Supermarkets and gas stations looted, bank and administration offices destroyed, public transportation interrupted and small informal businesses idling. The economic consequences of the violent unrest in Senegal, the result of political instability, are costing the country dearly: some 30 million euros each day of disturbances, government sources told Reuters, as well as the destruction of important public infrastructure. . The rating agencies maintain, for the moment, their confidence in the Senegalese economy, especially thanks to the stimulus that the start of gas exports will bring this year, but the political clouds threaten to spoil the party. “They are hidden forces under influence «that have a manifest desire to affect our economic activity,» said the Minister of the Interior, Antoine Félix Diome, a few weeks ago, in a serious appearance before foreign journalists. In addition to businesses and transportation, the person responsible for national security is very concerned about the attack on a water distribution plant. A group of hackers has also managed to take down several Administration websites, including the Presidency. The Government responds by limiting internet use. “Whatever the type of attacks, I assure the population that we are going to face it,” adds Diome with determination. At the origin of the unrest is President Macky Sall's intention to run for a third term prohibited in the Constitution and the judicial conviction of opposition leader Ousmane Sonko, which could leave him out of the presidential race and which, for thousands of Senegalese, does not It is more than a montage orchestrated by those in power. Mountaga Sarr sells tobacco at a street stall in the Ouakam neighborhood. “I have had to close for several days. The young people were burning everything. “I was very scared,” he says. Kiné works as a domestic worker and moves every day from the outskirts to the center of the city. “You have to be aware of whether there are protests or not, because the buses stop running. “It is harming us all,” he says. No less than 96% of employment in Senegal is informal, especially among women and young people, according to figures from the International Labor Organization. It is the weakest link in the chain. Although their importance is relative, tourism and hospitality also suffer.
Agency support
Despite all the damage, credit rating agencies maintain their confidence in Senegal. In a report that was released at the beginning of June, Standard and Poor's Global Ratings forecasts economic growth of at least 9% for the period 2023-2024, which is supported, above all, by the beginning of the exploitation of the gas off shore Gran Tortuga Ahmeyim in the fourth quarter of this year and in the acceleration of sectors such as information technologies, computing, construction, energy and the extraction of gold and phosphates. For now, although recurrent and prolonged in time since the opposition leader was arrested for the first time in March 2021, the most serious disturbances have been sporadic in nature, more similar to outbreaks of anger than to a structured political strategy. “The rampant unemployment, especially among young people, and the rise in prices have pushed many people into poverty. These demonstrations also have to do with a certain desperation,” describes Ndiaga Faye, a young Senegalese economist.Here you can consult the latest Letters from the correspondentFollow all the information from Economy and Business on Facebook and Twitteror in our weekly newsletter