Based ex post economic analysis of water uses and on hydrological modelling in the Senegal River Valley, this paper highlights the shortcomings of unilateral approaches to water management and argues for a holistic, multi-scale analysis that simultaneously addresses productivity, profitability and sustainability and integrates stakeholders' strategies and capabilities. It suggests that the Manantali dam be managed so as to create an artificial flood of limited extent and enable traditional water uses since the level of competition they exert on more productive modem water uses is low.