When in the late 1980s and 1990s the International Monetary Fund (IMF) and the World Bank saddled African countries with what was called Structural Adjustment Programs (SAPs), the Socialist president of
France, Francois Mitterrand, was one of its ardent defenders. I remember that at the time the SAPs was forced on Cameroonians, the French thought that it would be better to devalue Cameroon's currency, the CFA Franc, which was pegged to the French Franc at the time. So the CFA was devalued by 50% and, coupled with other austerity measures, Cameroon's economy went south. Many lost their jobs and the rate of deaths in many communities increased. To this day, many Cameroonians and Africans have not recovered from the murderous effects of the SAPs.
At the time of this austerity, Cameroonians were calling for government accountability and the institution of multiparty politics in the country. It was the French, under the leadership of a socialist president, Francois Mitterrand, who dolled out money and arms to Paul Biya, Cameroon's dictator, to suppress demonstrations in the country. Paul Biya even boasted at the time that he was the best pupil of Francois Mitterrand. Today, he is still the president of Cameroon and still being supported by the French military.
However, when a similar austerity is visited on France in the last year or so, the French elected a socialist president, Francois Hollande, who rejects austerity. Thus, for the French, austerity is a dirty word; however, the very French people would love to see austerity saddled on the Cameroonian people.
France, Francois Mitterrand, was one of its ardent defenders. I remember that at the time the SAPs was forced on Cameroonians, the French thought that it would be better to devalue Cameroon's currency, the CFA Franc, which was pegged to the French Franc at the time. So the CFA was devalued by 50% and, coupled with other austerity measures, Cameroon's economy went south. Many lost their jobs and the rate of deaths in many communities increased. To this day, many Cameroonians and Africans have not recovered from the murderous effects of the SAPs.
At the time of this austerity, Cameroonians were calling for government accountability and the institution of multiparty politics in the country. It was the French, under the leadership of a socialist president, Francois Mitterrand, who dolled out money and arms to Paul Biya, Cameroon's dictator, to suppress demonstrations in the country. Paul Biya even boasted at the time that he was the best pupil of Francois Mitterrand. Today, he is still the president of Cameroon and still being supported by the French military.
However, when a similar austerity is visited on France in the last year or so, the French elected a socialist president, Francois Hollande, who rejects austerity. Thus, for the French, austerity is a dirty word; however, the very French people would love to see austerity saddled on the Cameroonian people.
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