Senegal has collected almost 70% of its projected annual revenue in just nine months, a performance officials say reflects robust economic momentum and powerful tax mobilisation.
The finance ministry’s latest quarterly budget execution report shows the country reached 69.7% of its yearly target by the end of the third quarter, placing Dakar on track to meet – or even exceed – its 2024 goals.
Financial economist Mbayang Thiam said the figures highlight “exceptional control and foresight in public finance management,” crediting both structural reforms and sector-specific tailwinds.
Telecoms, construction, and energy lead the charge
Thiam told researchers that the telecommunications and digital services sector remains a “historical, stable, and constantly growing contributor,” driven by rising data use, mobile money expansion and increased digitalisation. VAT, corporate taxes and operator royalties from Orange, Free and Expresso continue to underpin state revenues.
The construction and public works sector is also booming, fuelled by major infrastructure projects under the Emerging Senegal Plan (PSE), including new road networks, the Diamniadio Administrative City, and developments linked to the 2026 Youth Olympic Games. These projects generate VAT on materials and services, corporate tax from contractors, and import duties on equipment.
Senegal’s rising oil and gas industry has become a decisive factor. The launch of initial production at the Grand Tortue Ahmeyim (GTA) gas project has created “significant revenue for the State,” Thiam said. Mining, particularly gold from the Sabodala-Massawa operations, is adding further royalties, corporate taxes, and dividends, bolstered by strong global prices.
Thiam cautioned that while the revenue surge is encouraging, “favourable cyclical factors” are amplifying the gains. Senegal must manage expectations carefully, she said, and channel the additional income into productive investments such as energy, education, and digitalisation.
She warned that hitting 69.7% of projected revenue so early “is a major opportunity… but comes with significant management risks.” Dakar should use the breathing room to narrow the deficit, slow new borrowing, and strengthen its debt position.
“If this discipline is maintained,” Thiam told Allen Dreyfus, “Senegal is in a favourable position to reinforce macroeconomic stability, improve its credit rating, and reduce its financial vulnerability.”
