currency Alongside Other Countries
Channel: Africa Reloaded
Date: 2024-04-06

#africanews #newcurrency #ibrahimtraoré 
In an interview in February, the President of Burkina Faso said something very striking that shows that he is a man on a mission to transform Burkina Faso. He said “Perhaps everything we’ve done has surprised you, hasn’t it? Don't worry more changes are coming that might still surprise you. We will break every tie that has kept us in slavery” What an iconic statement. Traore’s statement proves that all that he has done since assuming power in Burkina Faso, was planned and none of those actions were made on impulse. His statement is a slap to the face of those people who say that because he is a military man he doesn't know what he is doing and cannot rule a country. 

As the Captain has said, everything they have done has certainly surprised the world, especially the West, and now they are about to surprise the West, especially France with another move- the creation of a new currency. Captain Traore says the plan is to break all ties that have kept the country in slavery and we can all agree that the CFA Franc, the currency that is currently being used by 14 African countries including Burkina Faso is something that has kept these nations in slavery. Created in 1954 as a currency for all its African colonies, France used this currency to maintain significant economic and political influence over Africa because it had control over the currency’s convertibility and monetary policy. This means that with the aid of the CFA Franc, France could manipulate the money supply, interest rates, and currency valuation across Francophone Africa all the way from Paris. In addition to this, France also controlled the money reserve of Francophone Africa because Francophone Africa was required to at first, put a hundred percent of their money reserve in France's bank. Later on, it changed to 70 percent, and it is currently 50 percent.