Akon City Dream Over as Senegal Cancels $6 Billion Project Due to Delays and Funding Issues. 

Akon City: Senegal abandons billion-dollar ‘Wakanda’ vision due to delays and funding issues.

The Senegalese government has officially scrapped the ambitious $6 billion (R106 billion) Akon City project after years of delays and financial struggles. The futuristic city, inspired by the fictional Wakanda from Black Panther, was meant to be a high-tech hub powered by renewable energy and running on Akon’s cryptocurrency, Akoin. However, with little progress made since its announcement in 2018, authorities have decided to abandon the vision in favor of a more practical tourism-focused development.

Why the Project Failed

Serigne Mamadou Mboup, CEO of SAPCO (the Company for the Development and Promotion of Senegal’s Coastal and Tourist Zones), confirmed to the BBC on 4 July 2025 that Akon City “no longer exists.” The government has reclaimed most of the 136-acre land initially allocated to the project after repeated failures to meet construction deadlines and financial commitments.

Akon City was first unveiled with grand promises—a smart city in Mbodiène featuring solar-powered hospitals, schools, shopping centers, and even its own digital currency. Despite a ceremonial foundation stone being laid in 2020, the site remains largely untouched, with only a partially completed welcome building standing as a reminder of what was supposed to be.

Local communities, who were hopeful for job opportunities and economic growth, expressed disappointment as the project stalled. Adding to the challenges, the Senegalese central bank opposed the use of Akoin due to restrictions tied to the CFA franc, further complicating the plan.

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A New, Smaller-Scale Vision for the Land

Instead of the futuristic Akon City, Senegal will now develop a more realistic tourism project on the same land. The revised plan, backed by private investors, includes hotels, apartments, and a marina, with an estimated cost of $1.2 billion (R21.01 billion).

Akon will still retain a small portion of the land—about eight hectares—within the larger 500-hectare resort area. SAPCO has described this new approach as a “pragmatic initiative” that focuses on achievable goals while still aiming to create around 15,000 jobs.

While initial work has begun on a welcome pavilion and public facilities, full construction of hotels, the marina, and other attractions has yet to start.

Akon’s Role Moving Forward

Despite the cancellation of his grand vision, Akon remains involved in the scaled-down project. He has previously admitted to mismanagement of the Akoin cryptocurrency but is now shifting focus to a more feasible development model that aligns with Senegal’s economic realities.

This decision marks a significant step back from the original Wakanda-inspired dream but reflects a more practical approach to boosting Senegal’s tourism industry. The government hopes that this new plan will attract investors and deliver tangible benefits to the local economy, even if it falls short of the sci-fi city once promised.