Financial Crime World

Title: Benin Leads Francophone Africa in Financial Compliance: A New Era of Transparency and Public Participation

Transparency and Inclusivity in Times of Crisis

Benin, currently the most transparent country in Francophone Africa, is setting an example for the region in embracing transparency, inclusivity, and accountability during the COVID-19 pandemic.

Benin’s Commitment to Transparency: Reforms and Achievements

Since Romuald Wadagni took office as Benin’s economy and finance minister, significant reforms have been introduced to enhance transparency in budgeting:

  • The Executive’s Budget Proposal (EBP) in 2019 included more detailed financial information than ever before.
  • Reforms such as program-based budgeting and the development of a new State Financial Information System (SIGFIP) have streamlined the collection and analysis of budget execution data.

Benin has been recognized for its efforts toward open budgeting practices:

  1. Recognized as a model for open budgeting in Francophone Africa by organizations like the OECD and IMF.
  2. Achieved the highest ranking on the Open Budget Index (OBI) in the region.

Room for Improvement

One area where Benin can improve is the availability of certain reports, such as In-Year Reports and Audit Reports, to the public.

Expanding Public Participation: A Collaborative Approach

Benin has made progress in encouraging public participation in the budget process:

  1. Deliberative meetings between non-state actors and the government during budget formulation.
  2. Integrating participation mechanisms into the public budget calendar.
  3. Review of line ministries’ budget execution reports by civil society organizations.

Future Plans

Beninese authorities intend to further empower citizens by providing opportunities for public comments on budget execution and ensuring feedback from vulnerable and underrepresented populations. Benin’s participation in the Fiscal Openness Accelerator (FOA) Project, a collaboration with IBP and GIFT, underscores this commitment to transparent and participatory fiscal policies.