With a gross domestic product set to grow by an average of 8.5% between now and 2029, alongside significant demographic growth, Senegal and its economy will be faced with a number of new challenges in the years ahead – but the country has a number of assets with which to meet them.

But while major projects, particularly in terms of infrastructure, have been carried out during President Macky Sall’s two terms in office, notably via the Emerging Senegal Plan, there is still work to be done. Most notably, Sall’s successor will have to make “the private sector more transparent” – as Doudou Ka, minister of the economy and planning, points out – in a country where 90% of the working population depends on the informal sector for their livelihood.

This need “to improve the business environment, access to finance and the development of infrastructure” has been highlighted by the International Monetary Fund (IMF), despite the fact that there is no shortage of individual entrepreneurs in Senegal. According to figures from the latest general business census, they constitute almost 60% of the working population. Such structural reforms would also make it possible to continue improving the state’s finances, in particular by “broadening its tax base”, the IMF says.

While the current government has already taken economic measures in this direction, the next government will also be able to count on revenues from hydrocarbons, with the launch of two major offshore fields. But there is no guarantee that these will go ahead without a hitch. The Sangomar oil project, initially scheduled for 2021, has already been postponed three times. It should see the light of day in the first half of this year. In addition, Senegal still needs to adapt to the effects of climate change, with flooding having wreaked havoc in several urban areas.

Solid relations with France

Senegal’s economic boom and the promise of future growth have attracted foreign investors for more than a decade. While some of these have come from the Gulf, China, and Turkey – and despite Sall’s insistence that “Africa is no longer Europe’s exclusive hunting ground” – France remains the country’s leading economic partner. But what ties still bind Paris to its former colony, given that anti-French sentiment seems to have developed within Senegalese society in recent years?

While some experts that we have spoken to believe there is no “deep and significant” resentment in evidence, others have denounced a “stranglehold by French companies on all sectors,” citing Auchan (supermarkets), Eiffage (motorways), Alstom (regional express train), Orange (telecoms) and TotalEnergies (hydrocarbons). But for now, at least, trade between France and Senegal is growing steadily, topping the billion euro mark in 2022.

Against this backdrop, the country has seen the emergence of those keen to assert themselves in the economic debate. From Ousseyni Kane, orchestrator of the Emerging Senegal Plan, to Mame Aby Seye, who stands up for entrepreneurship among women and young people, these figures hold their ambitions high, fuelled by their desire to see Senegal emerge on the world stage.