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
Africa-based investors accounted for 30% of active VC players in 2025 Total VC funding reached $3.9 billion across 506 deals Venture debt jumped...
Cameroon will issue the first 15-year OTA in CEMAC on February 17, 2026. The Treasury seeks CFA20 billion to test demand beyond the 10-year...
IFC considers up to $8 million in Aruwa Fund II $50 million fund targets Nigerian, Ghanaian SMEs Focus on women-led firms in underserved...
Vista acquires 99.99% of Saham Assurances Niger Company rebranded as Vista Assurances Niger Deal marks entry into Niger’s small insurance...
Most Read
01

Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...

Absa Kenya Imports a Telecom Playbook in Bid to Reinvent Retail Banking
02

Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...

Safaricom launches M-Pesa platform for stock trading in Kenya
03

MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...

DRC Accuses MTN of Illegal Operations, Spotlighting Border Frequency Issues
04

Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...

Togo Microfinance: Deposits and Loans Rise Simultaneously in Q3 2025
05

Global South Utilities (GSU) has begun building a 5 MWp hybrid solar plant with 5 MWh battery st...

Chad: GSU Starts Construction of 5 MWp Hybrid Solar Plant in Amdjarass
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.