By Africa.com | Created at 2024-12-07 15:06:18 | Updated at 2024-12-22 04:22:15
2 weeks ago
Colonialism officially ended decades ago, but its effects are still felt in some African countries in the form of colonial tax — a system where former French colonies pay money to France. These payments, created during colonial times, continue through agreements made at independence. This system allows France to take about 85% of the annual income from its former colonies. As a result, these African countries struggle financially and have to borrow their own money back from France’s central bank as loans. They can only request up to 20% of the money they sent, and if they ask for more, it can be rejected. France says this system is to cover the cost of infrastructure and buildings it built over 100 years ago.
