Browsing: Senegal

• Authorities need to rework Senegal’s program with the IMF after an audit revealed a higher budget and debt deficit than previously reported.
• During former President Macky Sall’s rule, a review of Senegal’s finances showed that the country’s public and budget deficit was more than 10 percent of the gross domestic product, almost double the 5.5 percent reported under Sall.
• Shortly after taking office, President Faye initiated a review of Senegal’s natural resources sector.

Reworking Senegal’s program with the IMF

Senegal needs to rework its program with the International Monetary Fund after an audit revealed a higher budget and debt deficit than previously reported.

Senegalese authorities hope to meet all the prerequisite conditions to reach a new agreement with the IMF by Q1 2025. This is according to Senegal’s Finance Minister Cheikh Diba, who attended the IMF’s annual meeting in Washington.

“The current program must be updated,” Diba said. “We’re in …

• The Senegal 2050 plan seeks to address the economy’s weaknesses and position the West African nation as a diversified and dynamic economy in the coming decades.
• At the heart of the Senegal 2050 plan is a commitment to green energy and infrastructure advancement.
• The strategy encompasses substantial enhancements in healthcare, guaranteeing that a healthier populace boosts productivity and innovation.

Over the last decade, Senegal’s economy has remained strong, supported by major sectors, including agriculture, mining, and services. The country’s GDP growth has remained consistently strong compared to regional averages.

Infrastructure projects, enhanced business regulations, and robust regional trade connections are among the pillars contributing to Senegal’s stable GDP. As a member of the West African Economic and Monetary Union (WAEMU), Senegal also benefits from a stable currency hedged to the euro, which helps control inflation and provides a reliable investment environment.

Like many African countries, Senegal grapples with …

• Moody’s has affirmed the long-term foreign-currency issuer rating of the Emerging Africa Infrastructure Fund (EAIF), a multi-donor financing mobilizer at A2, with a stable outlook.
• EAIF says this endorsement is a pointer to its strong capital position and highly rated shareholder base.
• Founded in 1991, EAIF says has concluded nine rounds of raising funds for infrastructure development in the past two decades.

Global rating agency Moody’s has affirmed the Emerging Africa Infrastructure Fund (EAIF) long-term foreign-currency issuer rating at A2, with a stable outlook.

According to the Jo’burg-based fund, this endorsement signals its “strong capital position, and highly rated shareholder base,” a pointer to resilience in Africa’s infrastructure financing market.

“We are delighted that EAIF’s consistent track record of performance – despite a challenging macroeconomic operating environment – has been reflected in our retention of the A2 rating,” said Martijn Proos, Co-head of Emerging Market Alternative Credit at Ninety One, …

• President Bassirou Diomaye Faye has vowed to put an end to the tragedy playing out on the waters of the Atlantic.
• Senegal’s Mbour city has seen a surge in people leaving its shores, driven by dreams of opportunity, but facing the harsh reality of death.
• On Sunday, a rickety boat left Mbour, with 89 young people. Within hours, however, tragedy struck killing 37. The owner of the ill-fated boat turned himself in on Monday.

The Atlantic Ocean is known for its beauty, but for many young West Africans, it has become a deadly grave as people smugglers take advantage of their hopelessness to exploit them. Last Sunday, a rickety boat left the shores of Mbour city, Senegal, filled with 89 hopeful young people embarking on a perilous journey to Europe. Within hours, however, tragedy struck.

The boat, one of the many artisanal fishing vessels known as pirogues, capsized, leaving behind …

• Bassirou Diomaye Faye, a former tax collector, is Senegal’s president-elect.
• Faye has promised to embark on a fresh chapter in Senegal’s leadership following months of political violence and arrests of opposition leaders.
• Outgoing President Macky Sall has termed the outcome of Sunday’s vote, which saw his preferred candidate Amadou Ba defeated, a victory for Senegal.

Bassirou Diomaye Faye, a former tax collector, has promised a new chapter in Senegal’s future following his victory in the bitterly contested presidential election in Senegal held on Sunday.

Bassirou Faye, 44, was declared winner having rode on a wave of frustration among the young voters, who are grappling with a high rate of joblessness as well as deep concerns about the current state of governance in the West African country of 18 million people.

Speaking to the nation as president-elect on Monday, Bassirou Diomaye Faye, promised to embark on a fresh chapter in Senegal’s …

• The African Development Bank has donated $20 million to Senegal to enhance food security and support small producers post-COVID through the PRESAN-PC project.
• Infrastructure development, including agricultural boreholes and solar-powered systems, aims to increase farm production and resilience to climate change.
• The project benefits vulnerable women and youth, includes contributions from various sources, and impacts 31,000 households across multiple Senegalese regions.

In an ambitious move to ensure food security and enhance the livelihoods of its small producers, Senegal has received a significant financial boost. On a notable day in March 2024, the African Development Bank Group allocated a $20 million donation to the nation for the Post-Covid Food and Nutrition Security Enhancement Project (PRESAN-PC).

The initiative aims to transform Senegal’s agricultural landscape, benefiting vulnerable women and young people through increased farm production and income.

African Development Bank’s $20 million donation to Senegal 

The African Development Bank’s generous donation comes from …

• Africa continues to grapple with food insecurity exacerbated by climate change and inadequate access to financing for both startups and food producers alike.
• In response, innovators and bold entrepreneurs are going digital, devising modern solutions to enhance food production.
• At the Africa Tech Summit in Nairobi, agri-innovation startups Homemade by Dropp, Koolboks, Samalife, BWS, Hello Tractor, Seabex and ReNile shared their entrepreneurial journey and reasons why they need financing to create value for farmers and consumers.

A number of startups with a focus on digital agricultural innovation in Africa are seeking fresh financing to scale and accelerate their growth across the continent, which is currently under pressure to feed a rising population.

These startups are eyeing opportunities in climate smart agriculture in Africa, the new frontier for business expansion globally.

Currently, agriculture remains the continent’s largest industry and employer. The industry is, however, facing significant challenges across the value chain, …

• International Finance Corporation targets specific projects in Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.
• IFC’s $30 million (Sh4.8 billion), own-account investment will help Africa Infrastructure Investment Fund 4 Partnership (AIIF4) exceed its final close target of $500 million (Sh80.4 billion).
• A pan-African infrastructure private equity firm called the Africa50 Infrastructure Acceleration firm I is raising up to $500 million for investments

Kenya is among six African countries that International Finance Corporation (IFC) will pump $30 million (about KSh4.8 billion) equity investment to fund works on essential infrastructure.

The fund, managed by Africa Infrastructure Investment Managers (AIIM), part of the Old Mutual Group, will support projects in the telecoms, renewable energy, and transport sectors across Africa but with a specific focus on Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa.

In the telecoms sector, the fund will focus on financing data centers, fiber networks, and communications towers. In …

Africa will be the second fastest-growing regional economy in 2024. Over 10 African countries will experience substantial GDP growth. In October 2024, the International Monetary Fund emphasized Africa’s pivotal role in global economic development and resilience.

Africa could face economic headwinds this year. However, some of the continent’s brightest spots are lighting up the economic prospects. According to the International Monetary Fund, six of the top 10 performing nations globally are projected to come from Africa in 2024.…

• Mozambique’s Green Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels.
• As a nation with one of the world’s lowest electricity consumption rates, Mozambique is poised to leapfrog into a new era of energy sufficiency and independence.
• Mozambique’s success or failure of this venture could offer valuable lessons for other countries grappling with the complexities of sustainable development and climate-aligned economic growth.

Mozambique’s green energy move

Mozambique has embarked on an $80 billion Energy Transition Strategy (ETS) to drastically reduce its dependence on fossil fuels. This bold initiative, set to be unveiled by President Filipe Nyusi at the COP28 international climate summit in Dubai, represents a significant pivot towards sustainable development and positions Mozambique at the forefront of the global green energy transition.

At the heart of Mozambique’s strategy is integrating 2,000 megawatts of hydropower capacity by 2030, which aims to address the country’s energy poverty and …