IN a bold stride, Senegal’s opposition coalition, championed by the formidable Ousmane Sonko, has unfurled its presidential campaign platform, pledging to introduce a new national currency and revisit pivotal mining and energy contracts.
Bassirou Diomaye Faye, the coalition’s presidential candidate among a field of 19 contenders for the March 24 vote, expressed the fervour behind their proposals, stating, ‘Convinced that full independence cannot be achieved without controlling the economy, livestock management, fisheries, and agriculture, we are fully committed to achieving food, digital, fiscal, energy, and scientific sovereignty.’
The coalition’s genesis traces back to the dissolution of Sonko’s Pastef party, culminating in Faye’s nomination post-Sonko’s disqualification over a defamation conviction. Sonko’s rallying call to support Faye amplifies concerns among competitors, given his resonating influence, particularly among the disillusioned youth grappling with economic hardships.
Faye emphasised the core principles underpinning their platform, stating, ‘We are committed to tackling inequalities and boosting employment, while also advocating significant governance shake-ups, including the creation of a vice-president role and the abolition of the prime minister’s position.’
Of notable concern to regional allies and investors are the coalition’s proposed tax and customs reforms, the introduction of a national currency, and plans to renegotiate key contracts encompassing mining, hydrocarbons, public procurement, and infrastructure. These proposals signal potential disruptions to established economic frameworks and investor interests.
Addressing the intricacies of implementing a new currency, Faye outlined steps while acknowledging the challenge posed to the West African CFA franc. Additionally, the coalition aims to restructure contracts to optimise socio-economic development and maximise revenues from Senegal’s forthcoming oil production, notably the Sangomar oil and gas project operated by Woodside Energy, slated to commence in mid-2024 with an expected output of around 100,000 barrels per day.