the first president of the Republic of Togo, a tiny country in west Africa, found a middle ground solution with the French.
He didn’t want his country to continue to be a french dominion, therefore he refused to sign the colonisation continuation pact De Gaule proposed, but agree to pay an annual debt to France for the so called benefits Togo got from french colonization.
It was the only conditions for the French not to destroy the country before leaving. However, the amount estimated by France was so big that the reimbursement of the so called “colonial debt” was close to 40% of the country budget in 1963.
The financial situation of the newly independent Togo was very unstable, so in order to get out the situation, Olympio decided to get out the french colonial money FCFA (the franc for french african colonies), and issue the country own currency.
On January 13, 1963, three days after he started printing his country own currency, a squad of Togolese soldiers backed by France assassinated the first elected president of newly independent African Country