Senegal has seen significant economic and political activity in late November 2025. Key developments include a recalculation of the country’s Gross Domestic Product (GDP), which has improved its debt metrics, and a new strategic partnership with the West African Development Bank (BOAD) to leverage public assets for financing. Politically, Prime Minister Ousmane Sonko is on an extended diplomatic mission to the United Arab Emirates, reportedly seeking alternative financing, while President Bassirou Diomaye Faye participated in the EU-AU Summit in Angola. Reports also indicate growing tensions between President Faye and Prime Minister Sonko, with Ivorian President Alassane Ouattara reportedly mediating.

Recent Developments

• On November 27, 2025, Senegal officially updated its GDP calculation, revising the base year from 2014 to 2021. This rebasing increased the GDP by 13.5% to approximately $30 billion for 2021, consequently reducing the public debt-to-GDP ratio from 90.8% to 80% for the same year. The National Agency for Statistics and Demography (ANSD) attributed this change to the inclusion of new data, updated nomenclatures, and previously under-measured or uncounted economic sectors such as digital finance, oil and gas, and cashew production. This move aims to restore investor confidence following a credit rating downgrade by S&P Global due to concerns over previously unreported liabilities.
• On November 27, 2025, reports surfaced detailing an intervention by Ivorian President Alassane Ouattara to mediate ongoing differences between Senegalese President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko. Ouattara reportedly met with former President Macky Sall in Paris on November 22, 2025, to discuss the political situation in Dakar.
• On November 26, 2025, the Senegalese Ministry of Finance confirmed the recalculated GDP figures, emphasizing the effort to provide a more accurate economic picture amidst challenges related to unreported debt.
• On November 26, 2025, a proposed tax of 0.5% on mobile money transfers in Senegal became a subject of intense debate, with concerns that its current design could hinder the very digital economy it aims to bolster.
• On November 25, 2025, it was reported that Prime Minister Ousmane Sonko remained actively overseas following his visit to Abu Dhabi, focusing on diplomatic engagements for economic support.
• On November 25, 2025, the Government of Senegal and the West African Development Bank (BOAD) formalized a strategic partnership through a Memorandum of Understanding. This framework is designed to facilitate the structured valuation of public assets, aiming to diversify funding sources and sustainably support national economic growth through initiatives like the Senegal Asset Development Fund (FOVAS). This follows an announcement on November 24, 2025, of the launch of FOVAS, a vehicle to bring key public infrastructure under one structure to raise additional financing.
• On November 22, 2025, Prime Minister Ousmane Sonko departed for the United Arab Emirates aboard a private jet, seeking financial support from Gulf states. This trip occurred while President Faye was also out of the country, reportedly heightening tensions within the Senegalese government.
• From November 23 to 26, 2025, President Bassirou Diomaye Faye participated in the European Union–African Union Summit held in Luanda, Angola.
• On November 19, 2025, the Council of Ministers met under the chairmanship of President Faye. The President emphasized the importance of social stability in the education and health sectors and called for intensified consultations and social dialogue. He also highlighted “Youth Employment” as a priority in the National Transformation Agenda, Senegal 2050. The Council also discussed the commemoration of the 81st anniversary of the Thiaroye Massacre and the first edition of the West African Festival of Arts and Culture (ECOFEST) scheduled for November 30 to December 5, 2025, in Dakar.
• On November 10, 2025, President Bassirou Diomaye Faye inspected troops during Armed Forces Day celebrations at Camp Dial Diop in Dakar.
• On November 8, 2025, Prime Minister Ousmane Sonko urged Senegalese citizens to accept “sacrifices” over the next two to three years to facilitate the nation’s economic recovery from a deepening financial crisis. Addressing supporters at the Léopold Sédar Senghor stadium, he also criticized the financial management of previous governments, stating, “Anyone who denies hidden debt should go to prison.”

Diplomatic Movements

• President Bassirou Diomaye Faye: From November 23 to 26, 2025, President Faye was in Luanda, Angola, attending the European Union–African Union Summit.
• Prime Minister Ousmane Sonko: On November 22, 2025, Prime Minister Sonko traveled to the United Arab Emirates on a diplomatic mission aimed at securing financial support from Gulf states. The government has officially stated that Sonko’s trip is part of his diplomatic efforts to foster international cooperation and secure economic support for Senegal. This trip has been a point of contention, particularly as it coincided with President Faye’s absence from the country.

Key Actors & Statements

• President Bassirou Diomaye Faye: During the Council of Ministers meeting on November 19, 2025, President Faye underscored the importance of social stability in the education and health sectors and prioritized youth employment in the “Senegal 2050” agenda.
• Prime Minister Ousmane Sonko: On November 8, 2025, PM Sonko called for national sacrifice for economic recovery, attributing current financial challenges to the “economic mismanagement” of the previous administration. His ongoing diplomatic mission to the UAE is described by the government as crucial for international cooperation and economic support.
• Mr. Cheikh Diba, Minister of Finance and Budget: On November 25, 2025, he stated that the agreement with BOAD and the creation of FOVAS are significant steps to structure the economic leveraging of public assets, aiming to increase fiscal flexibility and strengthen development financing.
• Mr. Serge Ekue, President of BOAD: On November 25, 2025, he emphasized BOAD’s commitment to support the Senegalese government in unlocking the value of its strategic assets to ensure sustainable investments and financial resilience.
• Ivorian President Alassane Ouattara: Reportedly engaged in mediating a rift between President Faye and Prime Minister Sonko, demonstrating the regional attention to Senegal’s internal political dynamics.

Implications & Outlook

The recalculation of Senegal’s GDP and the subsequent improvement in debt metrics are crucial for restoring investor confidence and may facilitate future engagements with international financial institutions. The strategic partnership with BOAD to monetize public assets through the FOVAS fund on November 24-25, 2025, signifies the government’s proactive approach to diversifying funding sources and reducing reliance on traditional debt restructuring.

However, the reported tensions between President Faye and Prime Minister Sonko, particularly concerning Sonko’s independent diplomatic engagements, could pose challenges to government cohesion and policy implementation. Prime Minister Sonko’s emphasis on seeking financial support from Gulf states, contrasted with President Faye’s engagement with the IMF through Ivorian mediation, highlights potential differences in their economic strategies.

In the short term (next 48 hours), observers will closely watch for any official statements or further developments regarding the reported friction within the executive. The impact of the newly rebased GDP on ongoing discussions with the IMF for a new program will also be a key focus.

In the long term, the government’s commitment to its economic recovery plan, including new taxes and domestic resource mobilization, will be critical. The successful implementation of the FOVAS initiative could significantly impact Senegal’s financial landscape. The ability of the Faye-Sonko administration to navigate internal political dynamics and maintain a unified front on economic policy will largely determine its effectiveness in achieving its “Senegal 2050” transformation agenda. The recent landslide victory of the PASTEF party in legislative elections in November (2024, referenced in a source from January 2025, but useful context) provides President Faye with a strong mandate, which could enable more decisive policy action.