Dakar, Senegal –
Senegal’s Finance Ministry has announced a recalculation of the country’s GDP following S&P Global Ratings’ downgrade of its sovereign credit rating from “B” to “B-“ with a negative outlook, citing a debt-to-GDP ratio of 118% in 2024.
The ministry said the high debt ratio does not reflect rebased GDP figures, which are due to be released soon and will provide a more accurate economic picture. The GDP rebasing aims to revise national income estimates using updated methodology and sector data.
“Senegal remains committed to budget transparency and fiscal discipline,” the ministry stated, emphasizing the country’s unchanged capacity to meet financial obligations.
The downgrade comes as Senegal negotiates with the International Monetary Fund (IMF), seeking a new board meeting focused on data reporting improvements.
The IMF previously froze its $1.9 billion financial package, signed in June 2023, after a government audit revealed underreported deficits and debt levels. Despite this, Prime Minister Ousmane Sonko asserted that Senegal is “still standing”, underscoring the country’s resilience in the face of financial pressures.
The planned GDP update could help improve Senegal’s debt profile, restore investor confidence, and pave the way for renewed engagement with international financial institutions.
