Author: Contribution

By Professor Amath Ndiaye, FASEG-UCAD The latest data from the UNCTAD’s World Investment Report 2026 highlights a dramatic reversal of foreign direct investments (FDI) in Senegal. After several years of exceptionally high flows, FDI sharply contracted in 2025. According to UNCTAD, FDI inflows were: – 2020: $1.846 billion; – 2021: $2.588 billion; – 2022: $2.929 billion; – 2023: $4.790 billion; – 2024: $3.319 billion; – 2025: only $337 million. Between 2020 and 2024, Senegal attracted $15.472 billion in FDI, averaging $3.094 billion annually. The country had never seen such a level of foreign investment before. This performance is mainly explained…

In this op-ed, Damilola Ogunbiyi, CEO of Sustainable Energy for All and Special Representative of the UN Secretary-General for Sustainable Energy, and David McNair, Executive Director of Global Policy and Strategy at ONE, argue a simple idea: resilience is no longer just a development goal, but a condition for economic security for both Africa and Europe. Faced with geopolitical, climate, and financial shocks, they advocate for reforming development financing to accelerate investments in clean energy, resilient infrastructure, and sustainable industrialization. As tensions escalate in the Gulf and uncertainties surrounding the Strait of Hormuz shake global markets, Africa and Europe once…

By Laurent CAIZERGUES* An entrepreneurial heritage is not only judged by its value or its performance. It must be able to absorb a decrease in dividends, a currency shock, the founder’s incapacity, or the exit of a shareholder without selling the strategic asset in urgency. African family fortunes are often concentrated in the business, real estate, and unlisted investments. This structure generates long-term value, but makes liquidity, currencies, and governance more crucial than the performance of an isolated portfolio. Therefore, the right diagnosis consists of subjecting the heritage to rupture scenarios. 1. Liquidity test What needs to be covered if…

Prof. Amath Ndiaye, FASEG-UCAD The latest data from the UNCTAD’s World Investment Report 2026 highlights a spectacular reversal of foreign direct investments (FDI) in Senegal. After several years of exceptionally high flows, FDI sharply contracted in 2025. According to UNCTAD, FDI inflows were: – 2020: $1.846 billion; – 2021: $2.588 billion; – 2022: $2.929 billion; – 2023: $4.790 billion; – 2024: $3.319 billion; – 2025: only $337 million. Between 2020 and 2024, Senegal attracted a total of $15.472 billion in FDI, with an average annual of $3.094 billion. The country had never experienced such a high level of foreign investments.…

Since June 1, 2026, a new legal ceiling regulates the cost of credit in the eight states of the West African Economic and Monetary Union. By Decision No. 19/29-12-2025/CM/UMOA, signed in Cotonou on December 29, 2025 under the presidency of Aboubakar Nacanabo, the Council of Ministers of the Union redefined the usury rate applicable to credit operations: 14% for banks, down from 15% previously, and 24% for credit financial institutions and decentralized financial systems (DFS). Presented from a strictly numerical perspective, the evolution may seem technical. However, it has direct consequences on access to credit, bank pricing, and consumer protection…

By Aboubakr Kaira Barry, CFA, Managing Director, Results Associates, and Chair of the Omou Financial Literacy Center Every year, Sierra Leoneans watch prices climb. The Leone weakens. Government debt grows. Roads, schools, and hospitals barely improve. This isn’t bad luck. It’s the predictable result of two decisions, repeated year after year. Government creates too much money. It also takes on debt that too often isn’t matched by investment. What is “broad money,” and why does it matter? Broad money is the total money circulating in an economy — cash plus savings and checking account balances. Sometimes the central bank or…

By Eric Topona Mohamed Bazoum was the 10th president of Niger, in office from April 2, 2021 to July 26, 2023, when he was overthrown by a military coup led by General Abdourahamane Tiani. Three years after his fall, he is still detained with his wife, Hadiza Ben Mabrouk Bazoum, within the premises of the presidency in Niamey. Several international organizations, including ECOWAS, UN bodies, the European Parliament, and Human Rights Watch, are calling for his release. Eric Topona. On March 21, 2021, Niger closed a political chapter that was hailed throughout Africa and beyond its borders. Following a democratic…

In this op-ed, Gregory P. Tosi, a lawyer based in Washington and former legal advisor to the United States Congress, argues for enhanced coordination between the DRC, Angola, and Zambia around the Lobito corridor. According to him, the success of this strategic project will depend not only on infrastructure, but also on a common economic diplomacy capable of presenting a coherent African vision of development, investment, and industrialization in Washington. The Lobito corridor has entered a decisive phase. Rehabilitation and investments continue along the Angolan railway network, while planned and ongoing connections with the Democratic Republic of Congo (DRC) and…

In this opinion piece, Louis Marie Kakdeu analyzes the contradictions of the Cameroonian automobile market, marked by the obsolescence of the fleet and the persistent weight of used vehicles. While recent Chinese cars are offered at competitive prices on the international market, their access to Cameroon is indeed hindered by import costs and customs constraints. The author highlights the consequences of this situation on road safety, the environment, household expenses, and the national economy. He argues for a broader reflection on the renewal of the automotive fleet and the reforms to be undertaken. By Louis Marie Kakdeu, MPA, PhD &…

In this opinion piece, Louis Marie Kakdeu analyzes the contradictions of the Cameroonian car market, marked by the obsolescence of the fleet and the persistent weight of used vehicles. While recent Chinese cars are offered at competitive prices on the international market, their access to Cameroon is indeed hindered by import costs and customs constraints. The author highlights the consequences of this situation on road safety, the environment, household expenses, and the national economy. He argues for a broader reflection on the renewal of the car fleet and the reforms to be undertaken. By Louis Marie Kakdeu, MPA, PhD &…

“At a time when Africa is seeking its place in global governance of artificial intelligence, the question of digital sovereignty cannot be limited to political declarations or major international summits. For Kuate Joël Parfait, engineer, entrepreneur, and author, this sovereignty is first and foremost played out on the ground, in SMEs, local skills, and practical uses of technology. Contrary to purely institutional approaches, this article defends a pragmatic vision: it is through training, productive investment, and the adoption of AI by small businesses that Africa can become a full-fledged player in the digital world.” By Kuate Joël Parfait* In a…

“In the Democratic Republic of Congo as elsewhere in Africa, the question is not about choosing between national sovereignty and economic attractiveness, but about defining the conditions for their coexistence, according to the author. The recent statements by President Félix Tshisekedi on mining taxation illustrate this central tension. A strong state is not one that discourages investment, he says, but one that imposes stable, predictable rules that are respected by all.” By Gregory P. Tosi Recent developments in Kinshasa highlight one of the most complex governance challenges in contemporary Africa. On July 13, 2026, President Félix Tshisekedi instructed state collection…

When words replace action and discourse serves as economic strategy By Lansana Gagny SAKHO Adm.A, C.M.C, As I participate in Senegalese economic debates, I often observe a phenomenon that twenty years of institutional experience have not made commonplace: the moment when some academics, rich in theoretical knowledge but disconnected from economic realities, utter the words sovereignty or patriotism, and the audience rises, applauds, approves without ever questioning what these words actually mean in a country with a public debt approaching 26,000 billion FCFA, a suspended IMF program, and a struggling private sector. These words have an immediate, almost physiological effect.…

By Aboubakr Kaira Barry, CFA, Managing Director of Results Associates, and President of the Omou Center for Financial Education, Bethesda, Maryland, United States Economists explain the dominance of the dollar by the depth of the American capital markets, network effects, and the credibility of institutions. A fourth pillar, equally important, is rarely mentioned: the eurodollar market. This is the vast reservoir of U.S. dollars held and lent outside the United States, beyond the reach of the Fed. It is arguably the most underestimated factor in the supremacy of the dollar, with real lessons for Africa. Bretton Woods and the Triffin…

By Professor Abderrahmane MebtoulUniversity Professor, State Doctor, International Expert The war that now openly opposes Iran to the United States and their regional allies has entered, since mid-July 2026, into a phase of unprecedented gravity. After strikes targeting military, nuclear, and oil installations, a new strategic threshold is crossed: attacks on seawater desalination infrastructure, the true backbone of survival for the Gulf States. The risk no longer lies solely in a surge in oil prices or a disruption of global energy flows. It now touches on a much more vital resource: water. While the Strait of Hormuz, through which nearly…

“The Democratic Republic of the Congo occupies a central place in the new global geography of critical minerals. Cobalt, copper, lithium, rare earths: its resources make it a strategic player for the supply chains of the 21st century. But this unique position does not guarantee development on its own. The challenge for Kinshasa is now to convert its mineral wealth into industrial power, skilled jobs, and economic sovereignty, without falling back into the traps of external dependence and excessive debt. In this opinion piece, Gregory P. Tosi argues for a strategy based on local transformation, diversification of partners, and budget…

At a time when many African countries are seeking to redefine their relationships with major powers, Zambia offers a particularly revealing case. Long marked by development aid, its ties with the United States now seem to be entering a new phase, more focused on investment, trade, and long-term economic cooperation. In this article, Gregory Tosi argues that this evolution goes far beyond the bilateral framework: it could foreshadow a model of more balanced partnership between Africa and its international partners, based on sovereignty, value creation, and shared prosperity. By Gregory Tosi Recent news has focused on disagreements between Lusaka and…

Dr. Mohamed H’MIDOUCHE Economist, author, former senior official of the AfDB Recent crises show that the resilience of a multilateral bank is no longer limited to the continuity of its operations. It also requires preserving the functioning of its statutory bodies and the legitimacy of their decisions. Drawing on the experiences of the AfDB, BADEA, and Afreximbank, this article argues for making the continuity of statutory governance a full-fledged component of institutional resilience. Beyond Business Continuity Multilateral development banks play a central role in Africa’s economic transformation. They finance infrastructure, support regional integration, promote intra-African trade, and facilitate the development…

At a time when the Democratic Republic of Congo (DRC) is seeking to redefine its economic trajectory, the question of its financing instruments becomes more strategic than ever. The announced creation of the Kinshasa Stock Exchange is not merely a technical or institutional reform: it could mark a major turning point in the country’s ability to mobilize capital, strengthen investor confidence, and sustain its growth over time. Beyond its national implications, this initiative also opens up new perspectives for economic relations between the DRC, the United States, and international partners. In this article, Gregory P. Tosi analyzes the challenges of…

Senegal as an illustration of a new paradigm of productive reconstruction By Dr. Papa Demba Thiam The annual African Governors Caucus of the World Bank and International Monetary Fund provides a privileged moment for reflection on the economic challenges facing the continent. The 2026 edition, held in Banjul, comes at a particular moment. Across Africa, governments are simultaneously seeking macroeconomic stability, debt sustainability, investment recovery, job creation, and structural transformation of their economies. Senegal perfectly illustrates this situation. The resumption of discussions with the International Monetary Fund offers an opportunity to move beyond the narrow framework of macroeconomic adjustment to…

By Ilyes Zouari, President of CERMF (Circle of Study and Reflection on the Francophone World). According to the latest ranking by the African Development Bank, Senegal and Ivory Coast are the most industrialized countries in the ECOWAS region, and the only representatives of West Africa in the top 10 in Africa. They surpass Nigeria and Ghana by a wide margin, and also outperform all countries in continental East Africa. This performance is the result of a more favorable business, investment, and industrialization environment. In its latest report on industrialization in Africa, published on May 24 and entitled “Industrialization Index in…

By Aboubakr Kaira Barry, CFA, Managing Director, Results Associates, and Chair of the Omou Financial Literacy Center, Bethesda, Maryland, USA Guinea’s balance of payments — the country’s annual scorecard of money coming in and going out, expressed in US dollars — tells a story that is more complex than the usual mining-boom narrative. It shows how much money comes into Guinea from all sources, not just mining, and how much leaves through imports, profit outflows, and other payments. Foreign investors are clearly betting big on Guinea. Between 2020 and 2024, foreign direct investment — long-term money put into mines, infrastructure,…

By Lansana Gagny Sakho The 2026 Labor Code Project of Senegal can be read in two ways. The first, reassuring, consists of seeing it as a reform of social progress, which modernizes labor law, strengthens employee protection, and improves Senegal’s international image. The second, more lucid, reveals a text adopted in a context where regional competitiveness has become fierce and where each additional burden must be offset by equivalent gains in productivity, simplification, and stability. In a country where sectoral strikes are already frequent, the adoption of a more protective, more restrictive, and more costly Labor Code must be analyzed…

By Andy Shima At a time when geopolitical tensions are weakening international balances and multilateralism is regularly challenged, institutions inherited from the post-war period seem to be seeking a new impetus. In this uncertain landscape, the International Organization of La Francophonie is trying to reinvent itself, gradually shifting from a space centered on language to a broader actor in political, economic, and digital cooperation. At its helm, since 2019, Louise Mushikiwabo has been imprinting a vision that gives momentum and ambition to an institution in full mutation. The contemporary world is going through a deep phase of recomposition. Armed conflicts…

By Blaise Jeutang Ndongmo Kendah, Deputy General Manager Activa Vie Cameroon Teacher at IIA and ESSFAR In recent years, life insurance companies in the CIMA zone have gradually gained a positive reputation because they almost always fulfill their commitments to policyholders. This result is not random, but rather the result of rigorous actuarial management. To ensure the fulfillment of these commitments, actuaries use an essential mechanism called mathematical provisions (PM), which allows life insurance companies to have the necessary funds to honor their contractual obligations. According to the CIMA Code in its article 334-2, Mathematical Provisions are defined as the…

By Ruth Verika NIOBE* With a few weeks to go before the 5th session of the Intergovernmental Negotiating Committee (3-13 August 2026, New York), the United Nations Framework Convention on International Tax Cooperation is entering a critical phase. Initiated by the African Group in 2023, substantive negotiations began in August 2025 and will continue until 2027 — with four more sessions planned after August, including the next one in Nairobi from 30 November to 11 December 2026. This initiative has received massive support — 110 countries in favor, 8 against, 43 abstentions when voting on the Terms of Reference in…

By Dr Cheikh Kanté, former Minister of State, associate professor at universities Since independence, sub-Saharan Africa has been the focus of over 580 summits, conferences, and international forums dedicated to development. However, the architecture of aid remains fragmented, opaque, and often ineffective. This system has gradually become a trap whose harmful effects are now denounced by a new generation of African intellectuals, economists, and policymakers. While the latest G7 summit continues the tradition of many international summits addressing Africa’s development, it does not introduce a structural break in aid governance or in concrete instruments capable of sustainably improving the prosperity…

By Aboubakr Kaira Barry, Managing Director, Results Associates, and Chairman of the Board of the Omou Financial Literacy Center, Bethesda, Maryland, United States The fundamental problem in Senegal is not the level of its debt; it is the lack of visibility on the state’s resources. You cannot manage what you cannot see. Vitor Gaspar, former director of the IMF’s Fiscal Affairs Department, emphasized that most governments do not really know what they own or what they owe. This article argues that the debt-to-GDP ratio is a misleading measure of Senegal’s solvency, proposes public net worth as a better alternative, explains…

By Dr. Mohamed H’MIDOUCHE Creative artificial intelligence is already transforming video, video games, animation, digital caricature, advertising, education, and cultural industries. For Africa, the challenge goes beyond technological adoption: it is about whether the continent will be able to mobilize investments, finance its talents, protect its cultural data, valorize its languages, and master its narrative in the era of platforms and generative models. The issue: creating value without losing control of the narrative Artificial intelligence is entering a new phase. After being mainly associated with automation, language models, and decision support, it is now becoming a powerful engine of cultural…

Professor Amath Ndiaye, FASEG – UCAD. The Multi-year Budget and Economic Programming Document (DPBEP) 2027-2029 marks a return to a certain realism in the management of public finances. By postponing the objective of reducing the budget deficit to 3% of GDP to 2029, the Government adopts a more credible trajectory considering the magnitude of budget imbalances and financing constraints facing Senegal. However, this budgetary realism is accompanied by a significant revision of growth ambitions. The Vision Senegal 2050 framework and its National Development Strategy (SND 2025-2029) aim for an average annual GDP growth rate between 6.25% and 6.5%, with a…