Senegal and Cameroon promote local savings to boost economic sovereignty

In observance of World Savings Day, Senegal and Cameroon are launching initiatives to strengthen domestic savings as a tool for economic resilience and national development.

In Senegal, the Ministry of Microfinance and Social and Solidarity Economy has positioned savings as a pillar of economic sovereignty. The government aims to promote a culture of accessible and secure savings to help households manage economic shocks and climate challenges. Key strategies include leveraging digital finance, such as mobile money, to reach rural populations, women, and youth. The objective is to direct these resources toward the real economy, specifically supporting agriculture, small businesses, and SMEs.

In Cameroon, the government is encouraging households to move savings into formal systems to support national projects. This push comes as rising international interest rates make external borrowing more expensive for the state. By mobilizing local savings, the government seeks to create a domestic financial cushion to fund large-scale infrastructure and development initiatives. Data indicates that Cameroon's gross national savings have seen steady growth, with household savings representing approximately 16.75 percent of gross disposable income.