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Senegal’s Dollar Bonds Slide as Debt Hits 119% of GDP
July 1, 2025
Senegal’s debt-to-GDP ratio surged to 119% in 2024, well above the previously reported 99.7% in 2023, making it the most indebted country in Africa as per Barclays. It is now one of only three African countries with debt levels exceeding 100% of GDP. Analysts warned that the revised figures pose fresh risks to Senegal’s debt trajectory and could complicate ongoing talks with the IMF. The IMF had suspended Senegal’s $1.8bn program in October, after it found out that the previous administration had misreported debt and budget deficit data. Despite an outstanding financing need of ~$2bn and limited access to international capital markets, Prime Minister Ousmane Sonko said that Senegal may not need fresh funding from the IMF. Analysts cite that Senegal’s dollar bonds do not fully reflect the risks of a delayed IMF deal, with their reliance on multilateral loans and fundraising in the domestic market likely to become a concern.
Senegal’s 6.25% 2033s slid by 2 points to 66.24, yielding 14.09%.
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