Senegal unveils ambitious 25-year economic transformation plan

Senegal’s government has launched a comprehensive 25-year economic and social development plan, aiming to reshape the nation’s future and address long-standing challenges. The initiative, unveiled by President Bassirou Diomaye Faye, seeks to establish economic sovereignty through enhanced competitiveness, sustainable resource management, and improved governance.

 

The plan’s first phase, spanning 2025-2029, carries a $30.1 billion price tag and targets an average growth rate of 6.5%. It aims to reduce the budget deficit to 3% of GDP and increase the average tax burden to 21.7%. Funding will come from a combination of public, private, and public-private partnership sources.

 

Key objectives include achieving 100% electricity access, attaining energy self-sufficiency, and diversifying the economy beyond raw material exports. The government intends to bolster the domestic private sector and create opportunities for young talent, addressing concerns about unemployment and economic stagnation.

 

The plan’s unveiling comes at a crucial time for Senegal, which recently became an oil producer and is set to commence gas production. It also precedes a snap legislative election, highlighting the administration’s push for political support to implement its vision.

President Faye emphasized the need to move away from an economic model focused on raw material exploitation without significant local processing. The initiative also includes measures to modify the nation’s deficit financing structure and reprofile national debt.

 

As Senegal embarks on this ambitious journey, the government faces the challenge of balancing economic transformation with meeting immediate public expectations and navigating political complexities.