Senegal’s upcoming presidential election is heating up, with candidates clashing over economic policy, particularly regarding the country’s currency. Amadou Ba, the candidate for the ruling coalition and former Prime Minister, has criticized his opponent’s proposal to introduce a national currency, arguing it would deter investors.
Dueling Currency Plans: Stability vs. Reform
Ba, 62, is facing a competitive field of 18 candidates in the upcoming Sunday election. No clear frontrunner has emerged, but challenger Bassirou Diomaye Faye, a 43-year-old former tax inspector, has gained significant momentum. Faye’s candidacy is bolstered by the endorsement of both firebrand opposition leader Ousmane Sonko and former Senegalese President Abdoulaye Wade, along with his Senegalese Democratic Party.
Faye’s economic platform centers on reforming the West African Monetary Union (WAMU), a union of eight nations that share the CFA franc. If these reforms fail, he advocates for the creation of a separate Senegalese currency. Ba, on the other hand, proposes expanding the WAMU to encompass all 15 countries within the West African regional bloc.
“Our current currency is convertible and stable,” Ba argued, highlighting the benefits of the CFA franc. “We’ve maintained moderate inflation rates compared to countries with their own currencies.” He emphasized the potential negative consequences of abandoning the current system, suggesting it would create uncertainty and discourage foreign investment, a crucial element for Senegal’s economic growth.
Addressing Youth Unemployment and Fishing Industry Woes
While currency dominates the economic debate, other crucial issues are also on the minds of Senegalese voters. Faye’s campaign has garnered significant support from the nation’s young population, many of whom face high unemployment rates. Senegal boasts a youthful demographic, with a median age of just 19. Faye has pledged to address this challenge, though specific details of his plan remain unclear.
Ba, if elected, has promised to focus on revitalizing the struggling fishing industry, the nation’s third-largest employer. He described the sector as being “in crisis,” citing the perilous journeys undertaken by some Senegalese fishermen who risk their lives crossing the Atlantic in search of a better life in Europe. Ba’s proposed reforms aim to improve the livelihoods of small-scale fishermen, potentially through measures that enhance efficiency, promote sustainability, and create a more equitable distribution of profits.
A Pivotal Election for Senegal’s Future
The upcoming Senegalese election presents a critical juncture for the nation’s future. Voters face a stark choice between maintaining the established economic framework with the CFA franc or venturing down a path of potential monetary reform and national currency independence. The candidates’ differing approaches to the fishing industry and youth unemployment also highlight the importance of economic diversification and job creation.
With the election just days away, the political rhetoric is likely to intensify. However, amidst the debate, one thing remains clear: Senegalese voters have a significant decision to make, with the outcome impacting the nation’s economic trajectory for years to come.
Source: Reuters
