Investment Profile - Senegal
Republic of Senegal By Africa Business Association
Na onal Profile Official Name: Republic of Senegal Government Format: A unitary state: Presiden al Republic President: Head of Government Name President: Macky Sall
Region: WestAfrica Es mated GDP: US$24.13 billion (2019)
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September-October 2020
Es mated Popula on: 17 million Overview: Senegal is among Africa’s most stable countries, with three major peaceful poli cal transi ons since independence in 1960. Senegal offers a stable poli cal environment, a favorable geographic posi on and strong ins tu ons with growing opportuni es for foreign investment. The Government of Senegal welcomes foreign investment and has priori zed efforts to improve the business climate in what is one of Africa’s fastest- growing economies. With a GDP growth rate of 6.6% in 2016, Senegal is classified among the top three fastestgrowing economies in Africa, behind Côte d’Ivoire and Tanzania. With a low infla on rate of only 1% in 2016, Senegal's monetary policy mirrors the objec ves of economic stability and growth. Since 2004, its regional currency, the CFA franc, has been stable at a peg of 655.96 CFA franc per euro. According to Interna onal Monetary Fund (IMF) es ma ons, a stronger and sustainable annual growth rate is an cipated up un l 2021, es mated to be 7-8%. This is underpinned by exports, as well as foreign and local investments. Bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also shares borders with the Gambia and a mari me border with Cape Verde. Value Proposi on Economic growth in Senegal has surged over 6% since 2015 – and the trend is expected to con nue in 2018 and beyond. Growth reached 6.2% in 2016 and 7.2% in 2017, led by the primary sector with around 13% of growth, boosted by fishing and agriculture. The secondary sector also grew rapidly at 4.5% supported by food; chemicals and extrac ves (phosphates and gold). Services grew at 6.6% thanks to transport and financial and intermedia on services. Ongoing reforms, higher total investment, and adequate climate condi ons help explain Senegals performance.
DAWN
www.africabusinessassociation.org
