Gas Find may change and shape New Economy
Senegal has hailed the discovery of offshore gas reserves estimated at 450 billion cubic metres as a game changer for the west African nation.
US firm Kosmos said its Guembeul-1 exploration well, located in the northern part of the Saint Louis Offshore Profond license area in Senegal, had made a “significant gas discovery.” The company said it was a “world class gas resource that extended into both Senegal and Mauritania.” “This is the best news possible for our country,” said Energy Minister Thierno Alas sane Sall on state television. He said this would allow Senegal “to be self-sufficient in energy and also export gas to the rest of the world.”
Dallas-based Kosmos Energy has since 2014 had exploration rights off Senegal. The gove…
Visa Requirements eased and Air Taxes to be reduced
Senegal has scrapped visa requirements for foreign visitors and will slash taxes on air fares as it seeks to revive a tourism sector crippled by high costs and a regional Ebola outbreak. The cost and administrative hassle of visas, coupled with taxes on air tickets, led to a fall in the number of visitors to the country. The new measure on visa-free travel will come into effect on May 1, President Macky Sall said in an address to the nation late on Friday.
Sall also announced that government taxes on air fares would be cut by half in a bid to make Senegal a more competitively priced destination. It was not clear when the taxes on air fares would be cut. Many hotels along Senegal’s coastline that were once full of French visitors close…
Economic Growth Forecast at 4%
Senegal’s economy is expected to grow by 4 percent in 2013 from 3.5 percent the previous year while inflation should remain below 2 percent, the International Monetary Fund said on Wednesday. The multilateral lender, which has just completed a mission to review Senegal’s policy support programme with the Fund, said the West African country must prioritize efforts to reduce its fiscal deficit. “Notwithstanding the sluggish international environment, GDP growth is expected to tick up to 4 percent in 2013,” the Fund said in a statement. “However, deficit reduction will be slightly lower than expected in 2013, to allow for non recurrent expenditures associated with the security situation in Mali and the Sahel,”, it said.