AGP Executive Report

Mining: Fortuna Mining says Senegal’s mining ministry has cleared the application documents for its Diamba Sud gold project, bringing a final permit decision closer. The company also reported broad gold mineralization at nearby Kabewest, strengthening prospects for expansion. Corporate Results: Sonatel’s revenue rose 10.5% to CFA1.58 trillion in the first nine months of 2026, while net profit climbed nearly 13% to CFA354 billion. Digital Payments: Visa and Senegal’s digital affairs ministry signed a two-year partnership to expand digital payments, improve public services and share cybersecurity expertise. Public Finance: The revised budget faces another hurdle after a committee rejection; the finance ministry warned of cash-flow pressure ahead of a planned return to the plenary on November 3. Agriculture: Egg producers are opposing plans for two foreign-backed farms with capacity for one million hens, warning that added supply could push prices down and hurt local farms.

Digital Payments: Visa and Senegal’s telecoms ministry signed a two-year deal to develop digital payments, cybersecurity and services for government transfers. Telecoms: Sonatel reported nine-month revenue up 10.5% to 1.58 trillion CFA francs and net profit up 12.9% to 354 billion CFA francs. Mining: Fortuna reported promising early drilling at its Bambadji gold project, including 64 metres grading 1.9 grams of gold per tonne; more assays are pending. Poultry: Local egg farmers oppose plans for foreign-backed farms with one million hens, warning new supply could depress prices and squeeze domestic producers. Public finances: Senegal’s revised budget has faced another committee rejection, with the finance ministry warning of treasury cash-flow risks; Moody’s has also downgraded the country’s foreign-currency debt rating to Ca. University finances: A Dakar court ordered the release of UCAD’s frozen accounts, but a separate claim for five billion CFA francs remains unresolved. Cost of living: As Dakar hosts the Youth Olympics, residents say high prices and job scarcity make daily expenses a more immediate concern than the Games.

Dakar 2026: The Youth Olympics have opened across Dakar, Diamniadio and Saly, putting Senegal on the global stage. But some residents say rising living costs and job worries make the event feel far removed from daily life. Budget Pressure: Parliament is due to debate the 2026 revised budget on November 3 after two committee rejections. The Finance Ministry has warned that uncertainty could strain the Treasury and jeopardize funding for public spending; Moody’s has downgraded Senegal’s foreign-currency debt rating to Ca. Digital Payments: Senegal and Visa have agreed to two years of cooperation on digital payments, cybersecurity and financial inclusion, including possible electronic payments to and from government. Business Watch: Sonatel’s consolidated third-quarter profit rose 13%, while the government has launched a fund to help artisans enter the formal financial sector.

Budget Pressure: Senegal’s revised 2026 finance bill returns to parliament on November 3 after two committee rejections. The Finance Ministry warns prolonged uncertainty could strain state cash flow and complicate funding for priority spending as IMF talks continue. Digital Payments: Visa and the government have agreed to two years of cooperation on digital payments, public services and financial inclusion, though projects and investment plans are not yet set. Credit and Telecoms: Moody’s has cut Senegal’s foreign-currency debt rating to Ca amid the budget standoff; Sonatel, meanwhile, reported a 13% rise in consolidated third-quarter profit. Energy Costs: Senegal is pursuing domestic gas and renewables to reduce costly oil-fired power and ease subsidy pressure. Agriculture: A cold-storage initiative could help Senegalese farmers cut major post-harvest losses, including spoilage of mangoes and tomatoes.

Budget Standoff: Senegal’s revised 2026 budget returns to parliament on Nov. 3 after two committee rejections. The Finance Ministry warns uncertainty could strain state cash flow and hinder funding for spending, as market access remains difficult and IMF talks continue. Credit Pressure: Moody’s has cut Senegal’s foreign-currency debt rating to Ca, adding to pressure amid the fiscal dispute. Digital Payments: A new agreement with Visa aims to modernise public services, expand digital payments and strengthen financial inclusion. Trade and Investment: Tunisia and Senegal plan closer cooperation in industry, agriculture, energy and investment, including food processing and fertiliser production. Energy Costs: Senegal is seeking to reduce electricity costs and subsidy pressure by expanding domestic gas and renewable power. Climate and Productivity: ILO studies project heat stress could cost Senegal the equivalent of 129,000 full-time jobs and $10.5 billion in annual GDP by 2040.

Digital Finance: Senegal has signed an MoU with Visa to expand digital payments and modernise public services, while a new special fund aims to bring artisans into the formal financial sector. Public Finances: The revised budget has been rejected again by a parliamentary committee, prolonging uncertainty over fiscal reforms and potential IMF support. Moody’s has downgraded Senegal’s foreign-currency debt rating to Ca. Climate and Jobs: ILO studies warn that heat stress could cost Senegal $10.5 billion in annual GDP and the equivalent of 129,000 full-time jobs by 2040, with outdoor and informal workers especially exposed. Business: Sonatel Group’s consolidated third-quarter profit rose 13%, according to recent results. Agriculture: A Kaolack initiative is helping farmers match planting decisions to buyers’ needs, giving producers better market information and reducing the risk of unsold harvests.

Artisan Finance: Senegal is creating a special fund to connect artisans with formal banking and credit, alongside plans to improve workshops, training and access to public contracts. Budget and Credit: Parliament’s finance committee again rejected the 2026 revised budget on Friday, prolonging a fiscal standoff as Moody’s cut Senegal’s foreign-currency rating to Ca, near default. Digital Payments: Visa and the government agreed to explore digital payments for public services and cooperation on cybersecurity, under a two-year partnership. Jobs and Productivity: The ILO warns that heat stress is already affecting workers and economic output in Senegal, with risks rising in outdoor and labor-intensive industries. Telecoms: Sonatel’s consolidated profit rose 13% in the third quarter from a year earlier, including results from its regional subsidiaries.

Sovereign Debt: Moody’s cut Senegal’s foreign-currency rating to Ca, its fifth downgrade, citing expected losses of 35%–65% for external private creditors. The move comes as lawmakers review a revised budget tied to a new IMF deal. Public Finance: The Treasury raised 55 billion CFA francs on the regional market, while the budget dispute continues to threaten fiscal plans. Corporate Earnings: Sonatel Group reported a 13% rise in consolidated profit in the first nine months of 2026. Climate and Jobs: ILO studies project heat stress could cost Senegal the equivalent of 129,000 full-time jobs and $10.5 billion in annual GDP by 2040. Business and Events: Dakar’s Youth Olympic Games open this week, with Visa announcing a new Dakar office alongside its sponsorship of the event.

Agriculture: Senegal appointed Djidiack Faye to lead PRODAC, which aims to draw more people and private investment into agriculture, aquaculture and beekeeping. SME Trade: Senegal joined counterparts from Türkiye, Egypt and Malaysia in shaping a proposed OIC-wide business network to help small firms find partners and reach new markets. Debt and Budget: Lawmakers are set to review the revised budget, a key step in efforts to secure a potential IMF programme. Debt was estimated at nearly 130% of GDP in 2025, while servicing costs are projected to rise 24% this year to CFA5.498 trillion. Energy Demand: Senegal’s electricity demand is forecast to grow 32% by 2030, reaching 10 terawatt-hours—a major challenge and investment opportunity. Worker Productivity: ILO studies project heat stress could cost Senegal 129,000 full-time-equivalent jobs by 2040, even under a low-emissions scenario.

Business Investment: Visa will co-sponsor Dakar’s Youth Olympics and plans to open a Dakar office by year-end, adding a Senegal base to its West and Central African network. Public Assets: State property manager SOGEPA and broadcaster TDS-SA are preparing a partnership to improve asset management and strengthen digital infrastructure. Budget and Debt: Senegal’s revised budget remains contentious, with lawmakers set to review the bill amid political tensions and pressure to secure a new IMF deal. Debt was nearly 130% of GDP in 2025, while debt-service costs are projected to reach CFA5.498 trillion this year. Mining: London investor Appian is considering projects in Senegal as part of a potential $2 billion African mining allocation, but says policy uncertainty can deter investment; no Senegal project is yet committed. Growth Firms: Logistics company Logidoo increased revenue by 21.2% after support for expansion, with export revenue up 85.97% following entry into Guinea and Côte d’Ivoire.

Budget and IMF: Senegal’s finance committee is set to reconsider the revised budget after its rejection by the ruling Pastef party. The bill is central to securing a new IMF programme, as the country faces a heavy debt burden and risks further delay. Business Growth: Logistics firm Logidoo increased revenue by 21.2% after support from ADEPME and the Jobs, Economic Transformation and Recovery programme; export revenue jumped nearly 86% following expansion into Guinea and Côte d’Ivoire. Energy Investment: A €12 million solar facility is set to expand clean-energy financing for Senegalese businesses, while Dakar will host the MSGBC Oil, Gas & Power conference in December, bringing regional energy investment opportunities into focus. Markets: Senegal raised CFA55 billion on the regional market, while its five-year bond yield climbed to 8.24%, reflecting pressure on financing costs. Regional Trade: Senegal and Burkina Faso signed a free-roaming agreement to strengthen digital integration and cross-border connectivity.

Budget and IMF: Senegal’s National Assembly finance committee will reconsider the revised budget after rejecting it, with approval key to securing a new IMF programme. The country’s debt reached 132% of GDP at the end of 2024, and delays risk complicating efforts to secure support. Business Growth: Logistics firm Logidoo increased revenue by 21.2% after receiving support through a national small-business programme; export revenue rose 85.97% as it expanded into Guinea and Côte d’Ivoire. Payments and Investment: Visa plans to open a Dakar office by year-end and support digital payments and merchant engagement for the 2026 Youth Olympic Games. Media Rights: Canal+ and Beuz Pro have agreed to broadcast six major Senegalese wrestling events across sub-Saharan Africa during the 2026–27 season, starting in November.

Budget and IMF: Senegal’s revised budget remains in limbo: lawmakers paused debate after smoke interrupted the session, and the finance committee is set to review the bill it previously rejected. The proposal is key to securing a new IMF programme, while the prime minister has urged MPs to avoid a political standstill. Investment: Qatar Chamber and APIX discussed potential partnerships in energy, oil and gas, mining, agriculture, tourism and digital technology, with a Dakar–Doha business event planned for December. Dakar 2026: Visa plans to open a Dakar office by year-end and support digital payments for the Youth Olympic Games, including merchant services in Dakar and Saly. Energy: A €12 million solar facility is set to expand clean-energy investment for Senegalese businesses. Regional trade: Senegal and Burkina Faso agreed to lower roaming costs, easing cross-border connectivity for travellers and businesses.

Budget Standoff: Smoke briefly halted Tuesday’s National Assembly review of Senegal’s revised 2026 budget, already rejected by the finance committee. The dispute risks delaying a $2.2 billion IMF programme and debt restructuring as public debt stands at 132% of GDP. The bill cuts growth to 2.7% and raises the deficit target to 7.6% of GDP; Prime Minister Ahmadou Al Aminou Lô has urged lawmakers to keep the country moving and return to dialogue. Investment Links: Qatar Chamber and Senegal’s APIX agency discussed business partnerships and investment opportunities in energy, oil and gas, mining, agriculture, tourism and digital technology, with a Dakar–Doha business event planned for December. Regional Commerce: Senegal and Burkina Faso signed a roaming deal intended to lower communication barriers for travellers, while Senegal’s regulators also called for closer cooperation on digital financial services. Clean Energy: A €12 million solar facility is set to expand clean-energy investment for Senegalese businesses.

Budget Standoff: Prime Minister Ahmadou Al Aminou Lô is urging Pastef MPs to return to talks before Tuesday’s vote on Senegal’s revised 2026 budget. The party has rejected the bill in committee and wants clearer financing details and safeguards. A delay could complicate debt restructuring and the proposed $2.2 billion IMF programme; public debt was estimated at 132% of GDP at end-2024. Market Financing: Senegal’s Treasury raised CFAF55 billion on the regional market, while the five-year bond yield climbed to 8.24%, adding to pressure on public finances. Youth Games: Dakar, Diamniadio and Saly are preparing to host Africa’s first Olympic event from October 31. About 2,700 young athletes are expected, as officials look to showcase the country and build skills amid high living costs and unemployment. Business Energy: A €12 million solar facility is set to expand clean-energy access for Senegalese businesses.

Budget Standoff: Prime Minister Ahmadou Al Aminou Lô urged Pastef MPs to negotiate ahead of Tuesday’s vote on the revised 2026 budget, rejected in committee. The $13 billion plan cuts public investment while increasing energy subsidies. The government faces about $44 billion in debt and says it plans to clear state arrears; a proposed $2.2 billion IMF programme still awaits board approval. Borrowing Costs: Senegal’s five-year bond yield rose to 8.24%, while the Treasury raised CFA55 billion on the regional market. Business Energy: A €12 million solar facility aims to expand clean-energy investment for businesses. Agriculture: A $54.2 million programme will mobilize climate finance for the sector.