Africa’s moment of emancipation-The French connection
In view of Africa’s promising prospects analysts from the Region are challenging the traditional dependencies from the West. Specifically the relation of the 14states, mostly former French colonies, that participate in the Franc Zone, using the CFA franc a convertible common currency pegged to the euro, is criticized to hold the area out of the present favorable momentum that opens Africa to International capital especially to Chinese capital. The overvalued CFA franc isolates the zone from the buoyant progress that other countries in the continent have benefited from Chinese involvement. It breeds “structural fiscal deficits, excessive reliance on imports, endemic corruption, money laundering, narcotics trafficking, and massive capital flight”.