Economic Challenges in Senegal

Senegal is facing significant economic challenges, with the country's economy ranking fourth in West Africa. Both the ruling coalition and the opposition are focusing on issues such as unemployment, sources of wealth, inflation, and currency decline to attract voters.

President Mekki Sall's Development Vision

President Mekki Sall has introduced a development vision called "Agenda Senegal Emerging". This plan objectives to convert the economy through strengthening import and export boom engines, increasing the hard work market, improving dwelling conditions, reaching social equality, and enhancing governance and protection.

Obstacles to Economic Growth

Factors like the COVID-19 pandemic and the Russian conflict on Ukraine have bogged down Senegal's financial boom. Despite those demanding situations, the USA’s economy is expected to benefit from the oil and fuel sectors

Oil and Gas Production

Senegal is set to become a major player in natural gas production. The government forecasts the production of oil and gas from the Singomar field, with plans for a floating production storage unit named after the country's first president. However, disputes with companies like BP have affected gas production contracts.

Unemployment and Labor Market

Unemployment is a pressing issue in Senegal, with rates reaching 19.5%. The government is working on strategies to address this issue and reduce illegal immigration.

Improving Wages and Borrowing

The government has raised public and private sector wages to combat the living crisis. Despite inflation and high prices, economic growth is expected to stabilize with the help of IMF loans and structural reforms.

Opposition and Ruling Coalition Programs

The opposition and ruling coalition have different approaches to economic policies, with a focus on currency reform and shared prosperity.

Source: Al Jazeera