Economic Prospects in Mauritania under Ghazouani’s Re-Election

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Mauritania is constantly overshadowed by negative stereotypes and biases in international discourse. These misconceptions, rooted in outdated narratives of poverty, political instability, and economic stagnation, fail to capture the opportunities in the country. The reality on the ground tells a different story—one of resilience, growth, and increasing economic potential.


GDP growth has shown steady improvement, supported by favorable global commodity prices, prudent fiscal policies, an increase in exports, and resilience in consumer spending. The World Bank reports a growth rate of 5.2%  in 2022, an increase from 2.4% in 2021 for Mauritania.


Traditionally reliant on agriculture and fisheries, Mauritania began exploring new avenues such as mining and renewable energy. The mining sector which is largely iron ore and gold mining, has seen massive investment and growth, contributing to increased employment opportunities and revenue generation. To attract foreign investment, Mauritania has been enhancing its regulatory framework and offering incentives to businesses. Special economic zones and tax incentives for renewable energy projects and manufacturing are part of the strategy to diversify the economy and create a favorable business environment.


African Development Bank (AFDB) reported that inflation dropped from 9.6% in 2022 to 5% in 2023, attributed to stricter monetary policies and a slowdown in food prices. The report forecasts a positive economic outlook, anticipating real GDP growth of 4.2% in 2024 and 5.5% in 2025. This is bolstered by anticipated export revenues from gas production set for late 2024, expected to yield about $500 million annually from 2024 to 2051.


Ahead of Mauritania’s presidential election on June 29, President Mohamed Ould Ghazouani outlined ambitious plans to accelerate investments, particularly in the energy and mining sectors. The country’s vast mineral reserves are set to be complemented by gas production from the BP-operated Greater Tortue Ahmeyin project, spanning Mauritania and Senegal.


Mauritania is progressing in the development of the BirAllah offshore gas field, projected to hold nearly 60 trillion cubic feet of gas. Ghazouani’s re-election pledges include the establishment of a gas-fired power plant from the GTA project, alongside investments in renewable energy and expansions in mining activities such as gold, uranium, and iron ore.


President Ghazouani’s election and subsequent re-election reflect a growing consensus among Mauritanians for stability and progressive governance. His tenure has been characterized by efforts to strengthen democratic institutions, enhance governance transparency, and promote inclusive economic policies. Under his leadership, Mauritania has embarked on ambitious reforms aimed at diversifying the economy and attracting foreign investment.


On the security front, Ghazouani’s administration has overseen a period of relative political stability since 2019. Mauritania is the least impacted by terrorism among the five Sahelian countries according to the Global Terrorism Index. In contrast, the neighboring Sahelian countries are plagued by militant insurgencies, military coups, and prolonged political unrest.


Ghazouani’s leadership has navigated internal challenges effectively, promoting a country conducive to economic growth and development. Mauritania’s role as a reliable Western ally in regional security efforts, reinforced by partnerships with countries like France, indicates the country’s strategic importance amidst growing geopolitical dynamics.

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