Senegal has officially canceled the plans for Akon City, an ambitious project that was supposed to be a crypto metropolis.
Cancellation of Akon City
Senegal has reclaimed most of the land allocated for Akon City after multiple delays and financing issues. SAPCO General Manager, Serigne Mamadou Mboup, confirmed that "the Akon City project no longer exists."
Senegal's Economic Challenges
The country is facing economic difficulties, including a debt crisis. A recent audit revealed $7 billion in hidden liabilities, limiting access to credit markets. These conditions have prompted a reassessment of projects within the country.
New Initiatives in Mbodiène
The revised plan for Mbodiène, costing $1.2 billion, will rely on private investors and includes building a tourism hub with hotels and residential complexes. This project is expected to create around 15,000 jobs in its first phase.
The challenges posed by financial issues and the lack of progress on Akon City have led to a new approach in regional development focused on realistic investments and job creation.
