Plans for Akon’s ambitious cryptocurrency-inspired city in Senegal, dubbed “Akon City,” have been officially abandoned. The music icon, who spent his formative years in Union City and Newark, had envisioned a futuristic coastal city after securing $6 billion in funding back in 2020. The project promised a myriad of developments, including infrastructure such as roads, a hospital, a shopping mall, and even a power plant, all operating on his AKOIN cryptocurrency.
Unfortunately, the Senegalese government has rescinded the land designated for this project, as Akon was unable to meet key deadlines and financial obligations. According to Serigne Mamadou Mboup, head of the state-owned development agency Sapco-Senegal, the project “no longer exists.” After a grace period to commence work was not acted upon, Sapco reclaimed the land in Mbodiène, located about 50 miles southeast of Dakar.
In response to the halted project, the Senegalese government is redirecting its focus, planning to invest 665 billion CFA francs (approximately $1.2 billion) to develop the area into a thriving tourist destination. This revitalization plan includes hotels, residential apartments, and a marina that will connect to a nearby lagoon, promising significant economic prospects for the region.
Despite the setback in Senegal, Akon still expresses ambition for other ventures, with plans to establish a separate “Akon City” in Uganda, which is projected to be completed by 2036. While the failure of the Senegal project is disappointing, the continued pursuit of innovative city developments showcases a willingness to adapt and engage in new possibilities.
With this shift towards tourism in Senegal, there is hope for economic rejuvenation in the area, demonstrating that even amidst setbacks, new opportunities can arise for local communities.