DAKAR (Reuters) – One of the most formidable opponents to Senegalese President Macky Sall’s party in the upcoming presidential election has reassured investors about his vision for the West African nation, which is on the brink of beginning oil and gas production later this year.
Bassirou Diomaye Faye, a candidate known for challenging the political establishment and who analysts believe has a strong chance of winning the presidency, spoke to Reuters about his priorities of restoring the rule of law, promoting social unity, and bringing stability to a country where protests have been prevalent.
“This will create an environment conducive for investors to operate in and provide the country with the peace necessary for economic growth,” Faye, aged 43, stated in his first English-language media interview following his release from prison on Thursday.
“In this aspect, no other candidate can offer foreign investors better security guarantees than me,” he affirmed.
Faye was granted freedom under a new amnesty law aimed at easing tensions. He had been detained since April on various charges, including defamation and contempt of court, which he refuted.
If elected, he has pledged significant reforms such as renegotiating Senegal’s oil and gas agreements and introducing a new currency. Some experts warn that these actions could potentially harm Senegal’s reputation as an investment hub.
The country’s oil and gas projects, scheduled to commence operations later this year, have the potential to elevate GDP growth to double digits by 2025, as per the International Monetary Fund.
Senegal uses the CFA franc, which is pegged to the euro, along with seven other nations within the West African Monetary Union.
During a recent campaign event, Faye appeared to step back from his commitment to abandon the current currency, stating that he would initially focus on monetary reform at the regional level in collaboration with partners from the ECOWAS West African bloc.
“However, if our efforts within ECOWAS and the UEMOA monetary union do not yield results, we will go it alone,” he informed Reuters.
Faye reaffirmed his manifesto promise to review mining and energy contracts approved by Sall’s administration. Nevertheless, he specified that “any agreements made by the Senegalese people with external partners will be honored.”
Previously a little-known figure, Faye gained prominence after popular opposition leader Ousmane Sonko, excluded from the election due to a defamation conviction, endorsed his candidacy.
He declined to disclose the potential role Sonko could play in his future government.
While Senegal has historically represented stability in a tumultuous region, the country has experienced upheaval since 2021, particularly following Sall’s attempt to postpone the presidential election by 10 months.
Following a court ruling deeming the delay unconstitutional, the election was set for March 24.
The president’s supporters have accused the opposition of inciting unrest, with anti-government protesters causing damage to infrastructure and disrupting business operations.
“Investors need to grasp that our pursuit of power is not driven by a desire for authority, but rather a commitment to steering this country in the right direction,” Faye emphasized.
(Reporting by Portia Crowe; Editing by Mark Potter)
