By Professor Amath Ndiaye, FASEG-UCAD
There is much talk of the “March Wall” to describe the significant debt deadlines that Senegal must face. In reality, this image is misleading. It is not a single obstacle. The current management of public debt more closely resembles a 400-meter hurdle race run over several laps, where each quarter represents a significant financial hurdle to overcome.
In 2026, the total debt service is estimated at nearly 5,500 billion CFA francs. This burden is spread throughout the year, in the form of successive deadlines that keep the public treasury under constant pressure.
First quarter: around 1,445 billion CFA francs
This is the first hurdle of the race. It is particularly high with several significant repayments, including the eurobond deadline in March. This concentration of deadlines explains why some analysts refer to the “March Wall.”
Second quarter: around 1,380 billion CFA francs
Hardly has the first hurdle been cleared, the second one is already there. Financing needs remain very high and force the State to regularly return to the market to refinance the deadlines.
Third quarter: around 1,330 billion CFA francs
The pressure does not ease. Repayments continue to pile up, maintaining strong tension on the State’s treasury.
Fourth quarter: around 1,345 billion CFA francs
The last hurdle of the year remains equally demanding, confirming that the debt constraint weighs on public finances throughout the year.
But the difficulty does not only lie in the succession of hurdles. The race actually takes place over several laps.
In fact, a large part of the debt is not truly repaid: it is refinanced. In other words, the State borrows again to pay off maturing deadlines.
This refinancing is often done under increasingly difficult conditions: higher interest rates, shorter maturities, and a growing reliance on Treasury Assimilable Bills (BAT) with a one-year term.
This evolution increases the refinancing risk and forces the State to frequently return to the market to find new resources.
Thus, Senegal’s public debt is not just a punctual obstacle like the “March Wall.” It more closely resembles an endurance race dotted with successive hurdles, where each lap requires new borrowing to overcome the next obstacles.
In these conditions, the central question is no longer just about clearing the next hurdle, but about whether the runner can sustain the pace throughout the race without stumbling.
