Overview

• The Senegalese tourism authority officially canceled the original $6 billion Akon City project and reclaimed most of the 136-acre Mbodiène site.
• Reliance on Akon’s Akoin cryptocurrency collapsed as funding shortfalls emerged and regulators blocked its use under the West African CFA franc regime.
• By mid-2024 only a youth center, basketball court and information hub had been completed, falling far short of the city’s futuristic promise.
• Singer Akon publicly admitted mismanagement of the initiative and retains an eight-hectare parcel to be integrated into the new development.
• SAPCO’s $1.2 billion plan aims to boost tourism and infrastructure before the 2026 Youth Olympic Games and secure sustainable revenue streams.