Campaign for AfDB presidency: Senegal’s hidden debt scandal casts shadow over Amadou Hott
Hott’s role as minister during the period in question places him at the centre of a debt reporting controversy. Though he has not been implicated directly in any wrongdoing, the timing of the audit’s findings poses challenges for his AfDB presidential campaign
As the Africa CEO Forum convenes in Abidjan, all eyes are on the upcoming debate among the five candidates vying for the presidency of the African Development Bank (AfDB).
Among them is Amadou Hott, Senegal’s former minister of economy, planning and co-operation, whose candidacy faces scrutiny following a recent audit revealing significant underreporting of Senegal’s public debt during his tenure.
Underreported debt
A report by Senegal’s Court of Auditors, corroborated by the International Monetary Fund (IMF), uncovered that the country’s debt was deliberately underestimated by approximately $6 to $7 billion between 2019 and March 2024.
This discrepancy elevated Senegal’s debt-to-GDP ratio from the reported 74.41% to nearly 100% by the end of 2023.
The IMF has since suspended a $1.8 billion credit facility, demanding urgent reforms and accurate financial reporting before resuming discussions on new funding.
Implications for Hott’s candidacy
Hott’s role as the economy minister during the period in question places him at the centre of the controversy.
Although he has not been directly implicated in any wrongdoing, the timing of the audit’s findings poses challenges for his AfDB presidential campaign.
Critics argue that the misreporting undermines the fiscal credibility essential for leading a continental financial institution.
The debate ahead
At the Africa CEO Forum, Hott will share the stage with his fellow candidates for the leadership of the AfDB – Samuel Munzele Maimbo, Sidi Ould Tah, Bajabulile Swazi Tshabalala, and Mahamat Abbas Tolli – in a debate that could be pivotal for his campaign.
Observers anticipate that questions regarding fiscal transparency and debt management will feature prominently, providing Hott an opportunity to address concerns and outline his vision for the AfDB.
Looking forward
The AfDB presidency demands a leader with impeccable financial stewardship and a commitment to transparency.
As the debate unfolds, Hott’s responses to the audit revelations will be closely watched, potentially influencing the decision-making of the AfDB’s board of governors ahead of the election scheduled for 29 May.
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