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
Nigerian billionaire adds $5.78 billion to his fortune in under four months Gains driven by strong stock performance of BUA Cement and BUA...
Gozem is in talks with the IFC for €21 million to expand in four countries Funding would support vehicle financing and the “Drive-to-Buy”...
Fitch affirms Cameroon at “B”, outlook negative Growth steady, debt contained; governance and political risks persist New vice-presidential role seen...
UBA's Nigerian home market posted a 1.7 billion naira ($1.1m) pre-tax loss in 2025, against a 364 billion naira profit a year earlier A 117 billion...
Most Read
01

Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...

Two Other African-focused Private Equity Firms to Snap Up assets shed by Global Majors
02

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
03

Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...

Libya Opens Dollar Sales to Ease Pressure on Dinar and Prices
04

From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...

Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
05

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
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.