Did you know many African countries continue to pay colonial tax to France since their independence till today?
14 African countries, mostly in West Africa, are forced by France through a colonial pact with overt and covert means to deposit 65% (down from 100% where it started) of their foreign exchange reserves, and all revenues earned outside of the french colonial money zone called CFA, into a Central Bank in France.
These countries have to keep not only 65% of their foreign exchange reserves in an “operations account” held at the French Treasury, but also another 20% to cover they call financial liabilities.
The 14 African countries don’t have access to that money. France allows them to access only 15% of the money in any given year. If they need more than that, they have to borrow the extra money from their own 65% from the French Treasury at commercial rates, while France itself only pays those countries a flat 0.75% interest rate on their deposit, while investing the reserve money in stocks market mainly at the Paris Stock Exchange called “Bourse de Paris”.
To make things more tragic, France impose a cap on the amount of money the countries could borrow from the reserve. The cap is fixed at 20% of their public revenue in the preceding year. If the countries need to borrow more than 20% of their own money, France has a veto.
As unbelievable as this may seem, till today France still is holding the national reserves of fourteen african countries since 1961: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.
You can read more on the french colonial tax here : http://www.siliconafrica.com/france-colonial-tax/
Many Africans at home and in the diaspora are utterly outraged, and slowly have come up with the idea to make a movie to educate Africans, its diaspora and its sympathizers in order to galvanize a force strong enough to stop this from happening.
The main goals of the movie project are:
– Social media accounts with millions of followers
– Petition to USA’s congress/ the White House
– Professional videos informing persons and what they can do to help
The movie project team is led by Craig Harewood, an investment manager at OurInterest Inc’s. He holds a Degree in Economics and Law with 7 years of Forex trading experience.
His previous work experiences include the position of managing director at KissBarbados Inc for 4 years, which involved a wide range of IT and Business Consulting. He has also worked as a trader for Prime Trade Fx, a Chinese brokerage company and currently advises the company on trades periodically.
As noticeable achievement, Mr. Harewood defined and constructed OurInterest Inc‘s proprietary econometric models and the in-house technical and fundamental models which provide clear entry and exit strategies in targeted markets.
Craig enjoys helping persons in what ever capacity he can. Mr. Harewood could be reached by email at firstname.lastname@example.org.
In order for the project to be a success the team would need the following volunteers.
#1. 1st Assistant Camera – this person will own or have access to a professional camera and be able to identify subjects willing and suitable to be interviewed in one of the respective countries. If you are based outside of Africa you will be asked to interview at least one countryman of one of the countries involved.
#2. Casting Director/cinematographer – This person’s role will be to help the assistant cameraman finalize the persons to be interviewed and fine tune the look and feel of the work been done by all of the assistant camera persons. Although work is or will be submitted via different lenses and different locations it will still look cohesive.
#3. Choreographer – this person ensures that the story flows naturally and evokes the desired emotions.
#4. Video editor – edit any nuances in the videos; unwanted features pinpointing the location of shoot etc.
#5. Online marketers – Assist and execute online strategy
#6. Financial Sponsors – these persons will contribute financial donations
#7. Online Sponsors – assist with the dissemination of information via social networks.
It is important to note that we don’t expect any violence from France towards this project; however it should be noted generally that we can’t assure the safety of any of the volunteers, while carrying out this work.
This is a call to all courageous African panafricanists, all friends of Africa to get together and work to end another modern days slavery in Africa.