The Fall of a Dream? Senegal Cancels $6B Akon City Crypto Project, Refocuses on Tourism

In a significant policy shift, the Senegalese government has officially cancelled the long-delayed Akon City project—a $6 billion cryptocurrency-powered smart city that once promised to transform the country into a tech-forward utopia. Instead, the country will now focus on a more grounded $1 billion tourism development plan.

This decision ends a saga that began in 2018, when Senegalese-American artist and entrepreneur Akon unveiled bold plans to build a Wakanda-inspired smart city on the Senegalese coast. Envisioned as a pan-African symbol of innovation and economic freedom, Akon City promised sustainable energy, crypto-based currency (Akoin), futuristic architecture, and luxury living.

Seven years later, however, the site remains largely untouched.

The Promise and the Pitfall

Akon’s original vision was ambitious: a high-tech city built on blockchain, attracting global investment, creating jobs, and empowering Africans through technological autonomy. It was to feature universities, hospitals, hotels, and even an airport. The cornerstone of the project was its financial infrastructure—Akoin, a cryptocurrency intended to bypass traditional banking systems.

Despite global fanfare and government backing under former President Macky Sall, Akon City never moved beyond conceptual renderings and ceremonial groundbreakings. Critics cited lack of transparency, financing gaps, and a disconnect between tech-driven ambitions and local development needs.

With mounting pressure and no substantial development after nearly a decade, the current administration has opted to terminate the project.

A New Direction: Tourism Over Tech Utopia

Rather than continue pouring hope into a stagnant project, the government has shifted its focus to a new $1 billion plan aimed at boosting Senegal's tourism sector. This includes:

• New beachfront resorts

• Infrastructure upgrades to key heritage and coastal sites

• Job creation for the hospitality industry

• Promotion of eco- and cultural tourism

This pivot reflects a more pragmatic development model, prioritizing tangible economic growth and community impact over speculative futurism.

While Akon City was built on grand ideas, Senegal’s tourism initiative is built on existing strengths—including its rich history, coastal beauty, and growing international appeal.

What This Means for Africa

The cancellation of Akon City is more than a national decision—it’s a continental lesson.

1. Dreams Must Be Grounded: Visionary projects without concrete planning, funding, and public trust rarely succeed.

2. Crypto Isn’t a Silver Bullet: Africa’s development requires holistic solutions, not just blockchain buzzwords.

3. Locally-Rooted Development Wins: Projects that align with local economies and cultural contexts stand a better chance of survival.

That said, Akon’s efforts are not without merit. His vision inspired young Africans to think big and push boundaries. But ambition must walk with action, transparency, and community alignment.