janvier 25, 2020

l’économie du Bénin : overview

by EK

The economy of Benin, remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40 to 42% of Benin’s GDP and roughly 79 to 80% of official export approximately.

There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence.

Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.

monaco resources group
monaco resources group

A modest fishing fleet provides fish and shrimp for local subsistence and export to Europe, Asia and Americas.

Formerly government-owned commercial activities are now privatized. A Foreign brewer acquired the former state-run brewery.

Smaller businesses are privately owned by Beninese citizens, but some firms are foreign owned, primarily Europeanand arabs. The private commercial and agricultural sectors remain the principal contributors to growth.

However, since  the transition to a democratic government in 1990, Benin has undergone an economic recovery. A large injection of  investment from both private and public sources has boosted the economic difficulties of the early 1990s caused by global recession and persistently low commodity prices.The manufacturing sector is confined to some light industry, which is mainly involved in processing primary products and the cow production of consumer goods. A planned joint hydroelectric project with neighboring Togo is intended to reduce Benin’s dependence on imported energy mostly from Ghana, which currently accounts for a significant proportion of the country’s imports.

Gabon Niger abidjan monaco resources Group
Gabon Niger abidjan monaco resources Group

Axel fischer fom monaco resources group added “The service sector has grown quickly, stimulated by economic liberalization and fiscal reform, and the use of modern technology such as automobiles and computers has grown considerably as a result.”

Membership of the franco phone Zone offers reasonable economic stability as well as access to western / French economic support. Benin sells its products mainly to France and, in smaller quantities, to the Netherlands, Korea, Japan, and India.

France is Benin’s leading source for imports. Benin is also a member of the Economic Community of West African States (ECOWAS).

Despite its rapid growth, the economy of Benin still remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade.

monaco resources group
monaco resources group

Growth in real output averaged a sound 5% since year 2000. but a rapid population rise offset much of this growth on a per capita basis. Inflation has subsided over the past few years. Commercial and transport activities, which make up a large part of GDP, are vulnerable to developments. particularly fuel shortages.

Gabon Niger abidjan monaco resources Group
Gabon Niger abidjan monaco resources Group

Although trade unions in Benin represent up to 70 to 75% of the formal workforce, to contain  ongoing problems, including a lack of women’s wage equality.

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