Finance

Benin Commits $1.13bn for Social Protection Over Next Five Years

Benin Commits $1.13bn for Social Protection Over Next Five Years
Thursday, 21 November 2024 12:20

As highlighted by the World Bank, Benin is grappling with major socio-economic challenges despite progress in reducing poverty and improving human development. In 2021, its Human Development Index ranked it 30th in Africa.

The government of Benin has approved a new social protection strategy for 2024–2028. The plan, announced during a Cabinet meeting on November 20, is backed by a budget of over CFA709 billion ($1.13 billion). This initiative is part of a broader national policy to build a more resilient society by 2033.

The strategy focuses on four key areas: improving household incomes, enhancing access to social services, adapting to crises, and better coordinating the social protection system. It aims to support vulnerable groups facing poverty, economic downturns, climate change, and natural disasters.

Benin’s challenges are significant. According to the World Bank, despite progress in reducing poverty and improving human development, the country faces critical socio-economic issues. With a young and vulnerable population, about 85% of Benin's workforce operates in the informal economy, and over half of the population lives below the poverty line of $3.20 per day. Regional and global tensions further threaten the country's development gains, worsening household insecurity.

Benin also struggles with a low Human Development Index (HDI), ranking 166th out of 191 countries in 2021 and 30th in Africa.

To address these issues, the government is focusing on key programs like the ARCH project (Insurance for Strengthening Human Capital), which provides essential social services and health coverage to vulnerable groups. Another initiative, the ACCESS project (Support to Municipalities and Communities for the Expansion of Social Services), aims to improve infrastructure and foster social cohesion in the most fragile areas.

The ultimate goal is for Benin’s population, especially its most vulnerable groups, to become more resilient to socio-economic, climate, and security shocks by 2033. The government envisions these groups actively contributing to sustainable and inclusive development.

On the same topic
Togo raises $53M via bonds and bills, surpassing 30B XOF target Auction saw 160.86% bid coverage; OATs issued at 6.25% for three years Total...
Africa’s instant payment systems processed 64 billion transactions worth $1.98 trillion in 2024, according to AfricaNenda. The continent counted...
EIB and ZICB to mobilize €30M for Zambian agribusiness SMEs 30% of funds reserved for women-led enterprises; €4M risk-sharing...
IFC lends 170 million rand to Lula to boost digital, unsecured SME lending 80% of funds will support micro and small enterprises Deal strengthens a...
Most Read
01

DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...

DRC in Talks with Alibaba, Isoftstone to Develop a Chinese-Style E-Commerce Model
02

West African officials met in Lomé to improve municipal finances for crisis response Talks focuse...

West African Officials Draft Crisis-Proof Budget Strategy in Lomé
03

Launch led by Maroc Telecom, Orange, and Inwi Rollout targets 25% coverage by end-2025 under Digi...

Morocco Launches 5G Nationwide Ahead of 2025 Africa Cup of Nations
04

The new unified platform replaces the NIBSS Instant Payments system. It connects banks, finte...

Nigeria Launches National Payment Stack, Targets Faster Digital Transactions
05

Germany to provide €49 million ($56.7 million) to support ECOWAS projects. Funds target peac...

ECOWAS secures $56.7mln German support for security and governance
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.