By Victoria Ojeme
The International Monetary Fund, IMF, has ranked Benin Republic as the fourth most prosperous economy in Africa. The IMF said the West African country has a growth rate of 7.6 per cent compared to 6.7 per cent in 2018.
Parliamentary Representatives of Benin Republic at the ECOWAS Parliament, led by Hon Sado Nazaire disclosed this at the presentation of their country’s report at the 2019 Second Ordinary Session of the Parliament in Abuja today.
Nazaire said that the Benin Government had adopted the draft for the 2020 financial management law.
He said “The draft budget is estimated at nearly 2000 billion FCFA. An increase of 109.367 billion FCFA compared to 2019, with an increase of 5.8%. The draft law projects a budget deficit of around 1.8% of GDP, an improvement of 0.4% compared to the level expected at the end of December 2019, and controlled inflation rate.”
The lawmaker also stated that Benin was committed to structural transformation of the Beninese economy, diversification and increased productivity.
Speaking further on the metrics responsible for increased economic prosperity, Hon. Nazaire mentioned the operationalization of development poles, acceleration of the implementations of ongoing projects, aimed at ensuring good overall fibre optic network in the country and availability of broadband and very high speed internet as part of the priorities of the government.
In 2019, Benin Republic also became the leading African cotton producer, ahead of Mali and Burkina Faso with the production of 700, 000 tons of cotton seed.