Senegal has unveiled a 25-year economic and social development plan aimed at achieving economic sovereignty, sustainable resource management, and good governance. Launched by President Bassirou Diomaye Faye, the plan will overhaul Senegal’s reliance on raw material exports without local processing, which has weakened the domestic private sector. It seeks to reduce poverty, triple per capita income by 2050, and leverage human capital to build national wealth. The first phase, running from 2025 to 2029, will cost $30.1 billion and aims to reduce the budget deficit from 4.9% to 3% of GDP while boosting growth to 6.5%. The plan will be funded through public, private, and public-private investments. It will also focus on energy self-sufficiency and increasing electricity access from 84% to 100%. Furthermore, Senegal’s government will modify the West African nation’s deficit financing structure in a bid to restructure its debt profile.
SOURCE: AFRICA NEWS
