Benin

Present day Benin was the site of Dahomey, a prominent West African kingdom that rose in the 15th century. The territory became a French Colony in 1872 and achieved independence on 1 August 1960, as the Republic of Benin. A succession of military governments ended in 1972 with the rise to power of Mathieu KEREKOU and the establishment of a government based on Marxist-Leninist principles. A move to representative government began in 1989. Two years later, free elections ushered in former Prime Minister Nicephore SOGLO as president, marking the first successful transfer of power in Africa from a dictatorship to a democracy. KEREKOU was returned to power by elections held in 1996 and 2001, though some irregularities were alleged. KEREKOU stepped down at the end of his second term in 2006 and was succeeded by Thomas YAYI Boni, a political outsider and independent. YAYI has begun a high profile fight against corruption and has strongly promoted accelerating Benin's economic growth.

Economical characteristics

 * Currency: West African CFA franc (ISO code: XOF)
 * Central bank discount rate: 4.75% (31 December 2008)
 * Commercial banks lending rate: NA%
 * Stock of money (M1): $1.592 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $742.8 million (31 December 2008)

Links

 * Benin on Wikipedia
 * Central bank of Benin
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * BBC country profile