This month, Africa’s Francophone countries will mark the 50th anniversary of their independence, and of the ties they maintain to France. But there isn't much to celebrate.
DAKAR – This month, Africa’s Francophone countries will mark the 50th anniversary of their independence, and of the ties they maintain with France. But is there much to celebrate?
Even before French President Charles de Gaulle took office in 1958, he foresaw the wave of revolutionary nationalism that would soon sweep across Africa, Asia, Latin America, and the Middle East. As French president, he sought to circumvent that tide by proposing to the leaders of France’s African colonies a negotiated settlement for independence.
To accept de Gaulle’s offer, these leaders had to agree, among other things, to allow the stationing of French troops on their territory, provide France with a steady supply of raw materials at pre-determined prices, assume all colonial-era debts incurred by France, maintain the CFA Franc as their common currency, and grant the French Treasury veto authority over their sub-regional central banks. De Gaulle got most of what he wanted, and granted independence.
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Following the latest G20 summit, the G7 should be thinking seriously about deepening its own ties with more non-aligned countries. If the Ukraine war drags on, and if China continues to threaten to take Taiwan by force, the G20 will be split between friends of the BRICS and friends of the G7.
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To prevent catastrophic climate change and accelerate the global transition to a net-zero economy, policymakers and asset owners urgently need to rethink how we channel capital at scale. The key is to develop new financial instruments that are profitable, liquid, and easily accessible to savers and investors globally.
explain what it will take to channel private capital and savings toward sustainable development.
DAKAR – This month, Africa’s Francophone countries will mark the 50th anniversary of their independence, and of the ties they maintain with France. But is there much to celebrate?
Even before French President Charles de Gaulle took office in 1958, he foresaw the wave of revolutionary nationalism that would soon sweep across Africa, Asia, Latin America, and the Middle East. As French president, he sought to circumvent that tide by proposing to the leaders of France’s African colonies a negotiated settlement for independence.
To accept de Gaulle’s offer, these leaders had to agree, among other things, to allow the stationing of French troops on their territory, provide France with a steady supply of raw materials at pre-determined prices, assume all colonial-era debts incurred by France, maintain the CFA Franc as their common currency, and grant the French Treasury veto authority over their sub-regional central banks. De Gaulle got most of what he wanted, and granted independence.
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