Senegal debt bombshell triggers S&P downgrade and exposes governance failings

• $13bn in hidden liabilities raise debt ratio to 145% of GDP
• IMF, parliament and rating agencies under scrutiny

DAKAR, SENEGAL – An external audit by Mazars, incorporated into Senegal’s revised 2025 budget, has uncovered CFA 8.3 trillion ($13 billion) in previously unreported liabilities—equivalent to 41% of 2024 GDP. This marks a steep jump from the 104% debt-to-GDP ratio estimated in February, based on findings from the Court of Auditors, which had already flagged average budget deficits from 2019 to 2023 as twice as high as previously disclosed. S&P Global Ratings reported the findings on 14 July.