Senegal WT/TPR/S/119
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IV. TRADE POLICY BY SECTOR1
(1) OVERVIEW
1. Senegal’s economy is mainly based on fishing, trade and tourism because of its special
location on the West African coast.  Nevertheless, the relative importance of these activities is also the
result of the low level of development of agriculture and manufacturing2, even though the latter is
above the average for countries belonging to the West African Economic and Monetary Union(WAEMU).
2. As part of the post-devaluation programme, the Government of Senegal undertook gradually
to eliminate intervention policies in the agricultural sector.  The main objectives of this programme
have been achieved, with the notable exception of the groundnut, cotton, sugar and tomato
concentrate subsectors.  Import duties remain important tools for the protection of domesticenterprises, especially as regards competitive agricultural products from countries outside the
WAEMU.  In general, however, access to Senegal’s market has been liberalized since the first review
of its trade policy in 1994 through the elimination of all quantitative restrictions and the introduction
of the Common External Tariff (CET) of the WAEMU.
3. The production and processing of fisheries products, the leading exports,  receive support,
inter alia, through the free export enterprise regime, which offers substantial fiscal benefits.
Currently, the decline in catches has led to consideration of the conservation measures needed to
ensure the sustainable development of this sector.  Senegal also earns revenue from fishing under the
agreement with the European Union (EU).
4. For a long time, Senegal implemented an import substitution policy, and it created an
industrial sector that focused on large State enterprises, the majority of which are currently being
restructured or privatized.  The processing of local resources (for example, fisheries resources,groundnuts, phosphates) is the basic industrial activity and is supported through investment
incentives.  Although industry only makes a small contribution to GDP formation, much of it is
attributable to informal economic operators, particularly in the agro-food subsector, which appears to
be the most dynamic.
5. Tourism, the second most important export, is facing many problems that hinder its
development.  In order to resolve these, the Go vernment intends to adopt a Tourism Code and to
introduce new investment incentives.  The opening of the telecommunications sector to competition
under the GATS is helping Senegal to take advantage of value-added services (particularly call
centres).  The timetable for opening up basic services to competition under the GATS has been
accelerated and the operator’s long-standing monopoly should come to an end in 2004.
6. The Senegalese banking sector is considered to be healthy after having gone through a serious
crisis in the 1980s that greatly reduced credit opportunities in the economy.  The banking sector is
currently subject to the common regulations of the WAEMU and has recovered, but the level of
bankerization remains low.  The sector is one of those for which Senegal undertook commitments
under the GATS and this should boost foreign investment.  In order to offset the lack of credit for theprivate sector and lessen banking risks, the Government of Senegal has put in place several
programmes in support of financing.
                                                     
1 The sources used to prepare this  chapter are the documents provided by the Senegalese authorities to
the WTO Secretariat, including Government of Senegal (2002) and the sectoral studies carried out for itspreparation.  See also IMF (1999), IMF (2000), and IMF (2001a).
2 IMF (2000).WT/TPR/S/119 Trade Policy Review
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(2) AGRICULTURE , LIVESTOCK , FORESTRY
(i) Overview
7. For around half of Senegal’s population, agriculture and livestock breeding are a principal or
secondary activity.  Their share of gross domestic product (GDP) formation is around 10 per cent and
they receive an average of around 10 per cent of the State investment programme.  The agricultural
sector also plays a key role in the economy through its contribution to food security, its supply of rawmaterials to agro-industry (especially groundnuts and cotton) and the absorption of part of the output
of the industrial, semi-industrial and crafts sectors (fertilizer, pesticides, agricultural machinery).
8. Senegal is situated in the area of the Sahel and, consequently, agriculture is usually rain-fed.
The main agricultural activity is carried out by farmers on small family farms,
3 primarily using
traditional methods with few inputs and a low level of mechanization.4  Senegal’s livestock comprises
8.5 million head, made up of bovine animals, sheep, goats, horses, donkeys and asses;  poultry also
has important potential.
9. Three crops cover 81.9 per cent of the area cultivated: millet (42.9 per cent), groundnuts
(28.1 per cent) and sorghum (10.9 per cent).  The area covered by groundnuts, the main cash crop, fell
by 37.8 per cent during the period 1993-1997 in favour of cereals and other crops such as horticulture.Groundnut production nevertheless amounted to 943,837 tonnes during the 2001-2002 season, largely
exceeding the optimum threshold of 700,000 tonnes required by oil mills and the national grain
market (see below).
10. Cereal production is mainly intended for domestic consumption but generally only covers
around half of the country’s needs;  imports, particularly rice, cover the rest;  food aid only makes up
around 1 per cent of the deficit in cereals.  During the 2001-2002 season, cereal production fell and
covered only 42 per cent of cereal requirements as against 47 per cent during the previous season,when there had been exceptional rainfall, but the stocks built up made it possible to meet half of
Senegal’s cereal needs.
(ii) Agricultural policy
(a) Trend in priority subsectors
11. Following its independence in 1960 until the devaluation of the CFA franc in 1994, the
Government of Senegal had followed a policy of supporting the major export subsectors, especially
groundnuts (which accounted for around 80 per cent of export earnings in 1960 compared with 6.5 per
cent in 2001)
5, cotton, horticulture, and the subsectors important for food security such as cereals,
sugar and tomato concentrate.  The agricultural component of the Government’s post-devaluation
programme committed the Government to abolishing price intervention for final products and inputs,liberalizing trade-related aspects of agricultural policy, and withdrawing from production, processing
and marketing of agricultural products and inputs in favour of the private sector.
6
                                                     
3 Senegal has around 437,000 farms cultivating an area of around 1.9 million hectares, giving an
average farm size of 4.3 hectares. Around 50 per cent of farms, however, cover less than 3 hectares.
4 Around 80 per cent of the area cultivated has not been the subject of any improvements over the past
five years, 60 per cent is not given any organic or chemical fertilizer and 54 per cent uses its own seeds.
5 IMF (2001c).
6 Government of Senegal (1995).Senegal WT/TPR/S/119
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12. The major elements of this programme that have already been achieved are:  liberalization of
cereal prices;  Government withdrawal from the processing and marketing of local rice and, in 1996,
elimination of the monopoly on imports of broken rice enjoyed by the Price Equalization and
Stabilization Fund (CPSP);  abolition of the licensing regime for all agricultural products, bound in
Schedule of Tariff Concessions XLIX;  elimination of quantitative export restrictions in 1994;  and
renegotiation of the agreement between the State and the enterprise holding the concession for sugarin Senegal in 1995.  The components of the programme that still have to be put into effect are the
liberalization of the groundnut, cotton, sugar and tomato concentrate subsectors.
13. Regarding liberalization of the groundnut subsector, in 2003 it is planned to privatize the
National Oilseed Marketing Company of Senegal (SONACOS), a State enterprise which has been
responsible for marketing groundnut products since 1975 in the context of the nationalization of oilmills.  At the time of the first review of Sene gal’s trade policy, the S ONACOS also had a monopoly
of imports of vegetable oil, but this ended in 1997; another enterprise, NOVASEN, is also active.
Currently, SONACOS mainly sells vegetable oil on the local market (imported as crude oil and then
refined) and sells crude oil and groundnut oilseed cake on foreign markets.  The main destination is
Europe, where groundnut oil is a luxury product; according to the Senegalese authorities, the EUprovisions on aflatoxins in effect since 1 July 2001 constitute a barrier to exports of edible peanuts.
7
14. Senegal’s production of groundnut oil and groundnut oilseed cake amounts to around
100,000 tonnes annually on average (Table IV.1), one third of the global market, so the terms on
which it is marketed have a significant impact on price trends.8  For the 2000-01 season, the
Government seems to have taken a step backwards regarding market intervention by keeping the price
for groundnuts paid to the producer by SONACOS above the thresholds recommended by the
National Interprofessional Groundnut Committee (based on global prices) and by subsidizing the costof inputs.  The authorities have indicated that the amount of producer subsidies granted in recent
seasons is not known but, according to their estimates, it does not exceed the level required to come
under the de minimis  category.
15. There are substantial tariff and non-tariff barriers to imports of refined vegetable oil, which
constitute a policy of support for refining but not for the groundnut subsector as such.  These includethe following measures:  an MFN customs duty of 20 per cent under the WAEMU’s CET;
supplementary duties of 2.5 per cent; a special import tax (TCI), which is a protection mechanism
established by the WAEMU, amounting to 10 per cent on refined vegetable oil, whereas crude oil
intended for refining and groundnut oil and mixtures of oils containing at least 60 per cent of
groundnut oil are exempt from this tax; excise duty of 15 per cent on refined vegetable oil (with theexception of groundnut oil);  and VAT of 18 per cent.  In all, the import duties and taxes increase the
price of refined vegetable oil by 82.9 per cent.
9  The high taxation on vegetable oil other than
groundnut oil, a basic foodstuff for Senegal’s population, raises prices on domestic markets and
reduces purchasing power.
                                                     
7 WTO document G/SPS/N/EEC/51 of 8 January 1998.
8 IMF (2001c).
9 According to the IMF (2001c), 25 per cent of the deficit of SONACOS is financed by the support
fund, which is made up of various levies on imports of crude and refined vegetable oil;  50 per cent is financedby SONACOS itself;  and 25 per cent is financed by producers by means of lower purchase prices.WT/TPR/S/119 Trade Policy Review
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Table IV.1
Imports, exports and production of SONACOS, 1999-2002
1999 2000 2001 2002
Volume
(tonnes)Value
(CFAF
millions)Volume
(tonnes)Value
(CFAF
millions)Volume
(tonnes)Value
(CFAF
millions)Volume
(tonnes)Value
(CFAF
millions)
Imports
- Crudevegetable oil80,136 30,606 61,443 22,565 50,676 19,826 48,802-
- Refined
vegetable oil0 0 995 480 5,418 2,437 3,850-
Exports
- Crude
groundnut oil67,136 33,000 100,538 47,689 112,876 52,193 70,561 31,214
- Groundnut
oilseed cake76,400 4,668 132,701 10,966 143,979 12,953 92,888 8,739
Output
- Crude
groundnut oil71,731 - 132,502 - 138,614 - 99,722 -
- Groundnut
oilseed cake85,698 - 143,928 - 163,273 - 122,762 -
Local purchase
of groundnuts206,530 39,113 408,820 71,283 491,767 85,321 336,287 47,080
Source : SONACOS.
16. From 1985 onwards, SONACOS had also been re sponsible for managing the activities of
SONAGRAINES, the body responsible for collec ting domestic production from farmers and
distributing fertilizer and seed on the basis of advance loans to farmers.  Liberalization of the
domestic trade in groundnuts also formed part of the agricultural sector adjustment programme;
progress was made in the 2001-2002 season when th e role of SONAGRAINES in the collection of
crops was abolished and a new “ carreau-usine ” system was introduced.10  The next stage, planned for
2003, is total withdrawal of SONAGRAINES in  favour of producers’ organizations.
17. It should be noted that Senegal has not yet notified the WTO of any of the activities of the
State enterprises mentioned above (Chapter III).
18. Regarding liberalization of the sugar subsector, a (non-State) enterprise still enjoys a
dominant position on the domestic market and benefits from protection against imports from countries
outside the WAEMU through maximum import duties and a TCI.  A first stage in liberalizing the
cotton subsector was completed in 1995 when controlled prices for cotton spinners were abolished.
SODIFITEX is included in the privatization programme and should be privatized in 2003.  Two
enterprises produce tomato concentrate: the Food Preserves Company of Senegal (SOCAS, belonging
to the Moulins Sentenac group) and the National Industrial Tomato Company (SNTI).  They are
protected against competition from imports by the fact that their output is the only one sold on thedomestic market under a mandatory Senegalese standard.
                                                     
10 Private operators are responsible for collecting groundnuts on the spot and, using own funds, they
buy the crop and deliver it to factories and oil mills.Senegal WT/TPR/S/119
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(b) Current situation concerning border measures
19. With regard to the current situation concerning border measures applicable to agricultural,
livestock and forestry products, there are no import bans (except as regards sanitary and phytosanitary
measures) and no import licensing.  Senegal applies the WAEMU’s CET to products imported from
third countries on the basis of reference values in certain cases, as well as supplementary duties
(statistical charge and community solidarity levy);  local products of WAEMU or ECOWAS originenter free of duty.  The simple average of customs duty plus the principal import taxes and surcharges
actually applied in the agricultural sector (WTO definition) is 16.8 per cent (Table AIII.2).
20. It should also be noted that there is excise duty on:  so-called “economic” cigarettes (15 per
cent)
11 and “premium” cigarettes, as well as other tobacco products subject to the tax (30 per cent)12;
alcoholic beverages (30 per cent);  coffee and tea (3.8 per cent);  cola nuts (30 per cent);  refinedvegetable oil (15 per cent);  butter, dairy cream a nd mixtures containing butter or cream (12 per cent);
other fats (5 per cent), with the exception of all types of groundnut oil.
13
21. In addition to sugar and vegetable oil, Senegal also imposes a TCI on wheat flour
(Chapter III(2)(iv)).  Some products imported in to Senegal, including those of WAEMU or ECOWAS
origin, are also subject to supplementary taxes, without any counterpart at the domestic level, basedon the customs value.  These are a “surcharge” of 20 per cent on imports of onions, cigarettes,
potatoes and bananas, and a surcharge of 10 per cent on certain cereal products such as millet and
sorghum.  Consequently, the combined effect of the CET, the supplementary duties, the surcharges
and the TCI means that tariff levels applied exceed the levels bound at 30 per cent in Schedule XLIX;
the Senegalese authorities indicate, however, that they reserve the right to impose other duties and
taxes on agricultural products of up to 150 per cent.
22. The Senegalese authorities have drawn attention to a number of concerns relating to exports
of agricultural products.  One of these is that th e volume of exports to the EU, Senegal’s main outlet,
is falling despite the preferential access they enjoy.  They consist of a limited number of products that
do not have high value-added because of their low level of processing – cotton, groundnut products
and horticultural products in the main.  Furthermore, they come up against strict rules on sanitary and
phytosanitary measures as well as the obligation to conform to quality standards.  In addition, thesubsidies in countries of the north limit the competitiveness of exports on these markets.
14
(c) Outlook
23. Since 2000, the development strategy for the rural sector has been revised as part of the
preparation of the Poverty Reduction Strategy Paper (PRSP), finalized in 2002.15  It was found that
poverty occurs mostly in rural areas.  According to the PRSP, the major problems facing agriculture
are the following:  (i) the decline in rainfall;  (ii)  the constant downward trend in producer prices, the
                                                     
11 When the ex-factory selling price excluding tax or customs value plus the duties and taxes collected
by the customs (not including VAT and the special tob acco tax) is under CFAF 250 per packet of 20 cigarettes.
12 When the ex-factory selling price excluding tax or customs value plus the duties and taxes collected
by the customs (not including VAT and the special t obacco tax) is CFAF 250 or more per packet of 20
cigarettes.
13 Law No. 2002-07 of 22 February 2002.
14 A study by the World Bank shows that cotton prices  reached their lowest level in 30 years in mid-
2002 as a result of the subsidies applied by countries of the north.  These cost developing countries US$9 billion
a year and have a disproportionate impact on low-income countries, for which cotton represents a large part oftheir exports (Badiane et al. (2002)).
15 Government of Senegal (2000).WT/TPR/S/119 Trade Policy Review
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adoption of techniques that make little use of capital (fertilizer) but are particularly destructive to the
land because of strong pressures;  and (iii) the drop in yields and production, and the impoverishment
and growing indebtedness of the rural population.16
24. As far as the future is concerned, the PRSP focuses on intensifying and modernizing
agriculture and increasing and diversifying rura l incomes.  Regarding the first element, the
Government intends to take measures that include the following:  (i) use of new technology tomodernize farms and intensify crop and livestock production;  (ii) improve systems for the supply of
inputs;  (iii) promote and extend access to agricu ltural machinery and production factors;  and
(iv) training and advice on farming.  Regarding the second element, the Government intends to take
measures that include facilitating farmers’ access to loans, promoting exports of non-traditional niche
agricultural products, for example, horticulture (including melons, asparagus and similar products),and processing agricultural products.  For livestock, the PRSP sets a development objective for this
activity by boosting dairy and meat production and the processing of skins and hides.
25. A draft Agricultural Framework Law coveri ng the period 2004-2020 is being prepared in
order to implement the PRSP.  In April 2003, the draft was at the consultation stage in order to obtain
a national consensus.  It will be the first law to contain a coherent definition of the Government’sagricultural policy, covering both the objectives and the means used to reach them.  The draft
maintains the concept of “subsectors” as the basis for Senegal’s agricultural policy.  Activities in each
subsector will be coordinated by a National Joint Commission, which is a government body that
brings together interested parties and is responsible for establishing pricing and marketing policy.
26. It should also be noted that the WAEMU is in the process of introducing an operational
common agricultural policy, after having adopted the necessary legal framework in 2001.
17  The aim
of this policy will be to boost the development of the agricultural sector in WAEMU countries bylimiting competition from imports from outside the WAEMU.  Even though tariff protection for
agricultural products under the CET is already high er than for non-agricultural products, consideration
is apparently being given to increasing the CET.  Surveys are reportedly being undertaken to identify
promising subsectors in each member State, which would have preferential access to markets in the
subregion in excess of the current levels.
(3) 
FISHERIES
(i) Overview
27. Fishing is one of the key sectors of Senegal’s economy and is the leading export sector,
yielding around 30 per cent of annual earnings.  In 2001, fisheries exports amounted to 87,032 tonnes
corresponding to a commercial value of CFAF 181,141 million, a decrease in terms of volume andvalue in comparison with 2000.  In value terms, exports consist of fresh fish (14 per cent), frozen fish
(37 per cent), frozen crustaceans (30 per cent), frozen molluscs (8 per cent) and processed products
(10 per cent).
28. Deep-sea fishing accounts for around 2.5 per cent of the GDP.  Small-scale fishing provides
an income for around 17 per cent of the labour force, corresponding to some 600,000 people, whereasindustrial fishing employs 50,000 people.  Average per capita consumption of fisheries products
amounts to around 26 kg of fish (fresh fish equivalent) annually, and provides some two thirds of the
nutritional intake of protein of animal origin.
                                                     
16 Government of Senegal (2002).
17 Additional Act No. 3/2001.Senegal WT/TPR/S/119
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29. Since independence, fishing has developed rapidly in Senegal.  Catches unloaded rose from
50,000 tonnes in 1965 to a peak of 453,000 tonnes in 1997, followed by a drop to around
390,000 tonnes in 2000 (Table IV.2).  There was a decline in 2001, but the situation was destabilizedby the expiry of the bilateral agreement with the European Union (EU), which was renewed in
June 2002 (see below).  Around 80 per cent of the catches unloaded come from small-scale fishing
using pirogues (dugout canoes), whereas industrial fishing is carried out from trawlers and deep-sea
fishing from vessels flying foreign flags (particularly those of EU member countries).  In 2000,
catches in Senegal’s exclusive economic zone amounted to 419,000 tonnes, which shows that only
7 per cent of catches are not unloaded in Senegal.
Table IV.2
Trend in maritime catches and catches unloaded in Senegal, 1994-2001
(in ‘000 tonnes)
1994 1995 1996 1997 1998 1999 2000 2001
Unloaded 364.5 358.7 416.7 453.2 408.9 395.0 390.3 380.5
- Small-scale 
fishing282.4 266.3 327.9 352.9 325.1 313.6 338.2 332.4
- Industrial 
fishing82.0 92.3 88.8 100.3 83.8 81.3 52.0 48.1
Catches 437.1 409.0 465.9 489.2 445.7 479.3 418.8 392.6
Source : Ministry of the Economy and Finance (2000), Situation économique et sociale du Sénégal ; Ministry of Fisheries
(2001), Résultats Généraux de la Pêche Maritime .
30. With an annual potential catch of around 450,000 tonnes, Senegal is one of the leading
maritime fishing countries in West Africa.  Nevertheless, it faces the risk of over-exploitation of
certain fisheries resources and, as a result, a decline in catches and fish unloaded in the future(Table IV.3).  For example, according to the releva nt authorities, fishing of coastal demersal fish,
which are exported to Europe, is the subject of keen competition between small-scale and industrial
fishing enterprises and the most recent assessments confirm that the resource is being over-exploited.
The Government is considering the measures required to offset the decline in catches by Senegalese
vessels.
Table IV.3
Level of exploitation of various species, 2001
Type of resource Type of vessel Main markets Level of exploitation
Coastal demersal Small-scale and industrial Export to Europe Over-exploited
Offshore demersal Industrial Export to Europe Fully exploited
Coastal pelagic Small-scale Domestic market and export to
AfricaDoes not give rise to major
concerns with the exception ofPetite Côte
Deep-sea Industrial Export to Europe Highly migratory stocks
Source : Ministry of Fisheries (2001), Résultats Généraux de la Pêche Maritime.
(ii) Fisheries policy
(a) Current situation
31. The Senegalese Government’s fisheries policy has two main components:  development of
industrial fishing, and development of small-scale fishing.  The policy’s objective is to ensureWT/TPR/S/119 Trade Policy Review
Page 72
sustainable development of fishing by conserving the resource and generating value-added through
industrial processing.
32. Since 1998, fishing has been regulated by a Maritime Fishing Code, which establishes the
criteria for access to fisheries resources by Senegalese operators.18  T h e  m a i n  n e w  f e a t u r e s  o f  t h e
Code are the creation of consultation bodies, the introduction of a biological rest period, and the
possibility of terminating exploitation of an endangered species.
33. Since the devaluation of the CFA franc in 1994, the objective of the main support measures
for fisheries has been to offset the increase in the price of inputs and to facilitate access to the
infrastructure so as to maintain the competitiveness of Senegalese fisheries products, whether fresh or
processed.  The most important measures currently applied concern equalization for fuel and tax
rebates on motors and engines for fishing vessels, as well as other tax, customs and financial benefits.The Ministry of Fisheries has indicated that these measures “have promoted the increasingly outward-
looking orientation of fishing activities”.
19
34. The principal measures adopted to date by the Government of Senegal in order to increase the
value-added of exports of fisheries products through agro-industrial processing are the various
incentives related to the status of the Dakar Industrial Free-Trade Zone (access to which is nowclosed), incentives under the Investment Code, a nd the “free points” regime established in 1991 and
replaced in 1996 by free export enterprise status (Chapter III(4)(ii)).  The majority of enterprises
enjoying free export status are engaged in fishing.  Any enterprise engaged in fishing or processing
fisheries products is eligible for such status provided that its export potential corresponds to at least
80 per cent of its turnover.  The main benefits available are exemption from duties and taxes on the
import of machinery and materials required to set up a production unit, and on any inputs, as well as
lower corporation tax amounting to 15 per cent instead of 35 per cent.
35. With regard to Senegal’s exports of fisheries products, in 2001 the Ministry of Fisheries noted
the following:  “Access to  foreign markets for fisheries products has become increasingly difficult:
more stringent hygiene and quality standards, increasingly costly technology, higher transport costs,
and keen competition from countries  in Asia and South America.”
20  The system in the EU, which is
the main destination for Senegalese exports, is based in particular on the HACCP principle.21  Th e
Fisheries Products Control Board of the Ministry of Fisheries of the Government of Senegal inspects
and monitors the quality of fisheries products for export, as well as establishments and vessels
authorized to export, on the basis of the HACCP principle. Senegal appears on List I of countries
authorized to export to the EU.
36. Regarding the development of industrial fishin g, the new agreement concluded with the EU in
June 2002 covers the period 1 July 2002 to 30 June 2006.22  It gives fishing rights to 78 tuna fishing
vessels (51 Spanish, 24 French and 3 Portuguese), subject to quotas for demersal fish that are 30 per
cent lower in comparison with the preceding agreement and the exclusion of pelagic species, which
are the subject of small-scale fishing.  In return, Senegal will receive a sum of €16 million annually
from the EU, an increase over the €12 million under the previous agreement, as well as royalties paid
                                                     
18 Law No. 98-32 of 14 April 1998.
19 Government of Senegal, Ministry of Fisheries and Maritime Transport (2001), p. 4.
20 Government of Senegal, Ministry of Fisheries and Maritime Transport (2001), p. 4.
21 Hazard Analysis and Critical Control Point.  Directive No. 91/493/EEC of the EU Council laying
down the health conditions for the production and placing on the market of fishery products, and DirectiveNo. 93/43/EEC of the EU Council on the hygiene of foodstuffs.
22 The previous agreement expired on 30 April 2001.  The first agreement dates from 1979.Senegal WT/TPR/S/119
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by European ship owners holding licences for fishing in Senegalese waters, paid in advance at the
time the licence is issued.
37. Senegal has also requested access to fishing zones in neighbouring countries and has
concluded agreements with Gambia, Guinea and Mauritania on pelagic fishing in exchange for the
payment of licences.
38. As regards the current situation with respect to border measures applicable to fisheries
products, there are no import prohibitions (except as regards sanitary measures) and no import
licensing.  Senegal applies the WAEMU’s Common External Tariff (CET) on fisheries products
imported from countries outside the WAEMU, as well as supplementary duties (statistical charge and
community solidarity levy), and fisheries products of WAEMU or ECOWAS origin are given
preferences.  The simple average of customs duties and supplementary duties applied on fisheriesproducts (HS 03) is 16.6 per cent (table AIII.2).  A single VAT rate of 18 per cent also applies to
imports of fisheries products, but free export enterprises are exempt.
(b) Outlook
39. Since 2000, the fisheries development strategy has been revised as part of the drafting of the
PRSP, which was finalized in 2002.
23  It is noted that “like agriculture, this sector is facing major
constraints that can be summarized as follows:  (i) the small size of fishing zones in comparison with
the volume of activities and the increasingly rare resources, which accentuate pressure and exacerbate
conflict;  (ii) the obsolescence of the vessels and the national fleet;  (iii) the lack of basic
infrastructure in fishing centres (unloading quays, means of conserving and transporting the products);
(iv) inadequate training and organizational weaknesses among actors in the various subsectors;
(v) the difficulty of supplying units on land;  (vi) the low value-added and modest output;  (vii) the
lack of competitiveness of certain products on the international market;  and (viii) theinappropriateness of systems for financing small-scale and industrial fishing.”
40. For the future, the PRSP is focusing on:  (i) sustainable management and renewal of fisheries
resources;  (ii) meeting domestic demand;  (iii) making the best use of resources;  (iv) qualifications
for professionals in the sector;  (v) making available to professionals financial instruments capable of
meeting their investment and exploitation needs on terms consistent with the financial viability offishing.  For the time being, there is no fisheries support programme.
(4) 
MINING AND PETROLEUM
(i) Mining
41. The most important mining resources in Senegal are:  phosphates, attapulgite, iron, copper,
titaniferous extra-siliceous sands, gold, peat and limestone.  For the moment, only phosphates,
attapulgite and building materials are exploited.  Phosphates are exploited by two companies, the
Senegalese Taiba Phosphates Company (CSPT) and the Senegalese Thiés Phosphates Company
(SSPT) - the former being the only State enterprise.  Most of the production goes to the Senegalese
Chemical Industries Company (ICS), a State enterprise that specializes also in the production of
phosphoric acid and fertilizers.24  This enterprise sells almost all its acid output to IFFCO, the world’s
                                                     
23 Government of Senegal (2002).
24 The shareholders are the Senegalese State (47.4 per cent of the capital), IFFCO (Indian Farmers
Fertilizer Cooperative, India, 14.3 per cent), the Government of India (9.97 per cent), the SCPA (Potassium andNitrates Company, France, 4.98 per cent), Côte d’Ivoire, Nigeria and Cameroon.WT/TPR/S/119 Trade Policy Review
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third largest producer, which exports phosphoric acid to India.  Phosphates accounted for around
12 per cent of export earnings from goods in 2001.
42. Exploitation of mining resources (excluding liquid or gaseous hydrocarbons and underground
water) is currently regulated by the Mining Code (1988)25, which states that mining resources in
Senegal are State property and may not be appropriated outside the Code’s regulatory framework.
The Mining Code applies to all categories of mineral ore and to investors of any origin, includingSenegalese nationals.  There are four types of mining rights: a prospection permit, a mining survey
permit, an operating permit, and a mining concession.  The terms of validity are fixed on a case-by-
case basis, except for operating permits (five years, renewable) and mining concessions (25 years,
renewable).  The latter rights are granted by means of a decree.  Survey and operating permits and
concessions are issued under agreements with the State.
43. The Law also contains a taxation regime applicable to mining, which includes the following
main elements:  surveying, operating and mining concessions are subject to fixed fees for issuing
permits and annual “surface area” royalties, whose level is fixed by the Law;  mining of minerals
under concessions is subject to an annual mining royalty ranging from 3 to 5 per cent of the tradable
value of the final product less certain costs (insurance, transport, etc.);  holders of operating permitsand mining concessions are subject to the General Tax Code.  Enterprises engaged in surveying are
exempt from application of the various provisions of the Code (for example, the tax on commercial
and industrial profits, taxes and duties on petroleum products used in fixed installations and drilling
machinery), as well as the payment of duties and taxes on the import of machinery and equipment
needed for surveying, provided that these are neither produced nor manufactured in Senegal.
44. A new draft Code has been prepared and should be adopted in June 2003.  This will meet the
expectations expressed when the PRSP, finalized in 2002, was prepared.
26  It is noted that the sector is
encountering the following obstacles:  (i) a Mining Code that is less attractive to investors, involving
inter alia  complex procedures for purchasing mining titles;  (ii) the lack of a mining policy that
focuses on national development with a strong impact on domestic revenue;  (iii) the volume of
investment required to develop mining projects in Sene gal;  and (iv) the lack of an efficient transport
infrastructure (roads, railways, rivers and ports) in  zones with substantial mining potential.  For the
future, the PRSP is focusing on:  (i) drafting mining legislation that is sufficiently attractive and
promoting a mining policy that is conducive to sustainable development;  (ii) fostering the emergence
of small-scale and semi-industrial mining in the mining regions, which still have a low level of
development;  and (iii) helping to diversify the sources of income for rural communities by laying
emphasis on the search for new applications for substances that have few outlets.
45. The following are some of the new features of the draft Mining Code regarding taxation and
customs:  the introduction of tax benefits for the operating phase in order to incite investors to carry
out their projects and launch production; the adjustment of rents and fees to an acceptable level in
comparison with the prices paid in the subregion;  the ad valorem  fees still calculated on the basis of
the pithead value for bulky commodities will henceforward be based on the tradable value for other,lightweight commodities.  The principle of a reduction in royalties has been agreed in order to
encourage the establishment of industries processing mining products in Senegal.  It is also planned to
simplify administrative procedures.
                                                     
25 Law No. 88-06 of 26 August 1988.
26 Government of Senegal (2002), Poverty Reduction Strategy (PRS).Senegal WT/TPR/S/119
Page 75
(ii) Petroleum
46. Senegal does not produce petroleum at the moment, although surveys have yielded favourable
indications for prospecting and exploiting petroleum.  Nevertheless, petroleum products account for
around 16 per cent of Senegal’s exports (and hydrocarbons for 17 per cent of imports) because of the
large volume of imports of crude petroleum, which is then refined in Senegal and exported to supply
the landlocked countries to the east.
47. The Government of Senegal hopes to boost foreign investment in petroleum prospection in
the context of the Petroleum Code (1998).27 The body responsible is the Ministry in charge of
petroleum operations, which is a single window for investors. The Petroleum Code specifies that
hydrocarbon resources in Senegal are State property and cannot be appropriated outside the Code’s
regulatory framework. There are two types of permit: a prospecting permit, and an operating permit.The terms of validity are, respectively, four years (renewable for a maximum of two further periods of
three years) and 25 years (concession, renewable for a maximum of two further periods of 10 years).
The Government reserves the right to participate in  any petroleum activities by associating itself with
the holders of mining permits or service contracts (production-sharing arrangement)
28 via the State
enterprise PETROSEN.  Petroleum rights are granted by means of a decree.
48. The Code includes the taxation regime applicable to petroleum activities and includes the
following main elements:  the holder of an operating concession must pay royalties on the value of the
hydrocarbons produced29;  holders of service agreements or contracts are subject to the corporation
tax specified in the General Tax Code (35 per cent ) on the terms laid down in the Petroleum Code;  in
addition, holders of service agreements or contracts must pay an annual surface area rental fee and an
additional levy calculated on the profitability of the petroleum operations; and are also subject to the
temporary entry regime for imported machinery and equipment needed for their petroleum activities.
49. Downstream, the import, refining, storage, transport and distribution of hydrocarbons were
liberalized in 1998.30  The import monopoly given to the African Refining Company (SAR) in effect
at the time of Senegal’s first trade policy review, has been abolished31; in January 2003, five
enterprises held licences to import, but the SAR still has a de facto  monopoly.  A temporary surcharge
on imports of refined petroleum products was introduced in 1998 to protect the refinery during thetransitional period, but it was abolished in 2000; no new competitor to the SAR has appeared on the
refining scene.
32  Although hydrocarbon prices are still controlled, the subsidy element was eliminated
between 2001 and 2002, except in the case of butane gas for social reasons (Chapter III(4)(iv)).
                                                     
27 Law No. 98-05 of 8 January 1998.
28 Such contracts have been signed, inter alia,  with the companies Fusion and Fortesa.
29 For liquid hydrocarbons exploited on land:  2 to 10 per cent; for liquid hydrocarbons exploited at sea:
2 to 8 per cent; for gaseous hydrocarbons exploited on land or at sea:  2 to 6 per cent.
30 Law No. 98-31 of 14 April 1998.
31 GATT (1994), Volume I, Chapter IV(2)(xi)).  The Agreement on the Establishment of the SAR was
repealed in 1999.
32 The State has a 10 per cent share in the SAR and the other shareholders are Elf Aquitaine, Total, BP,
Shell, Texaco and Exxon.WT/TPR/S/119 Trade Policy Review
Page 76
(5) INDUSTRY
(i) Electricity
50. The regulatory framework for the electricity sector in Senegal was revised in 1998.33  Th e
Commission for the Regulation of the Electricity Sector is responsible for regulating generation,
transport, distribution and sale of electric power.  The aim of the new regulatory framework is to
liberalize the sector and allow the privatization of the National Power Company (SENELEC), a Stateenterprise that has a monopoly of the generation, transport and distribution of electricity.  This
enterprise has long had a large deficit and therefore lacks the means to modernize Senegal’s energy
infrastructure;  two of the causes are controlled prices at levels that are too low to cover the cost of
hydrocarbons and the obsolescent infrastructure.  The results are energy supply costs that are among
the highest in West Africa and frequent shutdowns , two factors which hamper the competitiveness of
industry, together with a low rate of electrification (30 per cent at the national level and 8 per cent in
rural areas).  The new regulatory framework has introduced a licensing system administered by the
Ministry of Energy for private operators wishing to create production capacity, but has left SENELEC
with a monopoly of wholesale buying and transport of electricity.  The company also has a monopoly
of distribution and sales within the area of its concession, whereas outside this area customers canutilize the producers they choose.
51. In 1999, a first attempt was made to open up SENELEC’s capital, but this resulted in failure
18 months later and the Government of Senegal again took over the enterprise in January 2001;  a
second attempt at privatization has begun, but has not yet been concluded.  Controlled prices
(Chapter III(4)(iv)) at levels that do not reflect production costs is an issue that still has to be resolved;
following a period during which rates remained unchanged (1994-2001), there was a 10 per cent
increase at the beginning of 2001.
(ii) Manufacturing
(a) Overview
52. Senegal’s manufacturing sector is little developed in comparison with the primary or tertiary
sectors: industry’s share of GDP (excluding mini ng and quarrying, energy, water, construction and
public works) was only 13 per cent in 2001.  The principal industrial activities are in the processing oflocal resources (mainly fisheries products, groundnut oil mills and phosphates) and building materials.
Senegal also has plastic footwear, fabrics and cotton thread industries.  Semi-industrial and small-
scale activities (for example, bakeries, workshops making clothing) are not, however, taken into
account because many of them are of an informal nature.
53. There is strong concentration in the industrial sector:  13 per cent of Senegal’s enterprises
account for more than 75 per cent of the overall turnover and 90 per cent of the gross fixed assets.
The Dakar region alone has almost 90 per cent of enterprises and 75 per cent of turnover, as well as
71 per cent of value-added.  According to available sources, there are around 470,000 economic units
(micro and small enterprises) in the informal sector (industrial activities, trade and other services), and
some studies show a significant expansion in informal activities.
34  The production of goods accounts
for around one half.  These enterprises work essentially with the domestic market and are only
involved in international trade to a limited extent.
                                                     
33 Law No. 98-29 of 14 April 1998.
34 UNIDO (2001), Strategy for the promotion of micro and small enterprises.Senegal WT/TPR/S/119
Page 77
(b) Industrial policy
54. For a long time, the Government of Senegal foll owed an import substitution policy, like other
developing countries, and used the country’s budget resources to create an industrial sector focusing
on large State enterprises.35  The two support policies were subsidies and measures restricting
competition, particularly border protection measures.  The importance of this policy has greatly
declined since the launching of the post-devaluation programme as a result of privatization and theopening up of Senegal’s trade regime through the adoption of the WAEMU’s Common External
Tariff (CET).
55. The Government's present industrial policy, which was adopted in 2001 and is entitled
“Industrial Redeployment Policy”, has two main axes:  upgrading industry and internal industrial
development.  The first is intended to build th e capacity of existing enterprises to face up to
competition, on both domestic and foreign markets, while the objective of the second is to create an
internal impetus for making the best use of national resources and to promote viable industrial
activities directed towards domestic and foreign markets.
56. The support policies available to enterprises financed by private capital include the benefits
provided by the Dakar Industrial Free-Trade Zone (access to which is now closed), the InvestmentCode, and the “free points” regime established in 1991 and replaced in 1996 by free export enterprise
status (Chapter III(4)(ii)).  The State has also set up a number of facilities to assist the private sector:
the National Survey and Industrial Promotion Company (SONEPI), created in 1969, helps to develop
Senegal’s industrial fabric by conducting surveys and evaluating projects, providing support for
domestic and foreign investors, and giving advice and assistance to SMEs regarding financing,
accounting, production and maintenance, marketing, industrial information and training;  the
Industrial Development Centre (CDI) is an ACP- EU institution financed through the European
Development Fund (EDF), which seeks to encourage and support the creation and restructuring of
industrial enterprises in ACP countries;  and the Private Sector Foundation (FSP) is a foundation of
public interest financed through a non-repayable technical support fund (CFAF 3 billion), which
provides advice on management, organization, pr oduction, the choice of technology and technical
maintenance, etc.
36
57. The policies that restrict competition are border measures.  There are no import prohibitions
(except as regards sanitary measures) or import licensing.  Senegal applies the WAEMU’s CET on
goods imported from countries outside the WAEMU, as well as supplementary duties (statistical
charge and community solidarity levy), whereas approved products of WAEMU origin enter duty
free.  The simple average of duties actually applied on imports of non-agricultural products (excludingpetroleum) is 14.3 per cent (Table AIII.2), but an analysis by the WTO Secretariat of the tariff
actually applied in Senegal shows tariff escalation according to the level of processing (Chart III.1)
and a relatively high level of protection for finished products.  The considerable tariff and non-tariff
barriers on imports of refined vegetable oil, which constitute a policy in support of refining, have been
mentioned above (section (ii)).  Some products are subject to excise duty (perfumes and cosmetics)and a single VAT rate of 18 per cent also applies to imports.
                                                     
35 UNIDO (2001), Strategy for the promotion of micro and small enterprises.
36 Access to the FSP is restricted to private companie s in which the State or a public authority possesses
more than 20 per cent of the registered capital.  Companies providing over 250 permanent jobs are not eligible.WT/TPR/S/119 Trade Policy Review
Page 78
(c) Outlook
58. Since 2000, the strategy for developing the industrial fabric has been revised as part of the
preparation of the PRSP, finalized in 2002.37  It should be noted that Senegal intends to draw on the
experience of a number of Asian countries and create and develop new industrial branches, in
particular by promoting SME/SMIs.  The following are the measures envisaged:  (i) simplification of
procedures for the establishment of companies and investments;  (ii) reduced taxation;(iii) strengthening the legal framework for business by creating and reinforcing commercial courts;
and (iv) facilitating access to loans for small businesses.  For this purpose, the Government intends to
adopt the following incentives:  a new investment code that is simpler and more flexible;  a taxation
policy that is favourable to SME/SMIs and to foreign direct investment;  and the introduction of a
loan programme for SME/SMIs.  It is planned to adopt a SME Charter that will provide severalfacilities in respect of taxation and market access.
(6) 
SERVICES
(i) Telecommunications
(a) Overview
59. In 2001, Senegal’s fixed telephony network was composed of around 250,000 ordinary
telephone lines served by the National Telecommunications Company (SONATEL), which was partly
privatized in 1977.38  Since then, the number of telephones has substantially increased and around
150,000 extra lines have been added; the level of teledensity remains low, however, and only 2.6 per
cent of the population have a fixed line.
60. The mobile telephone service was launched with the granting of GSM licences to two
operators: Sonatel Mobile (Alizé) in 1996 - a subsidiary of SONATEL - and SENTEL (private) in
1998.  In 2002, the number of mobile telephone subscribers was 550,000, of which three quarters usethe Alizé service and the remainder SENTEL.  The GSM network is available in large cities and along
the highway network.  Senegal has also had an Internet service since 1996 and there are 11 Internet
service providers on the market.
61. According to the authorities, Senegal has one of the most modern and efficient telephone
networks in sub-Saharan Africa.  Eighty per cent of the national network is digital. Senegal is linkedto international networks by two submarine cables (Atlantis II and Africa-Europe-Asia
SAT 3/WASC/SAFE).  The rates are some of the lo west in sub-Saharan Africa, which should allow
value-added telecommunications services to be developed, for example call centres, for which
Senegal considers that it has a comparative advantage.
(b) Telecommunications policy
62. Senegal took part in the WTO negotiations on basic telecommunications services, which
ended in 1997, and assumed specific commitments under the GATS.
39  These include the commitment
to end SONATEL’s exclusive monopoly of fixed telephony (local and long-distance calls) on
31 December 2003 at the earliest and 31 December 2006 at the latest.  The Government in fact
decided to abolish SONATEL’s monopoly of basic services as of 2004, and value-added services are
                                                     
37 Government of Senegal (2002).
38 The shareholders in SONATEL are:  France Télécom (43 per cent);  the State (27 per cent);  the
public (20 per cent);  and SONATEL’s employees (10 per cent).
39 WTO document GATS/CS/75/Suppl. 1.Senegal WT/TPR/S/119
Page 79
open to free competition.  Senegal has assumed the additional commitment of establishing a
regulatory framework that is conducive to opening up competition in the sector and to granting
licences to other operators;  this was done in 2001 with the new Telecommunications Code.40
63. The new Telecommunications Code establ ished the Telecommunications Regulatory
Authority (ART), which is responsible for applying the Code’s provisions.41  It controls the rates
charged by SONATEL (as a result of its monopoly) for the universal service programme financed bya Development Fund made up of contributions from public network operators, makes arrangements
for invitations to compete with a view to granting licences for either fixed or mobile telephony, grants
licences and monitors the terms for their utilization by the operators concerned, and the terms of
interconnection agreements.
(ii) Tourism
42
64. Tourism in Senegal is the second source of export earnings after fishing, but precedes
groundnuts and petroleum.  The sector accounts for around 2.5 per cent of GDP formation and
contributes around 5 per cent of tax revenue.  Senegal’s natural tourist attractions include 700 km of
beaches, six national parks, six natural reserves, a rich and varied fauna, and aquatic sites.  It also has
substantial cultural resources.
65. The tourism indicators for Senegal highlight certain problems: the occupancy rate was 35 per
cent in 2000, partly due to strong seasonal demand, with an average stay of three to four days.  In
2000, the number of international tourists increased from 369,000 to 389,000, but they stayed for
fewer nights.  Tourists mainly come from France (around half the tourists in 2000) or other European
countries.
66. Since 2000, the tourism development strategy has been revised as part of the formulation of
the PRSP, finalized in 2002.43  Although the activity is important in terms of export earnings and
hence has a considerable effect on the chronic balance of trade deficit, it only has a moderate impact
on the economy and performance is well below its potential.  The objectives of the development
strategy are to build on what has already been achieved (renewal of the infrastructure) and to expand
tourism potential, as well as to raise involvement by Senegalese citizens in operating this sector so as
to increase the positive impact on jobs and pay.  Senegal hopes to attract 500,000 tourists a year overthe next five years.
67. The Government intends to introduce a Tourism Code containing incentives for investment in
addition to those in the Investment Code.  It will continue to build new sites and actively promote
tourism to Senegal in Europe and services to Senegal through an air transport policy that is more
conducive to development of the sector (“Open Skies”).
44  The State plans to take firm action to
combat insecurity and guarantee tourists a more healthy and more secure environment, because the
Ministry of Tourism noted that there were some problems in this respect in its report for 2002.
68. The tourism sector is one of Senegal’s specific commitments under the GATS, including
hotel and food and beverage services, travel agency services, tourism operators’ services and certain
                                                     
40 Law No. 2001-15 of 27 December 2001.  The implementing decrees were adopted in 2002 and 2003
and the Telecommunications Regulatory Authority (ART) is now in operation.
41 http://www.art-telecom-senegal.org/
42 Government of Senegal, Ministry of Tourism and Crafts (2002).
43 Government of Senegal (2002).
44 For this purpose, on 11 January 2001 Senegal and the United States signed an “Open Skies”
agreement to liberalize air transport between the two countries.WT/TPR/S/119 Trade Policy Review
Page 80
transport services.45  The Schedule specifies that foreign operators of tourist establishments must
obtain an authorization from the Ministry of Tourism.
(iii) Financial services
69. Senegal’s banking sector is made up essentially of 10 banking institutions, three financial
establishments and a mutual fund, five life insurance companies and 10 non-life insurance companies,
as well as around 500 institutions specializing in microfinance.  The 10 Senegalese banks listed on31 December 2000 earned a net aggregate profit of CFAF 16.8 billion, which is over three quarters of
the total profits by WAEMU banks for the year 2000.  This shows the generally healthy situation of
the banking system following the crisis in the 1980s, which saw the liquidation of eight banks.
46
Senegal’s population makes little use of banks, however;  only 6 per cent of the population has a bankaccount and the national savings rate does not exceed 13 per cent of GDP.
70. In preparing the PRSP, the Government identified lack of access to financing as a structural
obstacle to the development of the private sector.  Although the decentralized financing system is
growing rapidly, its share of financing of economic activity remains marginal.  The Government has
also set up financial support structures for the private sector.
71. The financial services sector is among Se negal’s specific commitments under the GATS
following Senegal’s participation in the WTO negotiations on financial services, which concluded in
1998.
47  Senegal has undertaken to offer access to foreign banking establishments on the same terms
as those applicable to national operators, namely, the common banking regulations of the WAEMU.
Access to the insurance sector is also subject to common subregional regulations;  nevertheless,
foreign companies engaged in reinsurance and retrocession services must transfer 20 per cent of their
revenue to the Senegalese Reinsurance Company.
72. The banking services sector in Senegal is subject to the WAEMU’s common banking
regulations and the prudential provisions developed by the WAEMU Banking Commission, which
also monitors the sector.48  Applications for approval must be submitted to the Senegalese Minister for
Finance, who verifies their content and whether they are consistent with the WAEMU banking
regulations.  The Central Bank of West African Stat es (BCEAO) gives approval for credit institutions,
subject to the opinion of the Banking Commission, and appoints their auditors.  This two-tier approvalsystem may lead to delays.  The Commission must gi ve its opinion within a period not exceeding six
months.
73. The Commission has defined the accounting procedures applicable to credit institutions and
the prudential standards for their management (solvency, liquidity, risk sharing, transformation,
capital adequacy ratios, etc.).
49  On behalf of the Commission, the BCEAO monitors operations in
member States, with the assistance of the national authorities.
                                                     
45 WTO document GATS/SC/75.
46 IMF (2001d).
47 WTO document GATS/SC/75/Suppl. 2.
48 Information on the West African Banking Commission is available at
http://www.izf.net/izf/FicheIdentite/COBAC.htm [21 February 2001].
49 A bank may not have a direct holding in an enterprise that exceeds 25 per cent of the capital of that
enterprise or 15 per cent of its own capital base.  Moreover, effective own funds must be at least 8 per cent ofthe net weighted risks according to th e quality or category of the counterparty, while the maximum risk that can
be assumed under a single signature is limited to 75 per cent of effective own funds.  Lastly, 75 per cent of fixedassets and other medium- and long-term uses of funds by the bank must be financed from stable resources.Senegal WT/TPR/S/119
Page 81
74. The common banking regulations give the Commission authority to intervene for disciplinary
reasons when a bank or financial institution fails to respect the profession’s code of good conduct,
jeopardizes its financial stability, engages in irregula r activities in a member State, or fails to meet the
criteria for continued approval.  The Commission may issue the institution in question with a warning
or an injunction to take the necessary corrective measures within a set period or any preventive
measures it deems appropriate.  Any bank or financial institution that does not obey this injunction isdeemed to have violated the banking regulations and may be liable to one or more of the following
disciplinary sanctions: a warning, a reprimand, suspension or ban on all or some of its operations, any
other limitations on the exercise of the profession, suspension or automatic dismissal of the directors
responsible, or withdrawal of approval.  An appe al may be lodged against decisions of the Banking
Commission by the institution concerned within a period of one month following notification of the
Commission’s decision.  The appeal is put before th e Union’s Council of Ministers.  Penal or other
sanctions may also be imposed.
75. The West African Monetary Union (WAMU) also created a West African Regional Stock
Market (BVRM) in 1998.  The Regional Council for Public Savings and Financial Markets regulates
the BVRM, is responsible for giving authorizations and monitoring its operation.  The RegionalCouncil must authorize the issue of shares traded on the BVRM.
76. Senegal is also party to the Inter-African Insurance Market Conference (CIMA), created
within the franc zone in 1992.
50  The CIMA Insurance Code came into effect in 1995 and lays down
the framework regulations for all land-based insu rance (maritime, river or aviation insurance are
excluded from its scope).  The Regional Insurance Monitoring Commission (CRCA) is responsible
for approving enterprises supplying insurance services.  The final decision rests with the competent
Senegalese national authority (the Minister for the Economy and Finance), which means that there is atwo-tier system and this can lead to delays.  The CRCA may also take disciplinary action.
                                                     
50 The other members are Benin, Burkina Faso, Cameroon, the Central African Republic, Chad,
Comoros, Congo, Côte d’Ivoire, Equatorial Guinea, Gabon, Mali, Niger and Togo.Senegal WT/TPR/S/119
Page 83
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