Senegal, a nation in full evolution, is preparing to assert its economic sovereignty in the face of the Bretton Woods institutions and other international development institutions. This decisive step is marked by the arrival of a new generation of leaders, who inherit a country faced with the challenges of debt, economic dependence and an unbalanced economy.
Sub-Saharan Africa, including Senegal, has long suffered from the negative consequences of pressure exerted by the Bretton Woods institutions. The latter have often imposed “one-size-fits-all” policies, which ignore local specificities and the real needs of developing countries. The result was a debt explosion, which reduced the Senegalese government’s ability to invest in key development sectors, such as education, social security and infrastructure.
Despite the talent and expertise of African executives within these institutions, they often seem more willing to serve as a shield than to exert effective influence in favor of African countries. This observation underlines the importance of a reassessment of Senegal’s relations with the Bretton Woods institutions and of an approach aimed at strengthening its economic sovereignty.
The path to economic sovereignty involves reducing the country’s dependence on international development institutions. This involves promoting investments in key sectors for sustainable and inclusive development, such as agriculture, education, social security and information technology.
The new generation of Senegalese leaders has the unique opportunity to take a different approach to strengthening the country’s economic sovereignty. It is essentially a new approach that promotes a stronger and more resilient market economy.
The time has come for the Senegalese authorities to adopt important measures to reorient the country’s economic policies towards strengthened national sovereignty. This must include reducing external pressures, diversifying economic partnerships and implementing policies that promote economic independence.
Senegal must also focus on the effective management of its endogenous resources, including the renegotiation of contracts on our natural resources, the reform of tax practices and the rationalization of public resources.
Finally, Senegal must take a proactive approach to managing its debt, including reducing interest rates, converting this interest into capital, and developing a debt restructuring plan. The recovery of illegally stolen assets and the engagement in diversified financial partnerships, for an increased mobilization of foreign direct investments, the central role of the diaspora for massive private investments and the transfer of technologies, are also ways to strengthen capacities of Senegal to master its new economic dynamics.
Senegal has the potential to assert its economic sovereignty and build sustainable and inclusive development based on its own resources and skills. To achieve this, it is essential that the country focuses on implementing economic policies and practices that promote independence, justice and the well-being of all Senegalese.
With all our consideration and our commitment to a sovereign and prosperous Senegal.
Dr Idrissa Doucouré
Chairman of the World Investment & Business Council, London
PhD in climate variability
Executive MBA
Engineer in Hydro-agricultural Engineering
Magaye GAYE
International economist
