In 2018, musician and entrepreneur Akon unveiled plans to build a futuristic smart city powered by cryptocurrency in Senegal. The $6 billion project, known as Akon City, would run on a native token, Akoin, and include hospitals, universities, shopping malls, residential areas, and renewable energy infrastructure.

The city was planned to occupy 136 acres near the Atlantic coast in Mbodiène. Yet, after seven years, only minor structures were built — a partially completed welcome center, a basketball court, and a youth facility. Major construction never commenced.

In 2024, the government agency SAPCO issued a warning: either resume construction or face land reclamation. By July 2025, the government officially cancelled the project. Only 8 hectares remain under Akon’s control; the rest has been reallocated for national use.

Economic factors accelerated the decision. A national audit revealed $7 billion in hidden debt, forcing a freeze on IMF-backed funding. Authorities have shifted to a more pragmatic plan: a $1–$1.2 billion tourism zone, including hotels, housing, and job creation initiatives aiming for 15,000 new positions.

Legal and reputational concerns

Early investors received so-called TOA tokens, convertible into Akoin. With delays and token depreciation, some parties have begun legal proceedings to recover their contributions. The legal uncertainty has further damaged investor confidence in large-scale crypto-backed infrastructure.

From crypto dream to tourism hub

Mbodiène is now part of Senegal’s new strategic vision ahead of the 2026 Youth Olympic Games. Instead of speculative urban models, the country is prioritizing feasible, investment-friendly projects with clearer outcomes and fewer regulatory risks. The Akon City vision is over — replaced by a tourism-first reality.

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