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Senegal's government has unveiled a comprehensive 25-year development plan aimed at strengthening economic sovereignty through sustainable resource management, competitiveness, and improved governance. The plan, announced by President Bassirou Diomaye Faye, comes seven months after his election victory and reflects his commitment to boosting the country's economy and improving livelihoods.
Faye criticized Senegal's historic reliance on raw material exports without sufficient local processing, which has left the domestic private sector underdeveloped. His government is determined to build a "diversified and resilient economy" that can better utilize national resources, particularly as the country becomes an oil and gas producer.
The first phase of the plan, spanning 2025-2029, will require $30.1 billion in public, private, and partnership financing. It aims to reduce the budget deficit to 3% of GDP, down from 4.9%, while increasing the tax burden to 21.7% and driving an average growth rate of 6.5%. Key priorities include achieving 100% electricity access and making Senegal energy self-sufficient, leveraging new oil and gas projects such as the Sangomar oil field and Greater Tortue Ahmeyim gas project.
Faye has faced pressure from urban youth who played a pivotal role in his election victory, and resistance from the national assembly, which he dissolved last month, setting the stage for snap legislative elections in November. As Senegal's economic challenges persist, Faye's plan will be critical in fulfilling his promises.
