158 Scenes
Beninese Oscs within the “Cease the Bleeding” marketing campaign.
PH;: DR: The presidium on the opening of the Convention; (From left to proper) Mr. Théophilus J. Gnonguong, Mr. SIMONKOUA Vincent and Mr. Rigobert OROU GANNI
As a prelude to the annual African Convention on Debt and Improvement (AfCoDD), which shall be held in August 2024 in Maputo, Mozambique, Benin hosted the nation’s preparatory convention on Friday, Might 31, 2024 at Home Royal Benin Lodge in Cotonou. Organized by Social Watch Benin (Civil Society Organizational Community) in collaboration with AFrodAD (African Discussion board and Community on Debt and Improvement), this convention stimulated essential discussions between the completely different actors (Authorities, Parliament , Courtroom of Accounts and Civil Society) about debt administration. , whereas fixing debt issues at a nationwide stage. As a result of challenges of public debt, the African initiative “Cease the Bleeding” – “Cease the bleeding” takes on Osc Beninese.
Alan ASANKPON
“Strengthening Accountability Mechanisms in Public Debt Administration: A Prerequisite for Debt Sustainability” that is the theme chosen by the Social Watch Benin Community for this 12 months. Organized yearly since 2019, the preparatory nation convention for the African Debt Convention is in its third version in Benin: 2019, 2023 and 2024. This can be a debt advocacy assembly earlier than the Annual Assembly of the Convention on Debt and Improvement (AfCoDD) scheduled for August 2024. in Maputo, Mozambique.
It’s argued that African public debt is more and more trending in direction of business bonds traded on business markets. In 2023, non-public debt represented greater than half of non-African debt, reaching 54.3%. “This determine is larger than the variety of bilateral and multilateral collectors, that are 18.7% and 27.1% respectively. This shift to personal financing has considerably elevated borrowing prices. This 12 months alone, three African nations, together with Benin, have issued Eurobonds at excessive rates of interest. The 14-year Beninese Eurobond, for instance, carries an rate of interest of 8.375%. introduced Rigobert OROU GANNI, President of the Board of Administrators of the Benin Social Guard, on the opening ceremony.
On behalf of the Minister of State, Economic system and Finance who’s in command of Cooperation, the Deputy Director Basic of the Autonomous Debt Administration Fund (CAGD), Mr. Vincent SIMONKOUA says that the subject chosen by Social Watch Benin this 12 months in keeping with the theme. the priorities of the Authorities of Benin throughout this system 2021-2026; particularly by way of good administration by strengthening the macroeconomic framework and by constantly strengthening public funds.
“Underneath the macroeconomic framework, the efficient administration of public debt shall be a topic of particular consideration by the Authorities of Benin, which is dedicated to sustaining the extent of public debt, properly beneath the neighborhood’s restrict of 70% and thus reflecting the pursuit of strict regulation. public debt and efficient use of the levers obtainable to the nation to strengthen initiatives and finance structural initiatives.
“This stage has been lowering for a number of years, and this should proceed to succeed in round 40% of GDP by 2026 in line with the optimistic outlook. The implementation of the debt technique is made potential in line with revealed nationwide and worldwide debt necessities. confirming the DGA/CAGD including that : “Benin maintains well timed administration of its reimbursement dates in relation to all these collectors. The completely different ranges of Benin by a number of ranking businesses testify to the standard of the nation’s financial foundations, its resilience in opposition to shocks, in addition to robust development prospects by formidable reforms by the Authorities, which regardless of the worldwide financial context and stuffed with uncertainty. .
PH: DR/ Partial view of the individuals
Two communications and a panel of discussions contributed to this assembly in Cotonou. The primary communication issues: “The Transparency and Accountability Method to Public Debt Administration in Benin: Strengths and Factors for Enchancment”offered by the Macroeconomist, Ange Marie CODO.
“Debt is a mandatory evil…We’re going into debt to enhance the residing situations of the numbers. Nonetheless, the standard of the debt refers back to the mortgage situations, the rate of interest charged and its maturity (…).” Dr. CODO’s evaluation.
From his analyses, he reveals that transparency and accountability within the administration of public debt are important parts to ensure efficient financial administration and to take care of the arrogance of residents, traders and worldwide establishments. “Worldwide monetary establishments such because the IMF and the World Financial institution are strongly selling transparency and accountability within the administration of public debt. By complying with these requirements it is possible for you to to entry worldwide funding and monetary assist. So it is very important know who our nation Benin is by way of transparency and accountability in public debt administration. confused Dr. CODO.
Within the opinion of AFrodAD Skilled, Théophilus John GONGUONG, the marketing campaign in opposition to African debt is a superb motion of residents from civil society, unions, girls’s rights defenders and younger activists; citizen motion. “Africa’s efforts to consolidate home useful resource mobilization are severely undermined by the rising debt burden. Many African nations are caught in debt. This case is exacerbated by the excessive stage of illicit monetary flows (IFF), which trigger income leakages of as much as $88 billion yearly on the African continent,” stated Mr. GONGUON The principle objective of this citizen activism is to win the hearts and minds of the African folks. It’s about restarting the dialog on the social contract, democratizing and humanizing the debt disaster to the each day struggles of African residents.” This African initiative is predicated on three pillars: dedication and authorized advocacy (AA).
The second is concerning the African Initiative in opposition to Public Debt, “Cease the Bleeding” – “Cease the Bleeding” offered by Théophilus John GONGUON, one of many AFrodAD specialists. Targeted on the subject, “Public Debt Expectation in Benin: Train of Duty by Nationwide Establishments”, The dialogue panel moderated by Aline ASSANKPON H., Basic Coordinator of the Financial Journalists Community of Benin (Réseau-JEB), introduced collectively 5 panelists (05) in a hybrid format, particularly: Minister Consultant of the State, Economic system and Finance in command of Cooperation, Deputy Basic Director of the Self-Governing Debt Administration Fund (CAGD), Mr SIMONKOUA Vincent; DOSSOU Codjo Louis, of the Finance Fee of the Nationwide Meeting; Dr BATONON Serge, Secretary Basic of the Courtroom of Auditors; Dr. AGUEMON Wehelmine, I Assistant in Public Regulation/Deputy Director of CERAF (Heart for Research and Analysis on Administration and Finance) and (on-line), the Government Secretary, AFROSAI-E (INTOSAI), Mr. SHOKO Edmund.
PH:DR: Panelists on the public debt debate in Benin
In flip, the panelists examined the adequacy of present measures aimed toward strengthening the clear and accountable administration of public debt in Benin; not solely as a measure to protect the nation’s steady debt ranges, but additionally to make sure that they meet Benin’s growth expectations, being an instance to different African nations.
Civil society actors additionally took the chance within the debates to grasp the debt profile of Benin, the dangers and issues associated to the rising need for Eurobonds, the heavy burden on the long run era, the measure of accountability, transparency in debt administration, efficient factors of contact for monitoring. actors, together with legislatures, auditors, CSOs and the media.
Stability, sustainability and accountability of public debt are conditions for individuals within the preparatory convention of the nation of Benin. They will now deal with the systemic causes of the debt burden that shall be left to future generations in Benin and Africa.
