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Mali’s transitional president Assimi Goita recently accused France of trying to destabilize the Malian economy by printing counterfeit CFA franc notes. He compared the approach to that used against Sékou Touré’s Guinea in 1960. The controversial statement was made during a speech in Sikasso, highlighting the growing distrust of the former colonial power.
Speaking in Sikasso on 22 June, the Malian head of state noted that the same tactics had been used against Guinea in 1960. He went on to identify the action as part of what he called the “three categories of terrorism” that Mali must confront.
all these are:
armed terrorism;
media terrorism (lies and fake news “turning us against each other”);
Economic terrorism.
As an example of this situation, Mr. Goita mentioned that Bamako had to turn to Guinea for trade after ECOWAS imposed sanctions on Mali in 2022. At that time, port fees for Malians in Guinea were three times higher.
Finally, Malian leaders called for abandoning the CFA franc, known as a colonial currency, and pleaded for the adoption of a local currency.
A Historical Review of the Guinea Incident
In 1960, during the presidency of Ahmed Sékou Touré, Guinea experienced a French-orchestrated attempt to destabilize its economy, particularly through the creation and distribution of counterfeit currency. Known as Operation Persil, the effort was designed to provoke hyperinflation and undermine the newly independent regime of Touré, who chose to withdraw from the CFA franc zone in favor of a national currency. This currency conflict illustrates a period of tension as Guinea sought to establish self-government in the face of external influences, particularly those of its former colonizers.
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