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Senegal’s Bold Move: New Currency and Oil Contract Overhaul

Unveiling Senegal's Economic Reforms: A Close Look at Opposition Coalition's Promises and Oil Contract Revamps"

by Motoni Olodun

In a bold move that could reshape the economic landscape of Senegal, a popular opposition coalition has launched its presidential campaign with promises to introduce a new national currency and renegotiate mining and energy contracts. The coalition, backed by firebrand Ousmane Sonko, has put forth Bassirou Diomaye Faye as its candidate for the upcoming presidential election.

Faye, seen as a strong contender among the 19 candidates vying for the presidency, has outlined an ambitious platform that could have significant implications for the West African Economic and Monetary Union and Senegal’s plans to become an oil producer later this year. The platform includes proposals to tackle inequalities, boost employment, and implement significant governance shake-ups.

One of the key proposals is the introduction of a national currency, a move that could pose a threat to West Africa’s CFA franc currency. The platform also outlines plans to renegotiate contracts related to mining, hydrocarbons, public procurement, and infrastructure.

The coalition’s platform does not provide detail on how it would seek to restructure contracts, but it said it would do so to “make the mining industry an important lever of our socio-economic development” and “maximize revenues from oil production”. Senegal’s first offshore oil development is due to start production in mid-2024.

Despite the challenges that these changes may bring, the coalition remains optimistic. They believe that these reforms will lead to a more prosperous and independent Senegal. As the nation awaits the outcome of the election, the hope is that these bold moves will usher in a new era of economic prosperity and independence for Senegal.

Source: Mining.com

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