The stability and resilience of the Beninese economy have enabled the country to maintain the B+ rating to be awarded to it in 2020 by the international financial rating agency Standard and Poor's.

The Ministry of Economy and Finance announces that Standard and Poor's reaffirms Benin's B+ rating for its stability and resilience. This decision once again attests to the resilience of the country's economic fundamentals, which led the agency to maintain Benin's rating in June and October 2020, despite the Covid-19 crisis.

Standard & Poor's welcomes the ambitious reforms implemented as part of the Government's Action Program, and the quality of the management of the Covid-19 crisis by the authorities. Benin has thus preserved the dynamism of its economy, posting a GDP growth rate of 3.8% in 2020, significantly higher than the average observed on the continent. Benin remains among the African countries with the best credit rating, while several African countries have seen their rating downgraded since the start of the Covid-19 crisis.

The “Standard & Poor's” agency also anticipates a clear recovery in economic activity from 2021 and the continuation of structural reforms, following the re-election of Patrice Talon as President of Benin. The agency thus forecasts a rebound in real GDP growth of 5.0% in 2021, which should reach 6.5% on average over the period 2022-2024. The agency anticipates a resumption of budgetary consolidation from 2021, in line with the momentum initiated by the government in 2016, and forecasts a reduction in the level of public debt from 2022.