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Benin: Economy
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Benin's economy is overwhelmingly agricultural, with most workers engaged in subsistence farming. The chief crops are cotton, corn, cassava, yams, beans, palm oil, peanuts, and cashews. Goats, sheep, and pigs are raised. There is a sizable freshwater fishing industry, and some ocean fish are ... caught. Most of Benin's few manufactures are processed agricultural goods, basic consumer items, textiles, and building materials.
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The Benin Government has transferred the used car business from land adjacent to the port to an area east of Cotonou in an effort to relieve traffic congestion. The GOB hopes to construct a new port to the east at Seme to expand capacity further. This new port is a critically important initiative, but will require huge new capital outlays that will likely only be forthcoming from the international development banks if Benin continues to implement economic reforms. Unfortunately, the port unions oppose the opening of a second port, fearing what it will mean for their jobs, and have gone on strike on more than one occasion, resulting in huge backlogs while shutting down various sectors of the economy.
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As the economy improves, there is a sense of increased growth, stability, and optimism in Benin. However, serious problems of tribal and regional rivalry, a poorly developed infrastructure, and extreme poverty continue to assail the fledgling democracy.
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