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Analysis

Senegal: can power survive the split between Faye and Sonko — and what will become of their shared project?

Presidential power, parliamentary majority, public debt and the future of the 2024 project for change

Mansi-Dongi Dokoma13 September 2026 · Updated 13 September 2026

It happens that an electoral victory already contains the contradiction which will threaten the power it installs. That of Bassirou Diomaye Faye, in March 2024, was based on a singular configuration: one man ascended to the presidency while another remained, in the eyes of a large part of the electorate, the political inspiration for change. Ousmane Sonko could not be a candidate. Bassirou Diomaye Faye was in his place and won the election. From then on, the new Senegalese power combined two legitimacies that were difficult to dissociate, but which could not be confused in the long term.

Two years later, this ambiguity has become an institutional divide.

Ousmane Sonko is no longer Prime Minister. He presides over the National Assembly and retains the leadership of Pastef, which has, since the legislative elections of November 2024, had an overwhelming majority of 130 seats out of 165. Bassirou Diomaye Faye, for his part, formed his own party, Kiiraay — The Republican Patriots. The alliance which had enabled the 2024 alternation therefore gave way to two political poles, each having an essential resource of power: to the president, the State and presidential legitimacy; in Sonko, a powerfully organized party and a parliamentary majority resulting from the same electoral wave.

We could reduce this development to a quarrel between two men. This would mean missing what it reveals about the Senegalese problem.

A victory built by both

Bassirou Diomaye FayeBassirou Diomaye Faye
Ousmane SonkoOusmane Sonko
Bassirou Diomaye Faye and Ousmane Sonko. Photo sources: European Union via Wikimedia Commons (CC BY 4.0) and Pulse Sénégal.

Bassirou Diomaye Faye was not, before 2024, destined to embody a historic rupture alone. His rise was directly linked to the impediment of Ousmane Sonko, whose candidacy had been rejected. Released from prison shortly before the election, the two men led a campaign in which their political identities seemed almost intertwined.

Faye finally won the presidency. But the political formula born from this victory included an unresolved question: when a president owes a decisive part of his accession to power to a party leader with his own political influence, where is the real center of decision?

Bassirou Diomaye Faye had very early insisted on his autonomy and on the fact that the presidency could not be exercised by proxy.

The difficulty was therefore not accidental. It was inscribed in the very birth of the new power.

As long as Faye and Sonko pursued the same strategy, this duality could be presented as a complementarity. The president embodied the State; his Prime Minister carried militant strength and the promise of rupture. But as soon as differences appeared on methods, institutions and, above all, economic policy, this complementarity turned into competition.

The disagreement became public. Sonko had already denounced in 2025 a “problem of authority”. In May 2026, Faye finally dismissed him as Prime Minister. Sonko then returned to the National Assembly, of which he became president, while Ahmadou Al Aminou Lo took over as head of government. A few weeks later, the president announced and then created his own political organization.

It is therefore no longer a tension at the top of the executive. Two political centers now face each other.

The unexpected test of the debt

This separation comes at a time when Senegal discovers that it has much less economic freedom than assumed in the transformation program presented to voters in 2024.

The coming to power of Faye and Sonko should make it possible to restore political and economic sovereignty: better control of natural resources, renegotiation of certain relationships with foreign partners, fight against corruption, job creation and more equitable redistribution of income from hydrocarbons.

But the audits of public accounts have profoundly modified the framework.

The new authorities revealed that the debt inherited from the previous administration had been significantly undervalued. For the year 2023 alone, an audit increased the debt from 74.41% to 99.67% of GDP. Subsequent evaluations further aggravated the finding. In June 2026, the IMF estimated total public sector debt at around 132% of GDP at the end of 2024.

The problem goes beyond accounting: when a State discovers that its real debt greatly exceeds that which appeared in its accounts, three constraints are imposed simultaneously. It must restore the confidence of creditors, restore the credibility of its public statistics and finance the social promises on which power was elected.

The debt thus gives the political rupture its most concrete expression.

The disagreement between Faye and Sonko particularly concerned the conduct of negotiations with the International Monetary Fund. The president and his former prime minister did not only differ on people or on the organization of power. They found themselves confronted with the central question of any sovereignty policy: what remains of freedom of decision when the State depends on an agreement with its donors and creditors to restore its financing capacity?

“Reprofile” without restructuring?

The vocabulary used by the Senegalese authorities deserves particular attention here.

The government says it wants to “reprofile” part of the debt rather than carry out a traditional restructuring. The principle consists in particular of extending certain deadlines and renegotiating financial conditions in order to reduce the immediate pressure on public finances.

On September 8, 2026, Prime Minister Ahmadou Al Aminou Lo indicated that the country must also clear around $3.5 billion in arrears. Senegal has, at the same time, concluded, at the service level, an agreement with the IMF covering a three-year program of approximately $2.2 billion.

This distinction between reprofiling and restructuring has obvious political significance.

Debt restructuring evokes failure, insolvency or, at least, the inability of a State to fully respect the commitments previously contracted. Reprofiling suggests, on the contrary, technical management of deadlines.

But the creditor does not necessarily think according to the same categories as the government.

From the beginning of September, several Senegalese bond holders formed a group and retained the White & Case firm to represent them. Amundi, Europe's leading asset manager, estimated a few days later that the valuation of Senegalese securities perhaps did not fully reflect the risk associated with future negotiations.

The conflict over words therefore announces a much more concrete conflict over the distribution of the costs of adjustment.

It remains to be determined who will bear the cost: foreign creditors, domestic holders of public debt, the state budget, taxpayers, consumers through reduced subsidies, beneficiaries of social programs or future public investments.

The answer to these questions will weigh more on the stability of Senegalese power than on many personal rivalries.

The hydrocarbon paradox

Senegal nevertheless has an asset that many highly indebted countries do not have: the entry into oil and gas production.

In 2025, real GDP growth reached 6.7%, driven in particular by hydrocarbons. The population was around 18.9 million and the GDP was around $37 billion.

At first glance, the contradiction seems strange: why is a country entering the oil era simultaneously experiencing a major debt crisis?

Growth driven by hydrocarbons does not immediately provide the budget with the resources necessary to absorb an already accumulated debt. In addition, the State only receives part of the income from exploitation. The anticipation of future revenues can even encourage new borrowing, since tomorrow's revenues serve as collateral for today's spending.

Senegal's challenge therefore consists of avoiding what one could call hypothecated sovereignty: having new resources while having already committed part of the financial capacity that they were to provide.

The challenge of Senegal consists of avoiding hypothecated sovereignty: having new resources while having already committed part of their financial capacity.

The renegotiation of mining contracts and the sharing of extractive rent between the State and the populations therefore take on decisive importance.

Two powers resulting from the same electoral revolution

The Faye-Sonko rupture does not reproduce the usual confrontation between the government and the former opposition: it shares the camp which won the 2024 alternation.

The opposition traditional tradition still exists, but the decisive political conflict could now be played out between two heirs of the 2024 alternation.

Faye has the executive instruments and international visibility of the head of state. Sonko retains a militant organization, Pastef, as well as considerable parliamentary weight. The President of the Republic must therefore govern with an Assembly whose political majority no longer belongs to him in the same way as the day after the legislative elections of 2024.

The attempt at constitutional reform in June 2026 provided a first spectacular manifestation of this. A reform supported by the parliamentary majority aimed to strengthen the powers of the Assembly and to further regulate those of the President. Bassirou Diomaye Faye referred the matter to the constitutional court, which ultimately dismissed the text.

The crisis Senegalese policy thus becomes an institutional experiment.

How does a regime when the president and the leader of the parliamentary majority come from the same historical movement, but no longer pursue the same strategy?

Senegal could be in the process of inventing, without having wanted to, a form of cohabitation within the former majority.

Local elections as a first verdict

Local elections expected in 2027 should provide the first serious indicator of the balance of power.

They will allow us to know whether the electorate which had brought about the break in 2024 recognizes itself primarily in Sonko, in Faye, in both, or already in neither of the two.

Simply setting the timetable has become contentious. Pastef insists on respecting electoral deadlines, while the opposition also refuses any postponement which would artificially prolong the local mandates in force.

The local vote will therefore take on a national scope.

A victory for Pastef would reinforce the idea that Sonko retains political ownership of the movement which led to the change.

Significant progress by Kiiraay would demonstrate, on the contrary, that Faye can transform the presidential legitimacy acquired in 2024 into an autonomous political force.

A significant return of the former opposition would finally reveal something more worrying for the two men: their confrontation would have begun to dissipate the political capital of the break.

Can we still save the 2024 project?

Reconciliation remains possible, but the future of the 2024 project cannot depend on this hypothesis alone.

The question is to know what, in their project common, can survive their separation.

The question is to know what, in their project common, can survive their separation.

Reduced to the refusal of old dependencies, sovereignty would remain incomplete: the debt reminds us that it requires financial, administrative and productive capacities. A rupture limited to the replacement of one elite by another would, for its part, be exhausted in the struggle for control of institutions. It will only retain its scope if it restores the transparency of public accounts, improves the negotiation of resources, strengthens counter-powers and sustainably transforms the relationship between those who govern and those who are governed. The conflict between Faye and Sonko thus forces everyone to specify what they intend to keep from the initial project.

The main Senegalese issue lies here: in 2024, two men had presented their complementarity as a response to the crisis of the political system; in 2026, their separation forces them to demonstrate that change did not depend solely on their alliance.

The country will then be able to judge whether the promised break was firmly enshrined in the institutions to survive the divorce of those who had it incarnate.

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MERISPHERE BRIEFING

Senegal: power, debt and political recomposition

Documentary closing date: September 13, 2026

Merisphere editorial team

Associated file to article:

Can power survive the rupture between Faye, Sonko and their common project?

1. Essential benchmarks

Capital: Dakar

Population: approximately 18.9 million inhabitants in 2025.

GDP: around 37 billion dollars in 2025.

Real growth of GDP in 2025: 6.7%.

Currency: UEMOA CFA franc.

President of the Republic: Bassirou Diomaye Faye.

Prime minister: Ahmadou Al Aminou Lo.

President of the National Assembly: Ousmane Sonko.

Party with the parliamentary majority: Pastef.

Result of the November 2024 legislative elections: 130 seats out of 165 for Pastef.

Main sources: Bank world, IMF, Reuters, Associated Press.

2. The situation in one sentence

Senegal combines in 2026 an internal succession crisis in power, born from the 2024 alternation, a parliamentary majority controlled by former Prime Minister Ousmane Sonko and a debt crisis which greatly reduces the room for economic maneuver of President Bassirou Diomaye Faye.

3. Chronology

March 2024

Bassirou Diomaye Faye wins the presidential election after being designated a replacement candidate in place of Ousmane Sonko, who was prevented from running. The two men had been released from prison a few days before the election.

April 2024

Installation of the new power. Ousmane Sonko becomes Prime Minister.

September 2024

The new authorities announced that the public accounts inherited from the previous government significantly underestimated the debt and the deficit.

November 2024

Pastef wins 130 of the 165 seats in the National Assembly.

2025

Successive audits complicate the assessment of the real level of debt. The old IMF program remains suspended. The tensions between Faye and Sonko are becoming public.

2025-2026

Oil and gas production strongly supports the activity. Real growth reaches 6.7% in 2025.

May 2026

Bassirou Diomaye Faye dismisses Ousmane Sonko from his functions as Prime Minister.

Ahmadou Al Aminou Lo is appointed head of government.

Sonko returns to the National Assembly and becomes its president.

June 2026

The IMF estimates public sector debt at around 132% of GDP at the end of 2024.

A reform constitutional amendment supported by the parliamentary majority aims to reduce certain presidential powers and strengthen the Assembly.

July 2026

The constitutional jurisdiction rules out the reform.

Faye then creates his own party, Kiiraay - The Republican Patriots, politically consecrating his break with Sonko and Pastef.

August 2026

Tensions are shifting in particular towards the local elections of 2027 and the electoral calendar.

September 2026

The government announces that it will favor a “reprofiling” of the debt. The Prime Minister mentions around 3.5 billion dollars in arrears to be cleared.

A staff-level agreement is concluded with the IMF for a program of approximately $2.2 billion over three years.

International holders of Senegalese bonds are beginning to organize themselves for the next negotiations.

4. Stakeholder mapping

Bassirou Diomaye Faye

Resources:

Presidency of the Republic; executive control; international representation of the State; new political formation Kiiraay.

Probable objective:

Constitute political legitimacy independent of Sonko and have an own electoral base.

Constraint:

A large parliamentary majority still comes from Pastef.

Ousmane Sonko

Resources:

leadership of Pastef; presidency of the National Assembly; strong activist presence; historic role in the 2024 alternation.

Probable objective:

Preserve ideological and political control of the rupture project carried by the opposition.

Constraint:

It no longer exercises executive power directly.

Ahmadou Al Aminou Lo

Function:

Prime minister since May 2026.

Importance:

His profile as an economist and former central banker comes at a time when debt management is becoming the government's immediate priority.

Pastef

Position:

Party led by Ousmane Sonko and holder of the parliamentary majority resulting from the 2024 legislative elections.

Issue:

Transform this legal majority into political autonomy vis-à-vis the president.

Kiiraay — The Republican Patriots

Position:

New presidential organization created by Bassirou Diomaye Faye in July 2026.

Issue:

Demonstrate that the legitimacy of the president can be translated into an autonomous electoral establishment.

International Monetary Fund

Issue:

Restoring debt sustainability, obtaining reliable data and strengthening financial management mechanisms before and during a new program.

International bondholders

Issue:

Limit possible losses resulting from reprofiling or debt restructuring.

At least eight fund managers banded together and chose White & Case as their legal advisor in September 2026.

5. The figures to remember

IndicatorIndicative valueDate
Population18.93 million2025
Nominal GDParound 37 billion USD2025
Real growth6.7%2025
Public sector debtaround 132% of GDPend of 2024, IMF estimate published in 2026
Budget deficit13.4% of GDP2024
Budget deficit6.4% of GDP2025, IMF estimate of June 2026
IMF program under discussionaround 2.2 billion USD2026
Arrears mentioned by the governmentaround 3.5 billion USDSeptember 2026
Pastef seats in the Assembly130 out of 1652024 elections

Sources: IMF, World Bank, Reuters.

Methodological precaution: the estimates relating to the debt have evolved over the course of the audits. It is therefore appropriate to always publish the date and scope of each figure.

6. Established facts, disputed assertions, unknown

CategoryElement
Established factFaye dismissed Sonko as Prime Minister in May 2026.
Established factSonko now chairs the National Assembly and Pastef.
Established factFaye created his own political party in July 2026.
Established factPastef holds the majority resulting from the 2024 legislative elections.
Established factPrevious public accounts had significantly undervalued the debt.
Established factThe IMF estimated total public sector debt at around 132% of GDP at the end of 2024.
Established factThe government officially favors the term “reprofiling”.
Contested or interpretationThe economic qualification of this reprofiling: certain investors may consider that it is, in substance, a restructuring.
UnknownThe final conditions which will be imposed on the different categories of creditors.
UnknownThe exact part of the adjustment borne by the creditors, the budget and the population.
UnknownThe real electoral relationship between Faye and Sonko after their separation.
UnknownThe consequences of the recomposition on the 2029 presidential election.

7. Why debt is at the heart of the matter

The debate should not be reduced to the debt/GDP ratio.

We must distinguish between the stock of debt, that is to say the accumulated sums; debt service, i.e. what must actually be repaid each year; the currency of the debt, since a debt in CFA francs does not imply exactly the same constraints as a debt in dollars or euros; the nature of the creditors, who may be domestic, multilateral, bilateral or private; maturities, the concentration of which can cause a liquidity crisis even when a State retains significant resources for the longer term; finally, future hydrocarbon revenues, the overall economic value of which must be distinguished from the revenues actually received by the State.

8. Arguments favorable to the thesis of the article

1. The break is structural

It now concerns the government, Parliament and partisan organizations simultaneously.

2. The power resulting from 2024 has two competing legitimacies

Faye benefits from the presidential election, while Sonko retains the party and a very significant parliamentary majority.

3. Debt reduces the space for compromise

When available resources decrease, arbitrations necessarily produce winners and losers.

4. The next elections will measure the real forces

The supposed popularity of the two camps will have to be confronted in the vote.

5. The initial project must now exist independently of its founders

The sustainability of the 2024 alternation will depend on its institutional and economic translation.

9. Objections to the thesis

Objection 1

Senegalese institutions have already gone through major political crises. The break between two leaders does not necessarily mean a crisis for the regime.

Objection 2

Faye and Sonko come from the same political universe. A recomposition or reconciliation remains possible.

Objection 3

Growth linked to hydrocarbons can gradually improve budgetary margins.

Objection 4

The revelation of the debt can be interpreted as a positive sign of transparency rather than as proof of the failure of the new power.

Objection 5

The existence of a president, an autonomous parliamentary majority and active checks and balances can ultimately strengthen political pluralism.

10. Useful African comparisons

Ghana: the internal cost of restructuring

Ghana had to include a significant portion of its domestic debt as part of its restructuring. Experience shows that the treatment of debt is not only a negotiation with foreign creditors: it also affects banks, local investors, savers and public finances.

Question for Senegal: who will be included or excluded from the scope of future treatment?

Zambia: the long time of negotiations

Zambia took more than three years to reach a major agreement with its bondholders under the G20 common mechanism.

Question for Senegal: how to prevent a prolonged negotiation from paralyzing investment and access to markets?

Mozambique: hidden debt and institutional trust

The Mozambican scandal has shown that undeclared debt produces a crisis far beyond the mere amount borrowed: it affects the credibility of the State, control mechanisms and international partners.

The hidden amount discovered in Senegal, however, appears significantly higher than that of the Mozambican precedent.

Question for Senegal: how to sustainably rebuild the reliability of budgetary information?

11. Questions to follow

  1. Which debts will actually be affected by the reprofiling?
  2. Will bonds denominated in CFA francs remain entirely outside the system?
  3. What concessions will be requested from international creditors?
  4. What budgetary counterparts will accompany the IMF program?
  5. How will energy subsidies evolve?
  6. What will be the final timetable for local elections?
  7. Which elected officials and Pastef executives will join Kiiraay?
  8. What proportion of the 2024 electorate will follow Faye and what proportion will remain loyal to Sonko?
  9. What revenue will hydrocarbons actually bring to the state budget?
  10. Will the oil, gas and mining contracts be renegotiated and under what terms?
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To continue the discussion