In a televised message on Wednesday, newly elected President Bassirou Diomaye Faye welcomed investors to Senegal and promised to examine the mining, oil, and gas sectors. In a March election, Faye comfortably defeated the ruling coalition’s nominee, signaling high hopes for change in the nation of approximately 18 million people.

The 44-year-old former tax inspector issued a series of formal announcements on the eve of Senegal’s independence celebration, including the audit.

“The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,” he said.

“I will proceed with the disclosure of the effective ownership of extractive companies and with an audit of the mining, oil, and gas sectors.”

He did provide further details but also sought to reassure investors, whom he said were “welcome in Senegal.”

“Investor rights will always be protected, as will the interests of the state and the people,” he said.

Senegal’s first offshore oil development is slated to begin production in mid-2024. The Sangomar oil and gas project is operated by Woodside Energy WDS.AX is expected to produce about 100,000 barrels per day.

Overhaul of the Judiciary and electoral reforms

President Bassirou Diomaye Faye has also announced plans for major reforms in the electoral system and judicial sector. He intends to conduct consultations with the political class and civil society to address these critical issues.

The first reform focuses on the electoral system, with Faye emphasizing the need for a comprehensive review. This includes the replacement of the current National Electoral Commission (CENA) with an Independent National Electoral Commission (CENI).

Additionally, Faye proposed rationalizing the number of political parties and their financing, aiming to enhance democratic representation by reducing the number of parties while ensuring adequate funding for the remaining ones.

He also stressed the importance of reforming the electoral register registration and national identity document issuance processes to simplify them and make them more accessible to all citizens.

Furthermore, Faye aims to restore the image of the judicial system by organizing meetings with various legal professionals, university professors, and citizens to identify solutions to persistent problems.