Senegal’s new president announces comprehensive audit of oil, gas, mining sectors

Senegal’s newly inaugurated President, Bassirou Diomaye Faye, declared in a televised address on Wednesday that his administration will undertake a thorough audit of the nation’s oil, gas, and mining sectors. This announcement comes as a significant policy initiative shortly after Faye’s landslide victory in the March elections, reflecting the nation’s anticipation for transformative change under his leadership.

In his address to the nation, President Faye underscored the imperative of ensuring transparency and accountability in the management of Senegal’s natural resources, which he emphasized rightfully belong to the people according to the constitution. “The exploitation of our natural resources…will receive particular attention from my government,” he affirmed.

One of the key measures outlined by President Faye is the disclosure of the effective ownership of extractive companies operating within Senegal, aimed at fostering greater transparency and accountability in the sector. Additionally, he announced plans for a comprehensive audit of the mining, oil, and gas industries, signaling a commitment to rooting out any inefficiencies or irregularities.

Despite the emphasis on scrutiny and reform, President Faye extended reassurance to investors, affirming that Senegal remains open and welcoming to investment. “Investor rights will always be protected, as well as the interests of the state and the people,” he asserted, seeking to strike a balance between attracting foreign investment and safeguarding national interests.

The announcement of the sector audit marks one of the initial steps taken by President Bassirou Diomaye Faye’s administration, highlighting his commitment to promoting good governance, transparency, and sustainable development in Senegal’s extractive industries. As the nation embarks on this path of reform, the outcomes of the audit are anticipated to shape the future trajectory of the country’s resource management and economic growth.

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