Economic Programmes: Keys To Successful Implementation

Accueil / World Business / Facts and figures / Economic Programmes: Keys To Successful Implementation

Economic Programmes: Keys To Successful Implementation

17 avril 2024 05:09

A new era has opened in Senegal on April 2, 2024 following the swearing in of Bassirou Diomaye Faye as the 5th President of Senegal. The 44 years old former tax inspector took over from President Macky Sall, who on February 26, 2014 launched the “Plan Sénégal Emergent” (Senegal Emergency Plan) as he took over power. Just like his predecessor, President Bassirou has also drawn up his economic development to take Senegal to another level of development. Without getting into the nitty-gritty of how the former President executed his plan, one thing is certain that Senegal’s annual growth averaged around 5 per cent. Like the former leader, President Bassirou Faye has vowed to improve Senegal’s control over its natural resources by promoting national companies to prevent the country from falling into what his campaign called “economic enslavement.” His manifesto promised to renegotiate Senegal’s oil and gas contract and introduce a new currency, amongst others. How the current leadership translate his campaign manifesto into concrete action is another issue. However, the new president like any other leader in the continent must adopt some key elements of leadership to succeed in implementing his economic plan. The first of such keys to success is committed Leadership and high-quality governance. Political leadership is the first prerequisite for strong and sound growth, in as much as economic success requires a willingness to confront beneficiaries of the status quo; building coalitions to sustain reform in the face of resistance; demonstrating steadfast commitment for long-term benefits and the willingness to bear the short-term costs, which can be very high in terms of political economy; and making trade-offs between the present and the future that place the weight on current sacrifice for later payoff. Articulating the importance of investing in the future and putting greater weight on the next generation will be important aspects of successful political leadership. Good governance practices should be respected to the later in order to make the business environment friendly and attract more investments from both national and foreign inves...