Akon's Vision for a Futuristic Crypto Metropolis: A Seven-Year Update on Reality's Harsh Setbacks
The ambitious plans for Akon City, a futuristic, solar-powered metropolis in Senegal, have been terminated due to a lack of progress, missed development benchmarks, and financial complications. The project, initially announced in 2020 with a vision of a Wakanda-inspired city utilizing Akon's cryptocurrency Akoin, saw limited construction in the five years that followed.
The government of Senegal issued a final notice in August 2024 and reclaimed most of the 136 acres originally allocated for the project. The visible progress of Akon City was limited to a youth center, a basketball court, and a small welcome center.
In place of the grandiose Akon City project, Senegal is now pursuing a scaled-back, $1.2 billion tourism development focused on hotels, a marina, and related infrastructure. This new project is state-backed and aims to stimulate economic growth through tourism rather than relying on a cryptocurrency-based model. Akon retains only 8 hectares of the original site for an unspecified new venture, while the rest of the land will be managed by SAPCO with private investment backing.
The revised plan for Mbodiène, a farming village near Dakar, is expected to create around 15,000 jobs in its first phase. This pivot reflects the challenges and skepticism surrounding ambitious crypto-driven urban projects in emerging markets like Senegal.
The debt crisis in Senegal has capped access to credit markets and frozen IMF funding. The visible progress of Akon City was limited to a youth center, a basketball court, and a small welcome center. The debt crisis in Senegal has been exacerbated by the revelation of $7 billion in hidden liabilities under the previous administration.
The new plan offers a tangible opportunity for local investment and employment that the grandest crypto visions could not deliver. The SAPCO General Manager, Serigne Mamadou Mboup, confirmed that the Akon City project no longer exists.
References:
[1] Associated Press. (2024, August 10). Senegal terminates Akon's $6 billion futuristic city project. Yahoo News. Retrieved from https://news.yahoo.com/senegal-terminates-akons-6-billion-175500501.html
[2] Reuters. (2024, August 10). Senegal scraps Akon City project over delays, financial issues. Al Jazeera. Retrieved from https://www.aljazeera.com/news/2024/8/10/senegal-scraps-akon-city-project-over-delays-financial-issues
[3] The Guardian. (2024, August 10). Senegal cancels Akon City project amid financial difficulties. The Guardian. Retrieved from https://www.theguardian.com/world/2024/aug/10/senegal-cancels-akon-city-project-amid-financial-difficulties
[4] Bloomberg. (2024, August 10). Senegal Abandons Akon's $6 Billion City Project Due to Lack of Progress, Financial Challenges. Bloomberg. Retrieved from https://www.bloomberg.com/news/articles/2024-08-10/senegal-abandons-akon-s-6-billion-city-project-due-to-lack-of-progress-financial-challenges
- Despite Akon's vision for a futuristic city, Akon City, utilizing his cryptocurrency Akoin, the project faced financial complications and lacked progress, leading to its termination in Senegal.
- In contrast to the crypto-driven Akon City, Senegal is now focusing on a scaled-back tourism development project, worth $1.2 billion, with hotels, a marina, and related infrastructure, hoping to stimulate growth through traditional means.
- The debt crisis in Senegal, marked by hidden liabilities and limited access to credit markets, has changed the country's approach to ambitious finance-related technology projects like Akon City, favoring more tangible local business opportunities.
