Amadou Tidiane Gaye and the Full Truth About the CFAF 721 Billion in TRS Transactions

Amadou Tidiane Gaye, director general of Senegal’s Public Accounting and Treasury, was questioned by a parliamentary inquiry into the state’s 2025 Total Return Swap (TRS) transactions. He said the arrangements were based on conventional Treasury bill and bond issuances, with seven such operations recorded amid limited access to international financing. Lawmakers are seeking to reconcile the announced CFAF 721 billion in net financing with a CFAF 278 billion discrepancy associated with guarantees. Gaye pledged to provide bank documents tracing the funds and clarifying how the guarantees were accounted for.