(Last updated 20 Jan 2012)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Senegal. This is regularly updated, and should be checked before planning travel.

Country facts

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

Senegal is a member of the West African Economic and Monetary Union (WAEMU) and the Economic Community of West African States (ECOWAS). Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt illegal migrants to flee Senegal in search of better job opportunities in Europe. Senegal still relies heavily on outside donor assistance.

Under the IMF's Highly Indebted Poor Countries (HIPC) debt relief program, Senegal has benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, policy support Initiative program.

The best prospects for investment in the Senegalese economy include:

• construction equipment and materials
• power generators (electrical power systems)
• telecommunication products
• mining equipment
• agro processing, amongst others

Major industries:

• Agricultural (cotton and peanut – major crops) and fish processing
• Phosphate mining
• Fertiliser production
• Petroleum refining
• Construction materials
• Ship construction and repair

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

Senegal is a semi-democratic, liberal democratic republic whereby the President is the head of state and the Prime Minister is the head of government. Executive power is exercised by the government and Legislative power is vested in both the government and the legislature.

Senegal is one of the few African countries that have never experienced a coup d’état. It is also has the reputation for transparency in government. The most significant threat within Senegal since the 1980s has been led by the Movement of Democratic Forces in the Casamance (MFDC). Although a peace agreement was signed in December 2004, internal rifts continue to keep the peace process deadlocked. Nevertheless, Senegal remains one of the most stable democracies in Africa.

The main source of law in the country is the new constitution of 2001. The country’s legal system is based on French civil law system and judicial review of legislative acts. The country accepts compulsory ICJ jurisdiction but with reservations.

Trade relations and statistics

Senegal is a member of the West African Economic and Monetary Union (WAEMU) which comprise countries using the CFA as their currency, a member of the Economic Community of West African States (ECOWAS) which seeks to create a free trade area within the sub-region. It also party to the World Trade Agreement (WTA) between the European Union and African countries.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.