Remember Acon’s futuristic crypto market? This is the brutal reality seven years from now

Senegal has officially scrapped Acon’s much-exaggerated plan to build a futuristic crypto-driven city along the Atlantic coast.

The West African country has reclaimed much of the land once reserved for the project and shifted its focus to a tourism hub of scaled private funds.

There is no more “real Wakanda”

First announced in 2018 and branded as “The Wakanda of Real Life,” Akon City aimed to transform Mbodiène, a quiet farming village about 80 kilometres from Dakar, into a $6 billion metropolitan city running at Akoin Cryptocurrency in Akon. The plan included solar-powered cities with state-of-the-art hospitals, universities, hotels, shopping malls and marinas.

After repeated delays, missed payments and a last-minute notice from Senegalese tourism development group SAPCO in 2024, the country ended Acon City. SAPCO General Manager Serigne Mamadou Mboup has been confirmed,

“The Akon City project no longer exists.”

Most of the 136 acres granted to Akon in 2020 have now returned to state control. The grand vision of Senegal’s futuristic crypto city has ended, but Acon has not left forever. The singer will hold eight hectares of land as part of a revised plan using SAPCO for small-scale developments.

Senegal’s debt crisis deepens

The timing reflects Senegal’s economic challenges. The country is tackling the debt crisis after a state audit revealed $7 billion in hidden debt under the previous administration.

Against this backdrop, Sapco’s Mbodiène’s revised $1.2 billion plan relies heavily on private investors to transform the region into a tourist hub with hotels, apartments and promenades linking to nearby lagoons.

Despite the hype, Akon City’s visible advancements are limited to youth centers, basketball courts and small welcome centers, with early Akoin buyers demanding refunds and some residents skeptical of the big promises. The new plan is expected to create around 15,000 jobs in the first phase, offering concrete opportunities for local investment and employment that even the most epic crypto vision could not provide.