Country FilesWestCountry Profile 2014: SENEGAL

Wed,22Nov2017

Posted on Monday, 10 February 2014 10:52

Country Profile 2014: SENEGAL

A year down and much more to do

Senegal’s new dawn in 2012, with the election of President Macky Sall, has brought with it some stability as well as some disappointments for ordinary citizens. But Sall was elected based on promises of reform and improved quality of life for the population, which is largely dependent on agriculture.

 

 TABLE OF CONTENTS:

TOP SENEGALESE COMPANIES

TOP SENEGALESE BANKS

 

ar-infographie-senegal-2014A year down and much more to do

Problems in the water and electricity sector continue to slow economic growth

The investigations of former ministers have not led to any major convictions

Senegal’s new dawn in 2012, with the election of President Macky Sall, has brought with it some stability as well as some disappointments for ordinary citizens. But Sall was elected based on promises of reform and improved quality of life for the population, which is largely dependent on agriculture.

Overall progress has been slow. Sall began by cutting the cost of running the government – selling one of the presidential jets and reducing the size of the government – but new ministers have since been added and little seems to have changed fiscally as a result of his reforms. The slow pace of change in government and the energy sector has meant that Sall has not been able to rein in spending. The goal of reducing the fiscal deficit to 4.6% of gross domestic product in 2014 is unlikely to be achieved.

Prolonged water shortages in September 2013 in Dakar, home to three million people, led to some violent protests. Blackouts contributed to the unpopularity of former President Abdoulaye Wade, and are a perennial problem for the government. The International Monetary Fund warns that the situation in the energy sector is costing Senegal 2% growth per year.

REGIONAL ASSISTANCE

Senegal has appeared to be a zone of stability amidst political conflict in West Africa. Someof Sall’s strongest moves in 2013 were on the international scene. The government agreed to send 500 troops to Mali to help with the crisis there inJanuary 2013. The government also opened a special court with the cooperation of the African Union in February 2013 to try Chad’s former dictator Hissène Habré, who was arrested in June in preparation for the trial to begin. At home, meanwhile, the Sall government has attempted to hold the previous government to account.

In April, police arrested Wade’s son, Karim, who held several ministerial posts in his father’s government, on corruption charges. Five other former ministers were also under investigation. However, it remains to be seen what will happen to the younger Wade, especially in the light of the news in August that former head of the land registry Tahibou Ndiaye escaped jail by paying back 3.6bn CFA francs ($7.6m) out of the 7.9bn CFA the Cour de Répression de l’Enrichissement Illicite was prosecuting him for having taken. The opposition, led by Wade’s Parti Démocratique Sénégalais, has also been on the back foot since the 2012 elections partly due to the corruption trials. Its ability to rebound will be tested in local elections expected in the first half of 2014.

The Direction Centrale des Marchés Publics pointed out that the government awarded 24% of contracts without competitive bidding in the second half of 2012. In September, Sall sacked the upper ranks of his government, replacing heavyweight finance minister Amadou Kane with former director of the tax department Amadou Ba. Abdoul Mbaye,the prime minister,was replaced during the shake-up by human rights campaigner and former justice minister Aminata Touré, a popular choice internationally because she is a woman and was head of the department that brought Habré to long-awaited trial.

AT A STEADY PACE

Economic growth has been slower than anticipated, but it has at least been steady. A year of good rains and positive agricultural results in the region, as well as increased mining activities, raised Senegal’s export levels in 2013. The government planned to launch a $500m 10-year eurobond in late 2013 in order to finance key infrastructure projects and reduce the government’s reliance on short-term borrowing.

The government also hopes to complete the selection of a fourth mobile phone provider in 2013. A major mining project has been delayed for years as the government sought to cancel ArcelorMittal’s rights to the Falémé iron ore deposit. The Luxembourg-based company agreed to develop the project in 2007 but abandoned plans due to the global downturn. The government won its case against the firm in September 2013 and could soon look for new investors. Meanwhile, the October 2013 opening of the Société de Conserverie en Afrique, owned by South Korean company Dongwon, was a big boost for the fishing industry.

 

TOP SENEGALESE COMPANIES

Rank 2012Rank 2011CompanySectorCountryTurnover (Thds $)Turnover changeNet profits
122119SONATELTELECOMSSENEGAL1,226,2473.39%297,948
166228SOCIT AFRICAINE DE RAFFINAGEREFININGSENEGAL846,45147.65%0
207253TOTAL SNGALPETROL. SERVICESSENEGAL651,57227.60%0
252248SONATEL MOBILESTELECOMSSENEGAL534,8563.33%0
264294SOCIT NATIONALE DLECTRICITELECTRICITYSENEGAL509,92822.77%0
364471INT. TRADING OIL & COMMODITIES CORP.PETROL. SERVICESSENEGAL323,34244.44%0
376-COMPTOIR COMMERCIAL SOPE NABIDISTRIBUTIONSENEGAL314,596919.21%0
417411SHELL SNGALPETROL. SERVICESSENEGAL269,7162.17%0
420444SOCOCIM INDUSTRIESCONST. MATERIALSSENEGAL267,40412.71%0
444464INDUSTRIES CHIMIQUES DU SNGALMININGSENEGAL246,8998.43%0
481427LIBYA OIL SNGALPETROLEUMSENEGAL217,257-12.61%0
490486ELF OIL SNGAL*PETROL. SERVICESSENEGAL214,251NA0
500-LES CIMENTS DU SAHELCONST. MATERIALSSENEGAL206,408NA0
 

 

TOP SENEGALESE BANKS

Rank 2012Rank 2011Bank nameCountryTotal assetsNet interest incomeLoansDeposits
128113CBAO GROUPE ATTIJARIWAFA BANKSENEGAL1,204,32089,2241,017,110951,490
133-SOCIT GNRALE DE BANQUES AU SNGALSENEGAL1,137,25686,630945,216859,520
171164ECOBANK SNGAL*SENEGAL639,19442,188343,857502,116
184155BICIS*SENEGAL551,68150,597309,179458,746
 


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