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During his hearing before the Parliamentary Commission of Inquiry into Total Return Swap (TRS) transactions concluded by the State of Senegal in 2025, the Director General of Public Accounting and the Treasury (DGCPT), Amadou Tidiane Gaye, provided crucial technical clarification regarding the nature and accounting treatment of these financings. Addressing questions about the announced net amount of 721 billion CFA francs and a discrepancy of 278 billion related to guarantees, the head of the Treasury pledged to provide all supporting banking documentation to dispel any confusion and reconcile the figures.

How can the Total Return Swap (TRS) transactions carried out by the State of Senegal during 2025 be accurately traced? What amounts were actually credited to public coffers, and what is the nature of the guarantees provided? These are the central questions at the heart of the work of the Parliamentary Commission of Inquiry. During a hearing before the members of parliament, the Director General of Public Accounting and the Treasury (DGCPT), Amadou Tidiane Gaye, detailed the mechanics of the execution and accounting of these financial arrangements. The parliamentary investigations are focusing in particular on the 721 billion CFA francs of net financing announced and on a discrepancy of 278 billion CFA francs resulting from the guarantees mobilized, the accounting treatment of which must be certified by official supporting documents.

Twenty-six years of expertise and career at the Treasury

Appointed on January 22, 2025, Amadou Tidiane Gaye outlined his professional career to the commission members. A State Inspector General and Treasury Inspector, a graduate of the National School of Administration (ENA), he has 26 years of service within the DGCPT (General Directorate of Public Treasury and Treasury). Having held positions as authorized representative in Saint-Louis, municipal treasurer in Diourbel and then Ziguinchor, head of the revenue collection office and departmental tax collector in Guédiawaye, he also managed the semi-public sector before heading the Internal Control and Audit Directorate from 2017 to 2025. During his career, he oversaw the Public Debt Directorate before its operational transfer to the General Directorate of Finance and Debt (DGFD) in 2025, an expertise that placed him at the heart of the preparation of annual financing plans and interventions in the regional financial market.

A structure backed by Treasury securities during periods of constraint

Speaking about the nature of the instruments analyzed, the Director General clarified that Treasury Securities Refinancing (TSR) does not constitute a new category of independent public debt, but rather a financial structure linked to traditional Treasury bill and bond issuances on the domestic market. In 2025, the use of these seven transactions recorded by the Treasury was explained by a context of significant constraints in accessing international financing, marked by the absence of an active program with the IMF, limited access to international bond markets, and guarantee requirements imposed by lenders with foreign currency reserves.

Tracing the chain of operations and the importance of accounting reconciliation

To address concerns about the traceability of funds, the head of the Treasury detailed the operational chain: each issuance begins with a schedule established with the regional UMOA-Titres agency. The auction results in an official report serving as supporting documentation for the Treasurer-Paymaster General (TPG) to verify the regularity of the transfers and process the accounting entries. In parallel, specific agreements govern the guarantees provided, structuring fees, commissions, and the monitoring of margin calls.

The main challenge of the investigation lies in reconciling the 721 billion CFA francs received with the 278 billion CFA franc discrepancy related to frozen guarantees. To eliminate any ambiguity, Amadou Tidiane Gaye pledged to provide the members of parliament with a complete file including the original credit and debit advices, SWIFT interbank messages (confirming value dates and currencies), and accounting reconciliation statements summarizing the receivables and liabilities still being monitored by the Treasury.