Newly elected Senegalese President Bassirou Diomaye Faye announced an audit of the country’s oil, gas, and mining sectors during a televised address on Wednesday. This move comes just one day after his inauguration and reflects his campaign promises for change.
Faye, a 44-year-old former tax inspector, won a landslide victory in March against the ruling coalition’s candidate. His focus on resource management aligns with the public’s desire for greater transparency and a fairer share of the country’s natural wealth.
“The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,” President Faye declared. He pledged a two-pronged approach: disclosure of ownership structures within extractive companies and a comprehensive audit of the resource sectors.
While specifics regarding the audit were not provided, President Faye sought to calm investor concerns. He emphasized that Senegal remains open for business, stating, “Investor rights will always be protected, as well as the interests of the state and the people.” This balanced approach aims to ensure responsible resource development that benefits both the nation and its investment partners.
The announcement comes at a crucial time for Senegal. The country’s first major offshore oil project, Sangomar, operated by Woodside Energy, is slated to begin production in mid-2024, reaching an estimated output of 100,000 barrels per day. The audit’s findings will be crucial in establishing transparent practices and ensuring the country benefits fully from this new resource wealth.
