competitive economy
Senegal is the second largest economy in French-speaking West Africa. After declining to 4.8% in 2022, Senegal’s GDP is projected to increase to 8.3% in 2023 and to 10.5% in 2024.
The country is considered a political exception in Africa, as many international organizations and multinational corporations choose the capital Dakar as their regional base. It was the first country in West Africa to be awarded a “B+/B” rating for three consecutive years by the leading index provider and data source for independent credit ratings, Standard & Poor’s, and has a financial BB- rating with a stable outlook Research firm Moody’s is a leading contributor thanks to its macroeconomic stability, easy access to foreign currencies, modest leverage and support from the international financial community.
The country controls inflation, increases financial revenues and is one of the five fastest growing economies on the continent.
Attractive business climate
The Senegalese government has made great efforts to improve the country’s business climate, which has resulted in easier processes for starting and running businesses. Faster company formation, faster import/export processes, quick transfer of ownership, and online tax returns and payments are among the key improvements that are leading to a positive business climate in the country. In addition, Senegal has implemented investment protection measures with a number of partner countries around the world, ensuring legal certainty, capital and repatriation, expropriation guarantees and compensation provisions.
These initiatives demonstrate Senegal’s commitment to creating a business-friendly environment and promoting private-sector-led economic growth.
professionals
Senegal has a young population looking for decent employment opportunities. With an average age of around 22 years and over 42% of the population under the age of 15, the youth group is in the foreground.
Renowned for the quality of its higher education programs, Senegal attracts large numbers of foreign students from across Africa every year. Recently, Senegal has introduced several specialized master’s programs with a focus on renewable energy.
Modern infrastructure
Senegal’s transport infrastructure has evolved significantly, including a well-maintained road network and continuous improvements in urban mobility.
Major initiatives like toll highways and national road repairs improve access to key routes. Modernization of the railway system is underway, with projects such as the Dakar-Bamako Railway and the Dakar Regional Express Train improving connections. The state-of-the-art Blaise Diagne International Airport acts as a regional and international mobility hub, relieving Dakar and promoting the development of a second economic hub. In addition, the Autonomous Port of Dakar benefits from its strategic location at the crossroads of important sea routes.
Comprehensive legal and tax framework
Senegal has created a legal and fiscal framework to encourage investment and encourage economic growth. The Investment Act offers various benefits, including duty exemptions, VAT payment suspension and reduced corporate income tax (CIT) rates for eligible investments. Agricultural, industrial and energy companies with significant export potential can obtain free export company status, which grants them a reduced corporate tax rate and exemptions from certain taxes. In addition, Senegal has the Special Economic Zone, which offers preferential tax treatment and specific advantages for companies in the mining and oil sectors.
International investors are warmly welcome to attend MSGBC Oil, Gas & Power 2023, which will be held from November 21-22 in Nouakchott, Mauritania, under the patronage of the Heads of State of Senegal and Mauritania, SE Macky Sall and SE Mohamed Ould Ghazouani . The event brings together expert panels focused on expanding investment prospects in the MSGBC space.
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