The financial dynamic between Côte d’Ivoire and Senegal is evolving rapidly. Ivorian banks, in response to the Senegalese economic crisis, have emerged as the main buyers of the country’s debt. In one year, their acquisitions have tripled, reaching nearly 1,800 billion CFA francs, or about 2.7 billion euros.

A key role in supporting the Senegalese economy

These banks now hold 42% of Senegalese bonds. This support comes as the rating agency Standard & Poor’s recently downgraded Senegal’s sovereign rating from B- to CCC+. This change raises questions about Dakar’s economic future and the implications for Ivorian banks.

Experts believe that the growing influence of Ivorian banks does not necessarily represent an excessive risk. A former banking executive said that it is wise to invest in difficult times, suggesting that this strategy could be profitable in the medium term. Furthermore, Senegal offers attractive interest rates, further strengthening the position of Ivorian banks in the West African Economic and Monetary Union.

Risks and opportunities for Ivorian banks

However, Standard & Poor’s warns against being too optimistic. Ivorian banks often act as intermediaries for international investors, absorbing large volumes without fully bearing the risk associated with Senegalese debt. This intermediary role is crucial for maintaining investor confidence and financial stability in the region.