West Africa is reeling. Over the past five years, coups have racked Burkina Faso, Mali, and Niger, and the juntas now in charge are dismantling the countries’ institutions. Even as they repress their subjects, they are losing territory to emboldened insurgents. And as these insurgent groups become more entrenched in the central Sahel, they are beginning to threaten the coastal states of Benin, Côte d’Ivoire, Ghana, and Togo.

But amid this upheaval, Senegal remains a democracy in which strong institutions mostly govern capably. The country possesses skilled civil servants with track records of transparent, efficient fiscal management. In 2024, Senegal faced a severe political crisis when the outgoing administration resisted leaving power, but an independent Constitutional Council and an engaged civil society prevented an unconstitutional postponement of elections. Senegal is essentially the only major country in Francophone West Africa whose government remains accountable to its citizens; its stability telegraphs to its neighbors that democratic rule is both desirable and achievable.

Now, however, Senegal is grappling with its own existential threat. On a single day in February 2025, the country went from being considered one of Africa’s most stable economies to one of its most vulnerable after the discovery that President Diomaye Faye’s predecessor, Macky Sall, had hidden extensive debt. The country’s debt-to-GDP ratio has since soared from under 75 percent to over 132 percent. Amid a recent fallout between the country’s top two political leaders, Senegal is attempting to negotiate a new program with the International Monetary Fund. Without help, Senegal could default.

A little support in the form of debt relief from the IMF and the World Bank would quickly help restore balance. A punishing debt burden, on the other hand, would sap resources for badly needed public services, infrastructure, and economic development initiatives. Beyond weakening Senegal’s governing capabilities, such an outcome would create new political and security vulnerabilities throughout West Africa at precisely the moment when Russia is trying to exploit disorder to recruit new proxies.

Over the past five years, military regimes seized power in the central Sahel states, Côte d’Ivoire elected an 83-year-old fourth-term president who banned opposition candidates from running, and Togo pushed through constitutional reforms to keep a two-decade-old dynasty in power. But Senegal managed to remain stable and accountable. In 2024, civil society actors and an independent judiciary drew on what the political scientists Ibrahima Fall and Catherine Lena Kelly describe as Senegal’s democratic “muscle memory”—decades of mobilizing to defend checks and balances—to ensure elections proceeded on schedule. A duo of youthful reformers (Faye and the fiery Ousmane Sanko, who now serves as speaker of the National Assembly) defeated Sall’s handpicked candidate in a decisive first-round victory.

And until February 2025, Senegal’s economic outlook was mostly sunny, having enjoyed a strong recovery after the COVID pandemic. In recent decades, Senegal has expanded access to quality public services, closed the gender gap in school enrollment, and significantly reduced infant mortality rates. New hydrocarbon projects were expected to allow for increased government investments in roads, energy, and water.

But when Faye took over from Sall, his government commissioned an independent audit of state finances to establish the extent of Senegal’s public debt amid rumors of anomalies. The audit’s findings, published on February 12, 2025, came as a shock: they revealed an estimated $7 billion to $13 billion in unreported debt incurred between 2019 and 2023. It became clear that over the course of his second term, Sall had significantly boosted government borrowing and spending as he pursued an unconstitutional third term, all while intentionally misreporting debt figures in legally mandated public accounting to Senegal’s parliament.

The huge debt had gone unnoticed because Senegal’s presidency and........

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