Cotonou, August 7, 2026 – The international rating agency Moody’s has upgraded Benin’s long-term sovereign rating from “B1” to “Ba3”, with a stable outlook, reinforcing the country in the “BB/Ba” category of sovereign ratings.
This improvement comes in a context marked by sustained economic growth and a gradual consolidation of public finances. According to Moody’s, the Beninese economy grew by 8.1% in 2025, its highest level since 1990. The agency anticipates a GDP growth between 6.5% and 7% per year until 2030, supported notably by investment, industrialization, and the development of local raw material processing.
The agency also highlights the continuity of economic policies and the institutions’ capacity to continue reforms. It particularly notes the implementation of programs with the International Monetary Fund (IMF), as well as progress in revenue mobilization and economic governance.
On the budget front, the deficit returned to 3% of GDP in 2025, the ceiling set by the UEMOA convergence criteria. Improved revenues and control of current expenses contribute to the consolidation of public accounts.
Another element taken into account is debt management strategy. In recent years, Benin has increased the variety of instruments and sources of financing to lengthen maturities and diversify its investor base. After its ODD bond issuance in 2021 and its first international dollar issuance in 2024, the country carried out its inaugural Sukuk in 2026.
With this decision, Benin joins, according to Beninese authorities, the small group of sub-Saharan African states with a sovereign rating at this level or above.
The upgrade from B1 to Ba3 represents a significant category change in Moody’s scale: Benin is closer to the “investment grade” threshold, even though Ba3 remains a speculative rating, three notches below Baa3, the first level of the investment category.
