On Monday, October 14, Senegal’s government, led by Prime Minister Ousmane Sonko, unveiled its 25-year development plan, “Senegal 2050.” The initiative aims to reduce foreign dependency and debt by focusing on local resources and human capital. Sonko criticized past development models as failures and cited Japan’s success as a potential model for African nations.
The program intends to alleviate poverty, triple per capita income by 2050, and achieve annual economic growth of 6-7%. It will be organized around eight development hubs throughout the country.
Sonko also addressed the concerning state of public finances, revealing a larger budget deficit and public debt than previously disclosed. He accused the prior government of manipulating financial data, a claim they denied. Meanwhile, credit rating agency Moody’s has downgraded Senegal’s rating.