Recent revelations about Senegal’s public finance management from 2019 to 2024 have unveiled significant anomalies, particularly regarding national debt and budget deficits during Macky Sall’s presidency. The Court of Auditors reported a staggering 18,558.91 billion CFA francs in debt, equating to 99.67% of GDP, and a recalculated budget deficit of 12.3%. Prime Minister Ousmane Sonko criticized the financial situation, prompting the IMF to suspend aid until the findings are validated. New President Bassirou Diomaye Faye aims to reform governance with a long-term development plan.
Anomalies in Senegal’s Public Finance Management
Recent findings have revealed several “anomalies” and “shortcomings” in the management of public finances in Senegal from 2019 to 2024, during the tenure of former President Macky Sall. A report released by the Court of Auditors has raised questions about the accuracy of the financial figures reported by his administration, particularly in relation to national debt and the budget deficit. This report comes on the heels of accusations from Prime Minister Ousmane Sonko, who claimed that the Sall administration had manipulated financial data presented to international partners.
Concerns Over Public Debt and Budget Deficit
The report highlights that the total outstanding debt of the central budget administration reached an alarming 18,558.91 billion CFA francs by December 31, 2023, which accounts for 99.67% of the country’s GDP. This figure is substantially higher than what was previously reported by the former government. Additionally, the Court of Auditors recalculated the budget deficit for 2023 at 12.3%, in stark contrast to the 4.9% previously announced by the previous administration.
Ousmane Sonko has labeled the financial state of the country as “catastrophic,” citing a budget deficit of 10.4% of GDP and public debt at 76.3% of GDP as of the end of December. The Court of Auditors has also pointed out discrepancies in public debt, as well as issues related to over-financing of state projects and significant amounts of bank debt that were not properly recorded in the state accounts.
The Court’s report indicates that these findings could suggest management faults or even criminal offenses, which may lead to further investigations or legal actions. The current presidency spokesperson, Ousseynou Ly, criticized the former regime for leaving the country in financial turmoil, stating, “This country has been brought to its knees.”
In light of these revelations, the International Monetary Fund (IMF) has suspended its aid program until the Senegalese Court of Auditors validates the audit report. The IMF has made it clear that discussions on a new financial program will not commence until the situation is clarified by the Senegalese authorities.
The report has prompted reactions from supporters of former President Sall, with Youssou Diallo questioning the timing and effectiveness of the Court of Auditors. Meanwhile, newly elected President Bassirou Diomaye Faye, who took office in March, aims to break away from the previous governance practices. He has appointed Ousmane Sonko as the head of government, despite Sonko’s prior ineligibility. Under this new leadership, a comprehensive development plan for the next five years has been unveiled, aligning with a long-term strategy spanning 25 years.