Macroeconomic Resilience in Benin and Togo

The briefing compares the macroeconomic resilience of Benin and Togo from 2000 to 2020, finding that Benin's economy is more volatile due to greater global integration, while Togo's performance has been shielded by phosphate exports. It examines the impact of national crises—such as political instability in Togo and trade disputes in Benin—and regional shocks like COVID-19 and Ebola, evaluating the fiscal and monetary policy responses of both nations.

• Benin's economic performance has been more volatile than Togo's because it is more integrated into the regional and global economy, making it more susceptible to shocks.
• Togo's economy has been largely protected from shocks by its primary export, phosphates, which has enabled the use of counter-cyclical policies to stabilize economic performance.
• During periods of negative GDP growth, Benin implemented counter-cyclical government spending, with a growth rate of 4.25%, whereas Togo's government spending tended to be procyclical during national crises.
• Benin's gross debt was 52% of GDP in 2023, and while the government used debt to finance stimulus during crises, the debt stock has increased steadily since 2007 and accelerated during the pandemic.
• Benin's national crises included a 2005 trade dispute with Nigeria caused by Nigeria's attempt to limit re-imports from Benin, and political instability in 2010 involving President Boni Yayi.
• Monetary policy in Benin generally saw money supply increases during crises, leading to inflation fluctuations, though inflation stabilized after 2014. In Togo, monetary policy was expansionary during several presidential elections and the COVID-19 pandemic, with inflation reaching 7.6% in 2022.

APA

Heffernan, I., & Apollinaire-Fabrice, S. C. (n.d.). Macroeconomic Resilience in Benin and Togo. South African Institute of International Affairs. https://saiia.org.za/wp-content/uploads/2024/02/SAIIA_CoMPRA_PI_23_ResilienceBeninTogo.pdf

Chicago

Heffernan, Ian, and Salavi Comlan Apollinaire-Fabrice. Macroeconomic Resilience in Benin and Togo. South African Institute of International Affairs, n.d. https://saiia.org.za/wp-content/uploads/2024/02/SAIIA_CoMPRA_PI_23_ResilienceBeninTogo.pdf.

Wikipedia

{{cite report |last1=Heffernan |first1=Ian |last2=Apollinaire-Fabrice |first2=Salavi Comlan |title=Macroeconomic Resilience in Benin and Togo |publisher=South African Institute of International Affairs |url=https://saiia.org.za/wp-content/uploads/2024/02/SAIIA_CoMPRA_PI_23_ResilienceBeninTogo.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{heffernanndmacroeconomic, author = {Heffernan, Ian and Apollinaire-Fabrice, Salavi Comlan}, title = {{Macroeconomic Resilience in Benin and Togo}}, institution = {South African Institute of International Affairs}, url = {https://saiia.org.za/wp-content/uploads/2024/02/SAIIA_CoMPRA_PI_23_ResilienceBeninTogo.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }