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Senegal’s Macky Sall plans $26bln investment to revive economy

Thursday, 01 October 2020 12:00
Senegal’s Macky Sall plans $26bln investment to revive economy

(Ecofin Agency) - Senegal will soon have a new face. President Macky Sall announced on September 29 plans to revive the economy through major investments in key sectors. This was during a presidential council on the Adjusted and Accelerated Priority Action Plan (PAP2A) for the recovery of the economy.

We will first focus on accelerating food sovereignty by strengthening our autonomy on commodities; we are already on the right track, especially for rice. Sanitary and pharmaceutical sovereignty, economic industrialization and economic digital transformation, [...] will follow,” said Amadou Hott, the Minister of Economy. The government will also continue implementing major infrastructure projects in the country, with increased investment in the hotel industry, tourism, and housing. 

The Senegalese authorities hope the rollout of the PAP2A will make it possible to regain a growth of 5.2% in 2021; a figure that is expected to accelerate and eventually reach double-digit levels within the next three years, according to President Macky Sall.

We will return to GDP growth of around 5.2% in 2021, 7.2% in 2022, and 13.7% in 2023,” he said stressing that this record level would only be possible with the exploitation of gas and oil resources. The government plans to raise one-third of the needed financing from the private sector.

In the meantime, the country has to face the fallouts of the coronavirus pandemic, which continues to be a threat to the economy. The growth outlook for this year dropped to 0.7% against an initial forecast of 6.9%. 

Moutiou Adjibi Nourou

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