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
Hikma opens $17M pharmaceutical plant in Tunisia to boost exports and supply Facility to produce cardiovascular, diabetes, and antibiotic...
(FEDA)-The Fund for Export Development in Africa (FEDA), the development equity impact investment arm of African Export-Import Bank (Afreximbank), is...
Nigerian fintech Rank acquires AjoMoney and Zazzau Microfinance Bank to expand services Zazzau rebranded as Rank Microfinance Bank; AjoMoney tech...
Rwanda and Tanzania are linking their national payment systems—TIPS and RSWITCH—through a bilateral pilot. Sending money from Tanzania to Rwanda costs...
Most Read
01

The Bank expects a 41% rise in 2025 and a further 6% increase in 2026. Gold topped $4,00...

World Bank sees precious metal prices staying high until 2027
02

Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...

UAE faces backlash over alleged role in Sudan’s gold and arms trade
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

Kevin Smith named De Beers COO, replacing retiring Burger Greeff on Dec. 1 Smith to oversee Afric...

Veteran Kevin Smith Appointed Chief Operating Officer of De Beers
05

Biovac opens mRNA-capable vaccine lab in Cape Town, backed by global donors Facility enables full...

South Africa’s Biovac Opens mRNA Lab Backed by Gates Foundation
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.