Economic growth and total GDP (current and forecasted)
With consistently high rates of economic growth and a highly positive economic outlook, Benin can look to the future with confidence.
Benin’s economy by sector
Responsible for less than 15% of GDP during the last decade, Benin’s manufacturing industry has achieved significant growth in recent years. Driven by the development of agribusiness and construction, it now represents 25% of Benin’s GDP.
Ibrahim Index of African Governance
Benin is widely recognised as one of the most stable democracies in Africa, having marked four successive peaceful electoral turnovers since 1991.
In December 2016, the Mandela Institute awarded its 2016 Governance Prize to President Patrice Talon of the Republic of Benin. Both the Committee and governing Jury of the Mandela Prizes recognised President Talon’s role in promoting good governance.
World Bank Ease of Doing Business Index
Benin is ranked similarly to its West African neighbours in the Doing Business Index. One of the major objectives of the Revealing Benin Programme is to significantly improve Benin’s ranking: in the period 2016-2017, Benin has already climbed four places.
A series of deep-rooted measures have been put in place to improve Benin’s business environment, revitalise the investment framework, and facilitate public-private partnerships. New reforms to generate investment are planned in parallel to the implementation of the Revealing Benin Programme’s projects. Among the most important reforms adopted are:
- A single legal framework for public-private partnerships and operations
- Fiscal reforms to attract private investment
- A one-stop shop for information and support on business in Benin
- Modernising and professionalising the public procurement system
- Revising prices for transferring assets out of state ownership
- Implementing a simplified and more advantageous fiscal framework, adapted for SMEs (via a Synthetic Business Tax)
- Measures to move Benin towards energy independence
Other measures are also being prepared alongside the Revealing Benin Programme’s projects:
- Easing Benin’s labour laws to ensure more flexibility and encourage job creation
- Creating special economic zones with incentivising advantages for both domestic and foreign investors
- Developing a special regime to encourage the local establishment of international financial institutions
Public-private partnerships are at the heart of the Revealing Benin programme. A series of deep-rooted measures have been put in place to revitalise the business environment, and optimise the Government’s management of the Action Programme.
A dedicated system of management
An international-standard system of management has been put in place to significantly improve Benin’s investment framework and ensure transparent oversight of the programme.
The development and operational direction of the Revealing Benin programme is managed by a dedicated team, the Bureau of Analysis and Investigation, which reports directly to the Presidency.
Bespoke independent agencies are responsible for implementing the 45 major projects of the Action Programme and liaising with our investment partners. These bodies are in constant contact with relevant Government Ministries, which are themselves implementing a series of parallel administrative and sectorial reforms.