|Coconuts and cashews|
|Synthetic Filament Yarn Woven Fabric|
Benin, officially the Republic of Benin (French: République du Bénin) and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, and Burkina Faso and Niger to the north. A majority of the population live on its small southern coastline on the Bight of Benin, part of the Gulf of Guinea in the northernmost tropical portion of the Atlantic Ocean. The capital of Benin is Porto-Novo, but the seat of government is in Cotonou, the country's largest city and economic capital. Benin covers an area of 114,763 square kilometers and its population in 2015 was estimated to be approximately 10.88 million. Benin is a tropical, sub-Saharan nation, highly dependent on agriculture, with substantial employment and income arising from subsistence farming.
Benin’s financial sector is dominated by banks, and in general, remains shallow. However, a series of reforms were undertaken in the 1990s, which resulted in the consolidation of the banking sector and in the privatization of all state banks.
A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place and underwent significant reforms in 1999. There is no customer deposit insurance system.
Benin has a lively and diversified microfinance sector. Data from 2003 by the Central Bank stated a penetration rate of microfinance services of almost 60 percent. In 2006 the Ministry of Microfinance and Employment of Youth and Women counted 762 organizations with 1308 branches, including Cooperatives, NGOs, Savings/Credit Associations and government projects. Programs for strengthening the sector are carried out on national and regional levels, such as the PRAFIDE (Programme Régional d’Appui à la finance Décentralisée). The microfinance sector is also subject to supervision through the Central Bank as well as the responsible Ministry for Microfinance and Employment of Youth and Women.
Benin is a member of the regional Bourse Regional des Valeur Mobiliés (BRVM) located in Abidjan, Côte d'Ivoire. Stocks were issued by a number of companies in the region. Listed bonds were partly issued by companies and partly by governments of the West African Monetary and Economic Union (UEMOA).
The payment and settlement system and clearing mechanisms were reformed in 2004 through the BCEAO and offer RTGS and SWIFT access to banks, financial institutions, the stock exchange as well as the Central bank and special banks.
|Agriculture||Cotton, corn, cassava, yams, beans, palm oil, peanuts.|
|Manufacture||Textiles, processed food, construction materials, cement.|
|Services (Including financial)||55% (2012 estimate)|
|Banque Internationale du Benin||Financial|
|Societe Beninoise de Gaz||Oil & Gas|
|Societe Nationale de Commercialisation des Produits Petroliers||Petroleum|
|Benin Golf Air||Airline|
|Trans Air Benin||Airline|
|Communaute Electrique du Benin||Electricity|
|Coconuts and cashews|
|Synthetic Filament Yarn Woven Fabric|
The Bourse Régionale des Valeurs Mobilières SA ("Regional Securities Exchange SA") or BRVM, is a regional stock exchange serving the following West African countries: Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal, Togo.
The exchange is located in Abidjan, Cote d'Ivoire. Market offices are maintained in each country. BRVM is a private corporation with 2,904,300,000 CFA francs in capital.
The mission of the BRVM is to:
• Organize the securities market;
• Disseminate market information;
• Promote the market.
Time line Market integration by the BRVM is a political, institutional and technical success. The Bourse Régionale and Dépositaire Central/Banque de Règlement (DC/BR) were established in several phases:
• November 14, 1973: Treaty signed establishing the West African Monetary Union (WAMU) which created a financial market organized into sub-regions.
• December 17, 1993: WAMU Council of Ministers decides to create a Regional Financial Market and mandates the Central Bank of West African States (BCEAO) to conduct the project.
• December 18, 1996: Various preliminary activities are conducted resulting in the formation in Cotonou of Bourse Régionale des Valeurs Mobilières S.A. (BRVM) and Dépositaire Central/Banque de Règlement S.A. (DC/BR), thus marking the end of the BCEAO mandate and the takeover of project management by its own agencies.
• November 20, 1997: Union's Council of Ministers establishes the Regional Council for Public Saving and Financial Markets.
• September 16, 1998: BRVM and DC/BR begin operations.
Benin was strongly affected by the global economic slowdown last year. Economic growth was halved from 2008 to 2009, new statistics show.
According to figures released by the government of Benin and the International Monetary Fund (IMF), the global economic crisis had a negative impact on Benin in 2009.
" Real GDP growth slowed to 2.7 percent, compared with 5.0 percent in 2008," IMF official Joannes Mongardini said in Cotonou today, after having been given an overview of developments in Benin by Finance Minister Idriss Daouda and other government officials.
Also government revenues had stagnated, mostly because of lower trade activity. Developments, including a 24 percent increase in state employees' salaries, had widened the overall fiscal deficit to 7.0 percent of GDP.
On the external sector, Benin's cotton exports had declined significantly reflecting lower international prices and workers' remittances fell. As a result, the current account deficit, excluding grants, widened to 9.3 percent of GDP, compared with 7.0 percent in 2008.
" In view of the continued impact of the global economic crisis on Benin," the IMF noted that " the maintenance of macroeconomic stability required a prudent fiscal policy in 2010." The government was, in particular, urged not to accept large increases in the wage bill in 2010.
No forecasts for development in 2010 were made, as Beninese authorities still are defining reforms and economic programmes for this year. The government nevertheless hopes to return to growth rates comparable to 2008 already this year.
From the 17th to the 19th century, the main political entities in the area were the Kingdom of Dahomey along with the city-state of Porto-Novo and a large area with many different tribes to the north. This region was referred to as the Slave Coast from as early as the 17th century due to the large number of slaves shipped to the New World during the Trans-Atlantic slave trade. After slavery was abolished, France took over the country and renamed it French Dahomey. In 1960, Dahomey gained full independence from France, and had a tumultuous period with many different democratic governments, many military coups and military governments.
A Marxist–Leninist state called the People's Republic of Benin existed between 1975 and 1990. In 1991, it was replaced by the current multi-party Republic of Benin
Thomas Boni Yayi
(Minister of Economy and Finance)
The West African CFA franc (French: franc CFA;Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory coast, Mali, Niger, Senegal and Togo. These eight countries have a combined population of 105.7 million people (as of 2014), and a combined GDP of US$78.4 billion (as of 2012).
The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both the CFA franc.
|National Song||"L'Aube Nouvelle"|
|Currency||West African CFA franc (XOF)|
|GDP / GDP Rank||23.585 Billion USD|
|GDP Growth Rate||5.2 Percent|
|GDP Per Captial||$2119.434 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Fon And Related 39.2%
Adja And Related 15.2%
Yoruba And Related 12.3%
Bariba And Related 9.2%
President – Patrice Talon
|Website||Go to the web|
|Public Debt||50.3 Percent|
|Unemployment Rate||1.005 Percent|
|Labor Force (Occupation)||-|