State Entrepreneurial Action in Mali: Origins, Governance Crises and the Reconfiguration of the Shareholder State (1960-2026). A Comparative Reading with Senegal and Morocco (Revue Internationale des Sciences de Gestion)

Summary

• Mali's domestic public portfolio counts 51 entities in 2024 and 53 in June 2026.p.2
• Four enterprises received 488 billion FCFA in subsidies between 2019 and 2022.p.2
• The study is a historical case study based on 74 documents, of which 44 are primary.p.2
• Dividends collected by the State rose from 24.25 billion FCFA in 2018 to 129.18 billion in 2024, then fell to 81.65 billion in 2025.p.18
• The State's stake in BNDA rose from 46.87% to 77.33% in December 2024, then to 100% in August 2025.p.21

Key insights

1. The cumulative losses of the twelve main public enterprises reached 13 billion FCFA as early as 1979.p.14
2. A 1992-2001 domain balance sheet lists 41 operations with a cumulative sale price of 48.595 billion FCFA.p.16
3. CMDT received 143.87 billion FCFA in subsidies between 2019 and 2022, including 99 billion for 2020 alone.p.15
4. CMDT's net result fell from 12.20 to 2.80 billion FCFA between 2018 and 2019.p.15
5. Of the 488.11 billion FCFA in subsidies, 316.51 billion went to EDM.p.18
6. EDM was created in 2000 as a mixed company with the State holding 66% and the IPS/AKFED consortium 34%; the 2024 inventory records the State at 100%.p.20
7. SOTELMA pays 160 billion FCFA to the State for the renewal of its licence, while the register still shows a 46% public stake against an announced 56%.p.21
8. Morocco's ANGSPE initially covers 57 public entities, in a portfolio of 272 entities at the end of September 2023.p.22