S&PGR Global Ratings confirmed Senegal's' B+/B 'rating with a stable outlook in a press release published on December 2, 2022.

Senegal's average GDP growth is expected to accelerate to less than 10% in 2023, driven by the start of oil and gas (O&G) production and public capital spending. Indeed, Senegal's current account deficit to 15% of GDP will widen due to pre-production imports for O&G projects, rising commodity prices and the depreciation of the euro (and therefore the West African franc against the dollar) this year before gradually reducing to 3.5% in 2025, because hydrocarbons, exports are entirely online.

Also, net public debt remains 10 percentage points above 2019 levels, although partly caused by a rise in perimeter public debt, at just under 63% of GDP in 2021. Nevertheless, a reduction in budgetary pressure is expected by the end of next year thanks to one-off budgetary measures to cushion the impact of high inflation on the population, taxes, the pressure is improving and hydrocarbon production is starting.