Financial Markets: Senegal Aims to Raise 658 Billion CFA Francs Within 90 Days
The first quarter of 2026 proved challenging for the Senegalese government. Despite widespread predictions of a default in March, particularly on its eurobonds, the state ultimately met its obligations. Furthermore, while access to international financial markets had become more difficult, Senegal managed to raise 1,068.6 billion CFA francs from the UMOA securities market, exceeding its initial target of 808 billion. The government has now revealed its funding goal for the second quarter.
Indeed, the Senegalese government's appetite for borrowing is slightly less pronounced than in the first quarter. It plans to raise 658 billion CFA francs between April and June on the regional public securities market. This information comes from the States' Auction Issuance Calendar published by UMOA-Titres. The plan includes raising 210 billion CFA francs through Treasury Bills (BAT) and 448 billion CFA francs via Treasury Bonds (OAT).
Overall, the eight member countries of the West African Economic and Monetary Union (WAEMU) plan to raise 3,075.5 billion CFA francs on the zone's public securities market from April to June. Côte d'Ivoire remains the most ambitious borrower, aiming to mobilize 980 billion CFA francs in the second quarter of 2026.
Senegal is grappling with a debt situation that forces it to focus its fundraising efforts on local financial markets. Following the so-called 'hidden debt' affair, the IMF revised the country's debt-to-GDP ratio upward to 132% and suspended its program with Senegal. To date, a new IMF program has not been agreed upon.
Consequently, with international financial markets becoming nearly inaccessible, the UMOA market has become crucial for Senegal. The government projects raising 4,132 billion CFA francs from this market in total, with 2,752 billion expected from the zone's public securities segment. For now, first-quarter targets have been met, with 1,068.6 billion CFA francs successfully mobilized.
Youssouf SANE
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