World rice prices reached 198.3 FCFA (€0.30) a kilogram in September, up 38.9% from a year earlier and 33% above their second-quarter average, the regional central bank BCEAO said in its November 6 bulletin. Benin paid an implied 161 FCFA (€0.25) a kilogram for the 610,203 metric tons of Indian rice it imported in that quarter, by our calculation from statistics agency INStaD's trade data.
Analysis: Benin's second-quarter import price was slightly above the world average of 149 FCFA for those months, so September's level points to a costlier fourth quarter. The same tonnage at September's world price would cost about 121bn FCFA (€184mn), by our calculation. That is 22.7bn FCFA (€34.6mn) more than the 98.3bn FCFA (€150mn) paid, although contract prices and rice grades differ from the benchmark. Food prices in Benin rose only 0.1% over the year to September, INStaD said, suggesting importers had not yet passed on the increase. INStaD's third-quarter trade bulletin, due November 30, will give the first import prices after the rally.
Source: Banque Centrale des États de l'Afrique de l'Ouest (BCEAO), BCEAO, Bulletin mensuel des statistiques, septembre 2026, September 2026 and April 2026 and May 2026 and June 2026; INStaD, INStaD, Bulletin trimestriel des statistiques du commerce extérieur, 2e trimestre 2026, Q2 2026; Institut National de la Statistique et de la Démographie (INStaD), INStaD, Indice Harmonisé des Prix à la Consommation, bulletin mensuel septembre 2026 (base 2023), September 2026
Benin's government cut its deposits at banks and the regional central bank BCEAO by 164.5bn FCFA (€251mn) between the end of June and the end of August, to 1,389bn FCFA (€2.12bn). Mainly as a result, the banking system's net claims on the state rose to 307.8bn FCFA (€469mn) from 92.3bn FCFA (€141mn), the BCEAO said in its monthly statistical bulletin on November 6.
Analysis: Benin moved against the region, where the banking system's net claims on governments rose just 0.1% over the same two months. Lower deposits explain about three-quarters of the 215.5bn FCFA (€329mn) rise, by our calculation, suggesting the Treasury drew on its cash rather than borrowing more. That fits a first-half deficit of 345.6bn FCFA (€527mn) and no planned regional bond sales in the fourth quarter. The €500mn bank loan backed by the African Development Fund came on September 18, after the period covered. The BCEAO has not set a date for its next bulletin, which should show whether the loan rebuilt the cushion.
Source: Banque Centrale des États de l'Afrique de l'Ouest (BCEAO), BCEAO, Bulletin mensuel des statistiques, septembre 2026, End-June 2026 and End-August 2026; Bénin Web TV, DGB mid-year budget execution report (16 Sept 2026), as reported by Bénin Web TV, H1 2026; Various, UMOA-Titres Q4 2026 issuance calendar, as reported by Le Journal de l'Economie Sénégalaise via AllAfrica, Q4 2026; African Development Bank Group, AfDB press release (via AllAfrica), 18 September 2026
Benin's total external debt rose 16.5% to $16.9bn at the end of 2025 from $14.5bn a year earlier, while long-term public and publicly guaranteed external debt climbed 25% to $11.2bn, according to World Bank data reported by Bénin Web TV. Debt service rose to 29.2% of exports from 26.6%, the outlet said.
Analysis: Benin's external debt grew three times as fast as the 5.5% recorded across developing countries in the World Bank's annual debt report. Private lenders now hold 45.5% of its long-term public external debt, and bondholders 24.6%, by our calculation. Payments of about $1.1bn last year equal roughly $3mn a day. These figures cover all external debt, including private borrowers, so they differ from the 9,122bn FCFA (€13.9bn) of public debt at end-June in the national debt bulletin. An end-September bulletin had not been published by November 9.
Source: Bénin Web TV, Bénin Web TV, 'la dette extérieure bondit de 16,5 %…' (November 6, 2026), citing World Bank data (International Debt Report 2026), 2025 and 2024; Various, Hürriyet Daily News (Reuters), November 6, 2026, 2025; Caisse Autonome d'Amortissement / MEF, Bulletin statistique de la dette publique (CAGD, Caisse autonome de gestion de la dette), reported by Bénin Web TV, 30 June 2026
Benin opened its 2026–2027 soybean marketing season on November 6 with prices left to negotiation between farmers, collectors and industrial buyers, Bénin Web TV reported. Exports are suspended until February 15, 2027, so that local processors are supplied first, under a joint communiqué signed on November 4 by the ministers of trade, agriculture and tourism.
Analysis: The suspension lasts 101 days, by our calculation. It follows second-quarter exports of 56,469 metric tons of soybeans worth 18.0bn FCFA (€27.4mn), statistics agency INStaD said. The government has retained 450,000 tons of processing capacity for 2026–2027, equal to 86% of the 520,900 tons harvested in 2023, the latest output figure available. Without a set price, farmers' earnings depend on how much processors buy while exporters wait. The communiqué, as reported, gives no tonnage target or minimum price. Exports may resume from February 15, 2027.
Source: Bénin Web TV, Bénin Web TV, 'ouverture de la Campagne soja 2026-2027 ce 6 novembre' (November 6, 2026), citing joint ministerial communiqué of November 4, November 6, 2026; Bénin Web TV, Bénin Web TV, November 6, 2026, February 15, 2027; INStaD, INStaD, Bulletin trimestriel des statistiques du commerce extérieur, 2e trimestre 2026, Q2 2026; INStaD, INStaD, Bulletin commerce extérieur T2 2026, Q2 2026; Caisse Autonome d'Amortissement / MEF, Compte rendu du Conseil des ministres du 3 juin 2026 (via Bénin Web TV), 2026/27; Agence Ecofin, Direction de la statistique agricole (via Agence Ecofin), 2023
Benin has created an Industrial Development Fund with capital of 100bn FCFA (€152mn) to give manufacturers long-term finance, the Council of Ministers said on November 4. The fund will work through three windows, an investment arm called Bénin Industrial Invest, a guarantee facility that shares risk with banks, and a national program of ready-built factories in the regional development hubs.
Analysis: The fund's capital equals 2.1% of the 4,757bn FCFA (€7.25bn) budget proposed for 2027, by our calculation. It arrives as industry is already expanding. Industrial output rose 9.8% from a year earlier in the second quarter, statistics agency INStaD said. The guarantee window could matter most for smaller manufacturers, because it lets banks lend without carrying the full risk. However, the communiqué does not say how or when the capital will be paid in, or how it is split between the windows. The ministers in charge must still set up the company that runs the fund, and no date has been published.
Source: Bénin Web TV, Compte rendu du Conseil des ministres du 4 novembre 2026 (Bénin Web TV republication), November 2026; Secrétariat Général du Gouvernement (SGG), Compte rendu du Conseil des Ministres du 07 octobre 2026 (SGG), 2027; Institut National de la Statistique et de la Démographie (INStaD), INStaD, Indice de la Production Industrielle (IPI rénové), 2e trimestre 2026, publication n°2026-03, Q2 2026; INStaD, INStaD, Note sur les Comptes Nationaux Trimestriels, 2e trimestre 2026 (N°02, septembre 2026, base 2023), Q2 2026
Chart of the week
Benin's goods exports, bn FCFA a year, customs data from statistics agency INStaD, 2019–2025
498.4
485.9
568.8
560.1
639.4
685.5
483.5
2019202020212022202320242025
Value of goods exported each year, from the customs data published by statistics agency INStaD. Exports fell 29.5% in 2025 to 483.5bn FCFA (€737mn), from 685.5bn FCFA (€1.05bn) in 2024, the lowest of the seven years shown.. Source: Institut National de la Statistique et de la Démographie (INStaD), INStaD, Grands traits du commerce extérieur du Bénin en 2025 (September 2026), 2019 and 2020 and 2021 and 2022 and 2023 and 2024 and 2025.
Tender of the week
Supervision engineer for SBEE grid extension in Mono, Couffo and Borgou (PEDER+)
Buyer
Power distributor SBEE (Société Béninoise d'Énergie Électrique)
Scope
Call for expressions of interest to shortlist six engineering firms for a restricted tender to supervise the PEDER+ grid project: completing studies, environmental and resettlement plans, supporting the works tenders and supervising medium- and low-voltage distribution works in 750 localities of 15 communes; three works lots, one per department; target of 120,000 connections, including 45,000 ready-board kits.
Value
Not published
Funding
Loans from the French Development Agency (AFD), the European Investment Bank and the EBRD, and a European Union grant (loan CBJ 1318 01, grant CBJ 1318 02)
Closes
Tuesday, November 24, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Who holds Benin's debt and what it costs
11 stories with workings, from rice imports, government deposits, external debt and growth targets to soybeans, the industrial fund, banking, Cotonou's budget, the port and mobile money fees
Four key figures, from inflation and the three-month bill yield to Port of Cotonou cargo and goods exports, the tender of the week and every open tender in our records, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
