Sénégal: Sylla Cencini Propose Réforme Paiement International

• Economists Ndongo Samba Sylla and Alvaro Cencini propose a "one-country reform" for Senegal to address its debt crisis by restructuring international payments.
• Their plan involves a National Payments Office and a counter-loan mechanism to retain the national currency equivalent of the external deficit within Senegal.
• In 2023, Senegal's external deficit was approximately 4,000 billion CFA francs, which the reform estimates could have been retained in the economy.
• The proposal challenges current austerity measures and requires increased monetary sovereignty, potentially necessitating Senegal's exit from UMOA or a regional monetary system transformation.
• This reform could significantly alter foreign exchange regulations and the legal framework for international payments in Senegal, impacting businesses and investors.

For legal professionals advising clients with financial interests or trade operations in Senegal, this proposed "réforme un seul pays" warrants close attention.

Economists Ndongo Samba Sylla and Alvaro Cencini have put forth a significant proposal to address Senegal's persistent debt challenges, moving beyond the conventional focus on undisclosed borrowings. In an article by Mor Amar, slated for publication on EnQuête on September 4, 2026, their economic policy note identifies a fundamental issue: the current structure of international payments. They contend that so-called "hidden debts" are merely an exacerbating factor within a broader structural vulnerability, rather than the core problem itself. Their analysis suggests that the prevailing international payment system compels countries like Senegal to accumulate external debt even for routine trade, creating a cycle of financial strain.

Sylla and Cencini propose a "one-country reform," or "réforme un seul pays," designed to allow Senegal to regain control over its monetary circuits. Central to this initiative is the establishment of a Bureau national des paiements Sénégal, a National Payments Office. This office would feature two distinct departments: one dedicated to managing domestic transactions in CFA francs and another responsible for settling international payments in foreign currencies. The overarching goal is to retain the national currency equivalent of Senegal's external deficit within its own economy, while simultaneously ensuring that foreign creditors are paid in full. This innovative approach aims to decouple the country's trade deficit from an automatic increase in its external debt obligations.

The economists' argument hinges on what they describe as a "double payment" phenomenon inherent in the existing international payment system. They explain that nations importing more than they export are obligated to mobilize foreign currency to compensate their international suppliers. This process forces the importing country to bear the actual cost of its imports while simultaneously incurring debt in foreign currencies to facilitate these external settlements. This mechanism, they argue, diverts national currency that could otherwise remain within the domestic economy.

Illustrating this point with Senegal's 2023 economic data, Sylla and Cencini highlight a substantial external deficit. In that year, Senegal imported approximately 6,000 billion CFA francs worth of goods and services, while its exports amounted to nearly 2,000 billion CFA francs, resulting in an external deficit of roughly 4,000 billion CFA francs. Under their proposed "réforme un seul pays Sénégal," this 4,000 billion CFA franc national currency counterpart, which is currently absorbed by foreign currency settlement mechanisms, could instead be retained within the Senegalese economy. The reform envisions a counter-loan system where Senegal would still borrow the necessary foreign currency for imports, but the National Payments Office would concurrently extend an equivalent loan to the global economy, thereby neutralizing the monetary aspect of the additional indebtedness without compromising obligations to creditors.

The financial implications of this proposed "Sénégal réforme paiement international Sylla Cencini" are substantial. The economists estimate that had this mechanism been in place in 2023, Senegal could have retained between 4,000 and 4,500 billion CFA francs. This significant sum would then be transferred to the national Treasury, earmarked for critical investments in production, infrastructure, healthcare, and education. A recent presentation by Sylla further refined this estimate to 4,500 billion CFA francs, specifically referencing the external deficit excluding trade with the West African Economic and Monetary Union (UEMOA).

However, the implementation of this "UMOA franc CFA réforme monétaire" proposal raises profound institutional questions, particularly concerning Senegal's monetary sovereignty. The authors acknowledge that for the reform to be enacted in its Senegalese iteration, it would necessitate an increase in the nation's monetary autonomy. They suggest two primary pathways: either Senegal would need to withdraw from the UMOA and abandon the CFA franc, or member states of the UMOA would have to be persuaded to transform the regional monetary system to integrate such a compensation mechanism. This underscores the broader objective of the proposal, which is to enable Senegal to regain control over the monetary circuits through which it conducts its international trade, moving beyond austerity measures to fundamentally restructure the payment system.

This reform directly challenges the prevailing economic responses to debt crises, which typically emphasize budgetary austerity and debt restructuring. Sylla and Cencini argue that these measures are insufficient to resolve an imbalance rooted in the fundamental architecture of international payments. Their alternative framework seeks to prevent external deficits from automatically translating into an accumulation of dette extérieure Sénégal mécanisme paiement, offering a new paradigm for managing national finances.

For legal professionals advising clients with financial interests or trade operations in Senegal, this proposed "réforme un seul pays" warrants close attention. Its potential implementation could significantly alter the regulatory landscape for foreign exchange, impact existing debt obligations, and reshape the legal framework governing international payments, especially concerning the CFA franc and Senegal's membership in the UMOA. The discussions surrounding increased souveraineté monétaire Sénégal CFA and the potential for a regional monetary system transformation could have far-reaching consequences for cross-border transactions and investment.

Lawyers advising clients with financial interests or trade operations in Senegal should monitor discussions around this proposed 'one-country reform' and potential changes to Senegal's monetary sovereignty. Its implementation could significantly alter foreign exchange regulations, debt obligations, and the legal framework for international payments, particularly concerning the CFA franc and UMOA membership.

Source: Original reporting via EnQuête