• Senegal launches 200 billion CFA bond in UEMOA
• Proceeds to fund 2026 budget, transformation agenda
• IMF flags debt at 132% of GDP

Senegal on Thursday launched its first public bond offering of 2026, seeking to raise 200 billion CFA francs ($360 million) from investors across the West African Economic and Monetary Union (UEMOA).

Proceeds from the offering, arranged by investment firm Invictus Capital & Finance, will help finance the 2026 budget.

The draft budget sets spending at 7,433.9 billion CFA francs ($13.4 billion), up 12.4% from 2025.

Part of the funds will also support the National Transformation Agenda, a government programme aimed at financing structural projects and reforms to raise living standards and support economic growth.

The Finance Ministry said the issuance aligns with its medium-term debt management strategy and supports development of the regional debt market, reinforcing Senegal’s position within UEMOA.

The new borrowing will add to debt levels the International Monetary Fund has described as high risk. The IMF estimates total public debt, including state-owned enterprises, stood at about 132% of GDP at end-2024.

The debt situation worsened in mid-2024 after authorities disclosed significant underreporting of budget deficits and debt. The Court of Auditors later said 2023 public debt exceeded previously published figures by 25 percentage points of GDP.

In 2025, Senegal raised 4,004 billion CFA francs on the regional market. While that helped cover immediate financing needs, investors are closely watching a March 2026 deadline for repayment of a 1 billion euro Eurobond.

Sandrine Gaingne