The West African nations in the CFA zone are required to deposit 50% of their foreign exchange reserves in a special French Treasury “operating account”. At one point it was 100%!
To this day African countries such as Mali, Cote d’Ivoire, Cameroon and Gabon, are required to deposit two-thirds of their foreign exchange surpluses into a French operations account.
The rest of the continent has so far remained largely immune from the contagion of international criminal justice sweeping West Africa.
In late 2016 Senegal launched a cryptocurrency for the countries of the West African Monetary Union. This and similar innovations could provide a new infrastructure for economic development across Africa.
The lease on the only permanent US military base in Africa, Camp Lemonnier in Djibouti is $63M a year. China, building its own facility at the other end of the Gulf of Tadjoura, gets a bargain at $20M