The international financial rating agency Moody’s announced on March 9 the upgrading of the rating of the Republic of Benin from “B2 with positive outlook” to “B1 with stable outlook”. This adjustment is the first rating improvement by Moody’s for an African country since the start of the Covid-19 crisis. This decision reflects in particular the historical budgetary consolidation of Benin, the improvement of the debt structure, as well as excellent management of public finances. This decision also attests to the quality of the management of the Covid-19 crisis by the authorities, while several African countries have seen their rating downgraded since the start of the pandemic. Benin thus remains among the African countries benefiting from the best credit rating, standing out once again for its resilience in the face of external shocks. The economic growth posted by Benin in 2020, estimated at 2.3% by Moody’s, clearly exceeds the performance of countries with a B2 rating, whose Gross Domestic Product fell on average by 3%. Finally, the profound transformation of the economy enabled by the ambitious reforms of the Benin government should allow a rebound in GDP growth of 5% according to the agency from 2021, once again exceeding the performance of peer countries.

The Minister of Economy and Finance