Benin’s Minister of Economy and Finance, Romuald Wadagni, has officially opened the Regional Office for West Africa of the African Trade Insurance Agency (ACA) on Wednesday 03 July 2019 in Cotonou. “This opening is the culmination of a fruitful six-year relationship between the Republic of Benin and the Agency,” the ministry said in a statement.
Benin is the first country in West Africa to guarantee its sovereign bonds in currencies using the credit risk insurance of the Agency for Commercial Insurance in Africa, thus attracting the first commercial financing of international banks of Benin.
For Minister Romuald Wadagni, “the opening of this Office in our country is a mark of confidence of the ACA who believes in the quality of governance of Benin, which believes in the economic prospects of our country”. The presence of this institution in Benin is an opportunity for the countries of the sub-region to come more quickly to the agency to be able to increase the number of exchanges and quickly handle the files.
Acting Director General of the Agency for Trade Assurance in Africa, John Lentaigne, expressed his pleasure at seeing the opening of the Regional Office for West Africa a reality. “The choice of Benin to host this institution in West Africa results from the fact that the agency has already insured more than a million dollars of investment risk in Benin”. What constitutes, according to him, a great mark of confidence granted to Benin by his institution.
It should be noted that ACA is a pan-African “political” investment risk and “commercial” credit risk insurer. As a result, ACA is helping to improve risk perception in Africa to attract more investment to the continent. Risks, both real and perceived, have in the past helped reduce investor appetite for Africa.
The ACA West Africa Office in Cadjehoun, Cotonou, will be the focal point for activities in West Africa. The launch of the Bureau is one of the activities that will take place in Cotonou, on the sidelines of the ACA Annual General Assembly, from July 3 to 5, 2019. In this assembly and in close collaboration with the Government of Benin, the ACA will also hold its 6th Annual Investors Roundtable on Thursday, July 4, 2019, followed by the Annual General Meeting on July 5 at the Golden Tulip Le Diplomate Hotel.
