Senegalese Government Officially Ends Akon City Project
The Senegalese government has officially put an end to the Akon City project, initially announced in 2020 by American-Senegalese singer Akon. The futuristic city project, valued at $6 billion, was supposed to be built in Mbodiène, 100 kilometers south of Dakar, but ultimately only resulted in the construction of a single, unfinished building.
The announcement was made in July 2025 by the Senegalese Society for the Development and Promotion of Coastal and Tourist Areas (SAPCO), which has recovered around 90% of the land allocated to the project. The authorities have indicated that "the project no longer exists" and that the site will be redeveloped into a classic seaside resort, including hotels, a marina, housing, and more realistic tourist infrastructure.
Launched with great fanfare in 2020, Akon City promised a smart city inspired by Wakanda, powered by renewable energy and its own cryptocurrency, Akoin. However, the Covid-19 pandemic quickly derailed the ambitions. The construction site, which was supposed to be delivered in two phases (2023 and 2029), never went beyond a concrete "welcome center".
Moreover, the Akoin cryptocurrency, which was supposed to be the economic engine of the city, experienced a brutal collapse. Its value plummeted from $0.15 to less than $0.003, and it was never adopted as a means of payment in Senegal, where the CFA franc remains the only authorized currency. This economic model, too dependent on crypto speculation and unguaranteed investments, has undermined the project's viability.
Akon, however, retains a small portion of the land – around eight hectares – on which he could participate in a new version of the project, this time under the direction of the Senegalese state. The state hopes to create around 15,000 jobs through the new development plan, which is more realistic and less risky.
The case of Akon City highlights the limitations of megaprojects disconnected from local realities and regulations. It also sheds light on the challenges of implementing innovative projects in fragile economic contexts, particularly when they rely on unstable technologies like cryptocurrencies.
