Senegal’s recent presidential election reflects a successful democratic transition, with President Faye in a strong position to implement key reforms. His mandate addresses pressing issues such as poverty, unemployment, and corruption while promoting local economic growth through resource management and banking reform. The country’s democratic movement offers a glimpse of hope for democracy in Africa and beyond, challenging prior doubts regarding its viability on the continent.
Jacques Chirac once remarked that democracy is a luxury Africa cannot afford. However, Senegal’s recent presidential election demonstrated that democracy can and does succeed in Africa. President Bassirou Diomaye Faye, having a strong mandate after last November’s legislative elections, must now prioritize reforms that address credit rationing and stimulate commodity-driven industrialization for economic growth.
Former President Macky Sall’s concession after his attempts to delay the election highlighted the significance of the democratic process in Senegal. The electoral success reinforces the idea that democracy is essential for national unity and prosperity, debunking Chirac’s notion of democracy as a luxury.
The electoral victory is also a triumph for global democracy, enabling a resurgence of confidence in democratic systems at a time when many Western democracies face declining approval ratings. For instance, a 2023 Ipsos poll revealed that many people in Western nations, including France and the U.S., perceive their democracies as failing.
Unlike the trend of relying on significant campaign financing, Faye’s election proved that strong convictions and relevant ideas resonate with the populace. Entering the presidential race as an independent after a ban on his party, Faye’s campaign echoed the desires of the Senegalese people, leading to his notable win despite financial disadvantages.
Faye’s platform aims to improve living standards, especially for the impoverished rural population of Senegal, where poverty rates reach 57%. Youth unemployment remains high, and the informal economy, accounting for 37% of GDP, reflects persistent socioeconomic challenges exacerbated by inflation and rising costs of living, pushing many to seek opportunities abroad.
In his agenda, Faye pledges to combat corruption and enhance governance by establishing strong democratic institutions. He stands against the prevalent “strongman” culture that has historically allowed collusion between politicians and large corporations, which inhibits economic equity and opportunity, particularly in resource-rich nations.
In a break from tradition, Faye disclosed his assets before the election and promised a thorough audit of the oil, gas, and mining sectors to ensure they serve the national interest. These proactive measures allow the public to track progress in combatting corruption and ensure equitable resource distribution aimed at shared prosperity.
There is an urgency for Senegal to transform its economy in light of newly discovered oil and gas reserves, amidst a backdrop where Africa is often synonymous with poverty. Countries like the Nordic states demonstrate how resource management can propel prosperity, unlike the general trend of Africa exporting its resources without local processing, leading to vulnerability and governance issues.
Senegal has the potential to capitalize on its late entry into the hydrocarbon sector by learning from both successful and failed resource management strategies from other nations. Faye should aim to localize production and refining to foster employment and technology transfer, which could position Senegal favorably in the global economy amid fluctuating commodity values.
The African Continental Free Trade Area’s regulations can also assist in boosting domestic manufacturing and regional value chains necessary for economic growth. Additionally, reforming the banking sector is crucial for attracting necessary long-term investments to sustain growth and economic resilience, especially considering low domestic credit levels.
Faye’s presidency is an opportunity for systemic transformational change, showing that democracy can facilitate better policy ownership and open access to opportunities in Senegal and beyond. However, democracy should not be an end goal but a tool for security and prosperity, requiring Faye to leverage this political moment for significant economic dividends.
In summary, Senegal’s recent democratic election signifies a breakthrough moment not just for the country but for democracy as a whole, debunking outdated notions of it as a luxury. President Faye’s strong mandate comes with the responsibility to implement vital reforms targeting economic growth and the fight against corruption. His agenda—centered on improving living conditions, localizing resource management, and banking reform—must actively use the democratic momentum to drive systemic change toward inclusive prosperity.
Original Source: www.atlanticcouncil.org
