Media Wire Express Correspondent
Newly elected President Bassirou Diomaye Faye told the nation in a televised speech on Wednesday,Senegal will conduct an audit of the oil, gas and mining sectors, while also reassuring investors they were welcome in the country.
Faye defeated the ruling coalition’s candidate in a March election by a landslide, reflecting high hopes for change in the country of around 18 million.
The audit is one of the first policy moves announced since the 44-year-old former tax inspector’s inauguration on Tuesday.
Faye emphasized the importance of ensuring transparency and accountability in the exploitation of the nation’s natural resources, which are constitutionally owned by the people.
“The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,” he said.
“I will proceed with the disclosure of the effective ownership of extractive companies (and) with an audit of the mining, oil, and gas sector.”
He did provide further details, but sought also to reassure investors, who he said were “welcome in Senegal”.
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Although President Faye did not provide extensive details regarding the audits, he assured that investor rights would be protected, alongside the interests of the state and its citizens.
“Investor rights will always be protected, as well as the interests of the state and the people,” he said.
Senegal’s first offshore oil development is due to start production in mid-2024. The Sangomar oil and gas project operated by Woodside Energy is expected to produce about 100,000 barrels per day.
Faye, was declared the next president after his main rival called him to concede defeat, and thanked President Macky Sall and other candidates for respecting Senegal’s democratic tradition by recognizing his victory well before official results.
He has begun to fulfill top of the list of these promises contained in his campaign manifesto, christened Project Senegal, are fighting corruption, creating employment opportunities for the youth, and significantly reducing the cost of living, a major concern for the majority of the 17 million Senegalese population.
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