Innovative Financing for Development to diversify Benin’s economy

stdClass Object
(
    [id] => 171
    [title] => Innovative Financing for Development to diversify Benin’s economy
    [alias] => innovative-financing-for-development-to-diversify-benin-s-economy
    [catid] => 2
    [published] => 1
    [introtext] => 

Patrice Talon has promised to turn the fortunes of his country around by the end of his five-year term of office.

[fulltext] =>

The eradication of extreme poverty is one of the Sustainable Development Goals adopted by the international community in September 2015 within the framework of the Sustainable Development Agenda 2030.  If this is not done, it could have far-reaching consequences and may lead to the uncontrollable and destabilising migration of people in search of work, food and a better life. 

 

Patrice Talon, the new President of Benin, has promised to turn the fortunes of his country around by the end of his five-year term of office. During the General Debate of the United Nations General Assembly, he appealed to the international community not to spare any efforts to eradicate abject poverty and said that leaders had the responsibility to improve the lot of their citizens:

“Those who govern have the responsibility to eradicate poverty. Benin is really a poor country.  I am confident that I will bring a miraculous change in five years,” he said during a press briefing. 

 

He now has the task of diversifying Benin’s economy, which relies mainly on agriculture, trade and exports, and of uplifting the country out of poverty.

 

The mixed results of the Millennium Development Goals (MDGs) have highlighted the necessity for innovative financing—now an integral part of the strategies recommended by the UN—as it is estimated that emerging countries face an estimated shortfall of USD 2.5 trillion in SDG-relevant sectors.  Benin could benefit from an Innovative Financing for Development (IFD) programme—described as a “game-changer” in sustainable development. In fact, in view of Benin’s not insignificant challenges in this respect—a national poverty rate of approximately 36% and the government’s high debt rate as a percentage of GDP—, the IFD model represents a very promising avenue for the country that is well worth exploring.

 

One sustainable way in which President Talon could achieve his ambitious goals is through a partnership with the global IFD specialist, LSL World Initiative (LSL), and its technological partners.  Founded by Laurent Lamothe, former Prime Minister of Haiti, LSL has a solid track record of partnering with governments to set up and operate national strategic development initiatives tailored to the local context and in line with national development priorities. 

 

These initiatives operate with revenues generated by a comprehensive suite of micro-levies or micro-contributions in key globalised sectors—which offer the best opportunities in terms of volumes and growth potential—such as mobile telecommunications, financial transactions, travel and tourism, etc.  If Benin adopts a proactive approach towards regulation, based on sophisticated ICT tools and real-time data collection, it will be able to optimise the collection of the surcharges, taxes, levies or micro-contributions due to the government.  Furthermore, given the cross-cutting nature of ICTs, any investment in ICT means indirect investment in other sectors too.

 

Revenues from IFD mechanisms could be ploughed into initiatives to revitalise and diversify the Beninese economy. 

 

In the words of Laurent Lamothe:

“The money is there—it just has to be unlocked from the diaspora flows like remittances.” 

 

The monies come from abroad—there is little impact on local users and service providers. A great number of untapped resources can be mobilised in this way.  Harmless and microscopic contributions on enormous volumes of transactions create significant amounts of revenue in sectors that benefit the most from globalisation.  In this way, a micro-contribution could make a mega difference in providing the revenues for President Talon to lead his country out of poverty.

 

[video] => [gallery] => [extra_fields] => [extra_fields_search] => [created] => 2016-12-02 09:46:55 [created_by] => 797 [created_by_alias] => [checked_out] => 0 [checked_out_time] => 0000-00-00 00:00:00 [modified] => 2016-12-02 09:56:02 [modified_by] => 797 [publish_up] => 2016-12-02 09:46:55 [publish_down] => 0000-00-00 00:00:00 [trash] => 0 [access] => 1 [ordering] => 74 [featured] => 0 [featured_ordering] => 0 [image_caption] => [image_credits] => [video_caption] => [video_credits] => [hits] => 1149 [params] => Joomla\Registry\Registry Object ( [data:protected] => stdClass Object ( [enable_css] => 1 [jQueryHandling] => 1.8remote [backendJQueryHandling] => remote [userName] => 1 [userImage] => 1 [userDescription] => 1 [userURL] => 1 [userEmail] => 0 [userFeedLink] => 1 [userFeedIcon] => 1 [userItemCount] => 10 [userItemTitle] => 0 [userItemTitleLinked] => 1 [userItemDateCreated] => 1 [userItemImage] => 1 [userItemIntroText] => 1 [userItemCategory] => 1 [userItemTags] => 1 [userItemCommentsAnchor] => 1 [userItemReadMore] => 1 [userItemK2Plugins] => 1 [tagItemCount] => 10 [tagItemTitle] => 0 [tagItemTitleLinked] => 1 [tagItemDateCreated] => 1 [tagItemImage] => 1 [tagItemIntroText] => 1 [tagItemCategory] => 1 [tagItemReadMore] => 1 [tagItemExtraFields] => 0 [tagOrdering] => [tagFeedLink] => 1 [tagFeedIcon] => 1 [genericItemCount] => 10 [genericItemTitle] => 0 [genericItemTitleLinked] => 1 [genericItemDateCreated] => 1 [genericItemImage] => 1 [genericItemIntroText] => 1 [genericItemCategory] => 1 [genericItemReadMore] => 1 [genericItemExtraFields] => 0 [genericFeedLink] => 1 [genericFeedIcon] => 1 [feedLimit] => 10 [feedItemImage] => 1 [feedImgSize] => L [feedItemIntroText] => 1 [feedTextWordLimit] => [feedItemFullText] => 1 [feedItemTags] => 0 [feedItemVideo] => 0 [feedItemGallery] => 0 [feedItemAttachments] => 0 [feedBogusEmail] => [introTextCleanup] => 0 [introTextCleanupExcludeTags] => [introTextCleanupTagAttr] => [fullTextCleanup] => 0 [fullTextCleanupExcludeTags] => [fullTextCleanupTagAttr] => [xssFiltering] => 0 [linkPopupWidth] => 900 [linkPopupHeight] => 600 [imagesQuality] => 100 [itemImageXS] => 100 [itemImageS] => 200 [itemImageM] => 400 [itemImageL] => 600 [itemImageXL] => 900 [itemImageGeneric] => 300 [catImageWidth] => 100 [catImageDefault] => 1 [userImageWidth] => 100 [userImageDefault] => 1 [commenterImgWidth] => 48 [onlineImageEditor] => splashup [imageTimestamp] => 0 [imageMemoryLimit] => [socialButtonCode] => [twitterUsername] => [facebookImage] => Medium [comments] => 1 [commentsOrdering] => DESC [commentsLimit] => 10 [commentsFormPosition] => below [commentsPublishing] => 0 [commentsReporting] => 1 [commentsReportRecipient] => kslack@globalvoicegroup.com [inlineCommentsModeration] => 1 [gravatar] => 1 [antispam] => 0 [recaptchaForRegistered] => 1 [akismetForRegistered] => 1 [commentsFormNotes] => 1 [commentsFormNotesText] => [frontendEditing] => 1 [showImageTab] => 1 [showImageGalleryTab] => 1 [showVideoTab] => 1 [showExtraFieldsTab] => 1 [showAttachmentsTab] => 1 [showK2Plugins] => 1 [sideBarDisplayFrontend] => 0 [mergeEditors] => 1 [sideBarDisplay] => 1 [attachmentsFolder] => [hideImportButton] => 0 [googleSearch] => 0 [googleSearchContainer] => k2GoogleSearchContainer [K2UserProfile] => 1 [redirect] => 206 [adminSearch] => simple [cookieDomain] => [taggingSystem] => 1 [lockTags] => 0 [showTagFilter] => 0 [k2TagNorm] => 0 [k2TagNormCase] => lower [k2TagNormAdditionalReplacements] => [recaptcha_public_key] => Chris [recaptcha_private_key] => GVGadmin2015! [recaptcha_theme] => clean [recaptchaOnRegistration] => 0 [akismetApiKey] => [stopForumSpam] => 0 [stopForumSpamApiKey] => [showItemsCounterAdmin] => 1 [showChildCatItems] => 1 [disableCompactOrdering] => 0 [metaDescLimit] => 150 [enforceSEFReplacements] => 0 [SEFReplacements] => À|A, Á|A, Â|A, Ã|A, Ä|A, Å|A, à|a, á|a, â|a, ã|a, ä|a, å|a, Ā|A, ā|a, Ă|A, ă|a, Ą|A, ą|a, Ç|C, ç|c, Ć|C, ć|c, Ĉ|C, ĉ|c, Ċ|C, ċ|c, Č|C, č|c, Ð|D, ð|d, Ď|D, ď|d, Đ|D, đ|d, È|E, É|E, Ê|E, Ë|E, è|e, é|e, ê|e, ë|e, Ē|E, ē|e, Ĕ|E, ĕ|e, Ė|E, ė|e, Ę|E, ę|e, Ě|E, ě|e, Ĝ|G, ĝ|g, Ğ|G, ğ|g, Ġ|G, ġ|g, Ģ|G, ģ|g, Ĥ|H, ĥ|h, Ħ|H, ħ|h, Ì|I, Í|I, Î|I, Ï|I, ì|i, í|i, î|i, ï|i, Ĩ|I, ĩ|i, Ī|I, ī|i, Ĭ|I, ĭ|i, Į|I, į|i, İ|I, ı|i, Ĵ|J, ĵ|j, Ķ|K, ķ|k, ĸ|k, Ĺ|L, ĺ|l, Ļ|L, ļ|l, Ľ|L, ľ|l, Ŀ|L, ŀ|l, Ł|L, ł|l, Ñ|N, ñ|n, Ń|N, ń|n, Ņ|N, ņ|n, Ň|N, ň|n, ʼn|n, Ŋ|N, ŋ|n, Ò|O, Ó|O, Ô|O, Õ|O, Ö|O, Ø|O, ò|o, ó|o, ô|o, õ|o, ö|o, ø|o, Ō|O, ō|o, Ŏ|O, ŏ|o, Ő|O, ő|o, Ŕ|R, ŕ|r, Ŗ|R, ŗ|r, Ř|R, ř|r, Ś|S, ś|s, Ŝ|S, ŝ|s, Ş|S, ş|s, Š|S, š|s, ſ|s, Ţ|T, ţ|t, Ť|T, ť|t, Ŧ|T, ŧ|t, Ù|U, Ú|U, Û|U, Ü|U, ù|u, ú|u, û|u, ü|u, Ũ|U, ũ|u, Ū|U, ū|u, Ŭ|U, ŭ|u, Ů|U, ů|u, Ű|U, ű|u, Ų|U, ų|u, Ŵ|W, ŵ|w, Ý|Y, ý|y, ÿ|y, Ŷ|Y, ŷ|y, Ÿ|Y, Ź|Z, ź|z, Ż|Z, ż|z, Ž|Z, ž|z, α|a, β|b, γ|g, δ|d, ε|e, ζ|z, η|h, θ|th, ι|i, κ|k, λ|l, μ|m, ν|n, ξ|x, ο|o, π|p, ρ|r, σ|s, τ|t, υ|y, φ|f, χ|ch, ψ|ps, ω|w, Α|A, Β|B, Γ|G, Δ|D, Ε|E, Ζ|Z, Η|H, Θ|Th, Ι|I, Κ|K, Λ|L, Μ|M, Ξ|X, Ο|O, Π|P, Ρ|R, Σ|S, Τ|T, Υ|Y, Φ|F, Χ|Ch, Ψ|Ps, Ω|W, ά|a, έ|e, ή|h, ί|i, ό|o, ύ|y, ώ|w, Ά|A, Έ|E, Ή|H, Ί|I, Ό|O, Ύ|Y, Ώ|W, ϊ|i, ΐ|i, ϋ|y, ς|s, А|A, Ӑ|A, Ӓ|A, Ә|E, Ӛ|E, Ӕ|E, Б|B, В|V, Г|G, Ґ|G, Ѓ|G, Ғ|G, Ӷ|G, y|Y, Д|D, Е|E, Ѐ|E, Ё|YO, Ӗ|E, Ҽ|E, Ҿ|E, Є|YE, Ж|ZH, Ӂ|DZH, Җ|ZH, Ӝ|DZH, З|Z, Ҙ|Z, Ӟ|DZ, Ӡ|DZ, Ѕ|DZ, И|I, Ѝ|I, Ӥ|I, Ӣ|I, І|I, Ї|JI, Ӏ|I, Й|Y, Ҋ|Y, Ј|J, К|K, Қ|Q, Ҟ|Q, Ҡ|K, Ӄ|Q, Ҝ|K, Л|L, Ӆ|L, Љ|L, М|M, Ӎ|M, Н|N, Ӊ|N, Ң|N, Ӈ|N, Ҥ|N, Њ|N, О|O, Ӧ|O, Ө|O, Ӫ|O, Ҩ|O, П|P, Ҧ|PF, Р|P, Ҏ|P, С|S, Ҫ|S, Т|T, Ҭ|TH, Ћ|T, Ќ|K, У|U, Ў|U, Ӳ|U, Ӱ|U, Ӯ|U, Ү|U, Ұ|U, Ф|F, Х|H, Ҳ|H, Һ|H, Ц|TS, Ҵ|TS, Ч|CH, Ӵ|CH, Ҷ|CH, Ӌ|CH, Ҹ|CH, Џ|DZ, Ш|SH, Щ|SHT, Ъ|A, Ы|Y, Ӹ|Y, Ь|Y, Ҍ|Y, Э|E, Ӭ|E, Ю|YU, Я|YA, а|a, ӑ|a, ӓ|a, ә|e, ӛ|e, ӕ|e, б|b, в|v, г|g, ґ|g, ѓ|g, ғ|g, ӷ|g, y|y, д|d, е|e, ѐ|e, ё|yo, ӗ|e, ҽ|e, ҿ|e, є|ye, ж|zh, ӂ|dzh, җ|zh, ӝ|dzh, з|z, ҙ|z, ӟ|dz, ӡ|dz, ѕ|dz, и|i, ѝ|i, ӥ|i, ӣ|i, і|i, ї|ji, Ӏ|i, й|y, ҋ|y, ј|j, к|k, қ|q, ҟ|q, ҡ|k, ӄ|q, ҝ|k, л|l, ӆ|l, љ|l, м|m, ӎ|m, н|n, ӊ|n, ң|n, ӈ|n, ҥ|n, њ|n, о|o, ӧ|o, ө|o, ӫ|o, ҩ|o, п|p, ҧ|pf, р|p, ҏ|p, с|s, ҫ|s, т|t, ҭ|th, ћ|t, ќ|k, у|u, ў|u, ӳ|u, ӱ|u, ӯ|u, ү|u, ұ|u, ф|f, х|h, ҳ|h, һ|h, ц|ts, ҵ|ts, ч|ch, ӵ|ch, ҷ|ch, ӌ|ch, ҹ|ch, џ|dz, ш|sh, щ|sht, ъ|a, ы|y, ӹ|y, ь|y, ҍ|y, э|e, ӭ|e, ю|yu, я|ya [k2Sef] => 0 [k2SefLabelCat] => content [k2SefLabelTag] => tag [k2SefLabelUser] => author [k2SefLabelSearch] => search [k2SefLabelDate] => date [k2SefLabelItem] => 0 [k2SefLabelItemCustomPrefix] => [k2SefInsertItemId] => 1 [k2SefItemIdTitleAliasSep] => dash [k2SefUseItemTitleAlias] => 1 [k2SefInsertCatId] => 1 [k2SefCatIdTitleAliasSep] => dash [k2SefUseCatTitleAlias] => 1 [sh404SefLabelCat] => [sh404SefLabelUser] => blog [sh404SefLabelItem] => 2 [sh404SefTitleAlias] => alias [sh404SefModK2ContentFeedAlias] => feed [sh404SefInsertItemId] => 0 [sh404SefInsertUniqueItemId] => 0 [cbIntegration] => 0 [show_page_heading] => [catCatalogMode] => 0 [theme] => default [num_leading_items] => 2 [num_leading_columns] => 1 [leadingImgSize] => Large [num_primary_items] => 4 [num_primary_columns] => 2 [primaryImgSize] => Medium [num_secondary_items] => 4 [num_secondary_columns] => 1 [secondaryImgSize] => Small [num_links] => 4 [num_links_columns] => 1 [linksImgSize] => XSmall [catFeaturedItems] => 1 [catOrdering] => rdate [catPagination] => 2 [catPaginationResults] => 1 [catFeedLink] => 1 [catFeedIcon] => 1 [menu-anchor_css] => [menu_text] => 1 [menu_show] => 1 [page_title] => News | Financing Sustainable Development [pageclass_sfx] => page-news [secure] => 0 [page_description] => LSL World Initiative helps governments identify new sources of revenues through innovative financing mechanisms with the use of technology and micro-surcharges. [page_rights] => [robots] => [inheritFrom] => 0 [catMetaDesc] => Click here to view GVG's telecom and ICT solutions for revenue news, fraud management updates, revenue from telecom traffic stories and industry related news. [catTitle] => 1 [catTitleItemCounter] => 1 [catDescription] => 1 [catImage] => 0 [subCategories] => 1 [subCatColumns] => 2 [subCatTitle] => 0 [subCatTitleItemCounter] => 1 [subCatDescription] => 1 [subCatImage] => 1 [catItemTitle] => 1 [catItemTitleLinked] => 1 [catItemFeaturedNotice] => 0 [catItemAuthor] => 1 [catItemDateCreated] => 1 [catItemRating] => 0 [catItemImage] => 0 [catItemIntroText] => 1 [catItemIntroTextWordLimit] => 100 [catItemExtraFields] => 0 [catItemHits] => 0 [catItemCategory] => 1 [catItemTags] => 1 [catItemAttachments] => 0 [catItemAttachmentsCounter] => 0 [catItemVideo] => 0 [catItemVideoAutoPlay] => 0 [catItemImageGallery] => 0 [catItemDateModified] => 0 [catItemReadMore] => 1 [catItemCommentsAnchor] => 1 [catItemK2Plugins] => 1 [itemDateCreated] => 1 [itemTitle] => 0 [itemFeaturedNotice] => 1 [itemAuthor] => 0 [itemFontResizer] => 1 [itemPrintButton] => 1 [itemEmailButton] => 1 [itemSocialButton] => 1 [itemVideoAnchor] => 1 [itemImageGalleryAnchor] => 1 [itemCommentsAnchor] => 1 [itemRating] => 1 [itemImage] => 1 [itemImgSize] => Large [itemImageMainCaption] => 1 [itemImageMainCredits] => 1 [itemIntroText] => 1 [itemFullText] => 1 [itemExtraFields] => 1 [itemDateModified] => 1 [itemHits] => 1 [itemCategory] => 1 [itemTags] => 1 [itemAttachments] => 1 [itemAttachmentsCounter] => 1 [itemVideo] => 1 [itemVideoAutoPlay] => 0 [itemVideoCaption] => 1 [itemVideoCredits] => 1 [itemImageGallery] => 1 [itemNavigation] => 1 [itemComments] => 1 [itemTwitterButton] => 1 [itemFacebookButton] => 1 [itemGooglePlusOneButton] => 1 [itemAuthorBlock] => 0 [itemAuthorImage] => 0 [itemAuthorDescription] => 0 [itemAuthorURL] => 0 [itemAuthorEmail] => 0 [itemAuthorLatest] => 0 [itemAuthorLatestLimit] => 5 [itemRelated] => 1 [itemRelatedLimit] => 5 [itemRelatedTitle] => 1 [itemRelatedCategory] => 0 [itemRelatedImageSize] => 0 [itemRelatedIntrotext] => 0 [itemRelatedFulltext] => 0 [itemRelatedAuthor] => 0 [itemRelatedMedia] => 0 [itemRelatedImageGallery] => 0 [itemK2Plugins] => 1 [recaptcha] => ) [initialized:protected] => 1 [separator] => . ) [metadesc] => Revenues from Innovative Financing for Development mechanisms could be ploughed into initiatives to revitalise and diversify the Beninese economy. [metadata] => robots= author= [metakey] => [plugins] => [language] => * [category] => TableK2Category Object ( [id] => 2 [name] => English [alias] => english [description] => [parent] => 1 [extraFieldsGroup] => 0 [published] => 1 [image] => [access] => 1 [ordering] => 1 [params] => {"inheritFrom":"0","catMetaDesc":"Click here to view GVG's telecom and ICT solutions for revenue news, fraud management updates, revenue from telecom traffic stories and industry related news.","catMetaKey":"","catMetaRobots":"","catMetaAuthor":"","theme":"","num_leading_items":"2","num_leading_columns":"1","leadingImgSize":"Large","num_primary_items":"4","num_primary_columns":"2","primaryImgSize":"Medium","num_secondary_items":"4","num_secondary_columns":"1","secondaryImgSize":"Small","num_links":"4","num_links_columns":"1","linksImgSize":"XSmall","catCatalogMode":"0","catFeaturedItems":"1","catOrdering":"rdate","catPagination":"2","catPaginationResults":"1","catTitle":"1","catTitleItemCounter":"1","catDescription":"1","catImage":"0","catFeedLink":"1","catFeedIcon":"1","subCategories":"1","subCatColumns":"2","subCatOrdering":"","subCatTitle":"0","subCatTitleItemCounter":"1","subCatDescription":"1","subCatImage":"1","itemImageXS":"100","itemImageS":"200","itemImageM":"400","itemImageL":"600","itemImageXL":"900","catItemTitle":"1","catItemTitleLinked":"1","catItemFeaturedNotice":"0","catItemAuthor":"1","catItemDateCreated":"1","catItemRating":"0","catItemImage":"0","catItemIntroText":"1","catItemIntroTextWordLimit":"100","catItemExtraFields":"0","catItemHits":"0","catItemCategory":"1","catItemTags":"1","catItemAttachments":"0","catItemAttachmentsCounter":"0","catItemVideo":"0","catItemVideoWidth":"","catItemVideoHeight":"","catItemAudioWidth":"","catItemAudioHeight":"","catItemVideoAutoPlay":"0","catItemImageGallery":"0","catItemImageGalleryWidth":"","catItemImageGalleryHeight":"","catItemDateModified":"0","catItemReadMore":"1","catItemCommentsAnchor":"1","catItemK2Plugins":"1","itemDateCreated":"1","itemTitle":"0","itemFeaturedNotice":"1","itemAuthor":"0","itemFontResizer":"1","itemPrintButton":"1","itemEmailButton":"1","itemSocialButton":"1","itemVideoAnchor":"1","itemImageGalleryAnchor":"1","itemCommentsAnchor":"1","itemRating":"1","itemImage":"1","itemImgSize":"Large","itemImageMainCaption":"1","itemImageMainCredits":"1","itemIntroText":"1","itemFullText":"1","itemExtraFields":"1","itemDateModified":"1","itemHits":"1","itemCategory":"1","itemTags":"1","itemAttachments":"1","itemAttachmentsCounter":"1","itemVideo":"1","itemVideoWidth":"","itemVideoHeight":"","itemAudioWidth":"","itemAudioHeight":"","itemVideoAutoPlay":"0","itemVideoCaption":"1","itemVideoCredits":"1","itemImageGallery":"1","itemImageGalleryWidth":"","itemImageGalleryHeight":"","itemNavigation":"1","itemComments":"1","itemTwitterButton":"1","itemFacebookButton":"1","itemGooglePlusOneButton":"1","itemAuthorBlock":"0","itemAuthorImage":"0","itemAuthorDescription":"0","itemAuthorURL":"0","itemAuthorEmail":"0","itemAuthorLatest":"0","itemAuthorLatestLimit":"5","itemRelated":"1","itemRelatedLimit":"5","itemRelatedTitle":"1","itemRelatedCategory":"0","itemRelatedImageSize":"0","itemRelatedIntrotext":"0","itemRelatedFulltext":"0","itemRelatedAuthor":"0","itemRelatedMedia":"0","itemRelatedImageGallery":"0","itemK2Plugins":"1"} [trash] => 0 [plugins] => [language] => * [_tbl:protected] => #__k2_categories [_tbl_key:protected] => id [_tbl_keys:protected] => Array ( [0] => id ) [_db:protected] => JDatabaseDriverMysql Object ( [name] => mysql [serverType] => mysql [connection:protected] => Resource id #2 [nameQuote:protected] => ` [nullDate:protected] => 0000-00-00 00:00:00 [_database:JDatabaseDriver:private] => lslwi_web [count:protected] => 36 [cursor:protected] => Resource id #47 [debug:protected] => [limit:protected] => 1 [log:protected] => Array ( ) [timings:protected] => Array ( ) [callStacks:protected] => Array ( ) [offset:protected] => 0 [options:protected] => Array ( [driver] => mysql [host] => localhost [user] => lslwi [password] => ds5h3&1s [database] => lslwi_web [prefix] => r3sbg_ [select] => 1 [port] => [socket] => ) [sql:protected] => SELECT * FROM #__k2_items WHERE id != 171 AND catid=2 AND ordering < 74 AND published=1 AND ( publish_up = '0000-00-00 00:00:00' OR publish_up <= '2017-12-12 04:44:44' ) AND ( publish_down = '0000-00-00 00:00:00' OR publish_down >= '2017-12-12 04:44:44' ) AND access IN(1,1,5) AND trash=0 AND language IN ('en-GB','*') ORDER BY ordering DESC [tablePrefix:protected] => r3sbg_ [utf:protected] => 1 [utf8mb4:protected] => [errorNum:protected] => 0 [errorMsg:protected] => [transactionDepth:protected] => 0 [disconnectHandlers:protected] => Array ( ) ) [_trackAssets:protected] => [_rules:protected] => [_locked:protected] => [_autoincrement:protected] => 1 [_observers:protected] => JObserverUpdater Object ( [observers:protected] => Array ( ) [doCallObservers:protected] => 1 ) [_columnAlias:protected] => Array ( ) [_jsonEncode:protected] => Array ( ) [_errors:protected] => Array ( ) [link] => /news/itemlist/category/2-english ) [link] => /news/item/171-innovative-financing-for-development-to-diversify-benin-s-economy [printLink] => /news/item/171-innovative-financing-for-development-to-diversify-benin-s-economy?tmpl=component&print=1 [tags] => Array ( [0] => stdClass Object ( [id] => 117 [name] => ict [published] => 1 [link] => /news/itemlist/tag/ict ) [1] => stdClass Object ( [id] => 118 [name] => icts [published] => 1 [link] => /news/itemlist/tag/icts ) [2] => stdClass Object ( [id] => 72 [name] => ifd [published] => 1 [link] => /news/itemlist/tag/ifd ) [3] => stdClass Object ( [id] => 119 [name] => benin [published] => 1 [link] => /news/itemlist/tag/benin ) ) [imageXSmall] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_XS.jpg [imageSmall] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_S.jpg [imageMedium] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_M.jpg [imageLarge] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_L.jpg [imageXLarge] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_XL.jpg [imageGeneric] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_Generic.jpg [attachments] => Array ( ) [votingPercentage] => 0 [numOfvotes] => (0 votes) [cleanTitle] => Innovative Financing for Development to diversify Benin’s economy [author] => Joomla\CMS\User\User Object ( [isRoot:protected] => [id] => 797 [name] => Super User [username] => lsl_admin [email] => info@lslwi.com [password] => $2y$10$7qTvgXsRhLayE5FaXHj7i.yMkQqvcdrhgwqyM9JFyZX7NcNfMatey [password_clear] => [block] => 0 [sendEmail] => 1 [registerDate] => 2015-07-24 06:11:40 [lastvisitDate] => 2017-10-04 13:44:35 [activation] => 0 [params] => {"admin_style":"","admin_language":"","language":"","editor":"","helpsite":"","timezone":""} [groups] => Array ( [8] => 8 ) [guest] => 0 [lastResetTime] => 0000-00-00 00:00:00 [resetCount] => 0 [requireReset] => 0 [_params:protected] => Joomla\Registry\Registry Object ( [data:protected] => stdClass Object ( [admin_style] => [admin_language] => [language] => [editor] => [helpsite] => [timezone] => ) [initialized:protected] => 1 [separator] => . ) [_authGroups:protected] => [_authLevels:protected] => [_authActions:protected] => [_errorMsg:protected] => [userHelper:protected] => Joomla\CMS\User\UserWrapper Object ( ) [_errors:protected] => Array ( ) [otpKey] => [otep] => [link] => /news/itemlist/user/797-superuser [profile] => stdClass Object ( [id] => 1 [gender] => m [description] => [image] => [url] => [group] => 1 [plugins] => ) [avatar] => https://secure.gravatar.com/avatar/5d268a21cdef1fb340673a0413562c4a?s=100&default=http%3A%2F%2Fwww.lslwi.com%2Fcomponents%2Fcom_k2%2Fimages%2Fplaceholder%2Fuser.png ) [numOfComments] => 0 [videoType] => allvideos [text] =>

Patrice Talon has promised to turn the fortunes of his country around by the end of his five-year term of office.

{K2Splitter}

The eradication of extreme poverty is one of the Sustainable Development Goals adopted by the international community in September 2015 within the framework of the Sustainable Development Agenda 2030.  If this is not done, it could have far-reaching consequences and may lead to the uncontrollable and destabilising migration of people in search of work, food and a better life. 

 

Patrice Talon, the new President of Benin, has promised to turn the fortunes of his country around by the end of his five-year term of office. During the General Debate of the United Nations General Assembly, he appealed to the international community not to spare any efforts to eradicate abject poverty and said that leaders had the responsibility to improve the lot of their citizens:

“Those who govern have the responsibility to eradicate poverty. Benin is really a poor country.  I am confident that I will bring a miraculous change in five years,” he said during a press briefing. 

 

He now has the task of diversifying Benin’s economy, which relies mainly on agriculture, trade and exports, and of uplifting the country out of poverty.

 

The mixed results of the Millennium Development Goals (MDGs) have highlighted the necessity for innovative financing—now an integral part of the strategies recommended by the UN—as it is estimated that emerging countries face an estimated shortfall of USD 2.5 trillion in SDG-relevant sectors.  Benin could benefit from an Innovative Financing for Development (IFD) programme—described as a “game-changer” in sustainable development. In fact, in view of Benin’s not insignificant challenges in this respect—a national poverty rate of approximately 36% and the government’s high debt rate as a percentage of GDP—, the IFD model represents a very promising avenue for the country that is well worth exploring.

 

One sustainable way in which President Talon could achieve his ambitious goals is through a partnership with the global IFD specialist, LSL World Initiative (LSL), and its technological partners.  Founded by Laurent Lamothe, former Prime Minister of Haiti, LSL has a solid track record of partnering with governments to set up and operate national strategic development initiatives tailored to the local context and in line with national development priorities. 

 

These initiatives operate with revenues generated by a comprehensive suite of micro-levies or micro-contributions in key globalised sectors—which offer the best opportunities in terms of volumes and growth potential—such as mobile telecommunications, financial transactions, travel and tourism, etc.  If Benin adopts a proactive approach towards regulation, based on sophisticated ICT tools and real-time data collection, it will be able to optimise the collection of the surcharges, taxes, levies or micro-contributions due to the government.  Furthermore, given the cross-cutting nature of ICTs, any investment in ICT means indirect investment in other sectors too.

 

Revenues from IFD mechanisms could be ploughed into initiatives to revitalise and diversify the Beninese economy. 

 

In the words of Laurent Lamothe:

“The money is there—it just has to be unlocked from the diaspora flows like remittances.” 

 

The monies come from abroad—there is little impact on local users and service providers. A great number of untapped resources can be mobilised in this way.  Harmless and microscopic contributions on enormous volumes of transactions create significant amounts of revenue in sectors that benefit the most from globalisation.  In this way, a micro-contribution could make a mega difference in providing the revenues for President Talon to lead his country out of poverty.

 

[jcfields] => Array ( ) [event] => stdClass Object ( [BeforeDisplay] => [AfterDisplay] => [AfterDisplayTitle] => [BeforeDisplayContent] => [AfterDisplayContent] => [K2BeforeDisplay] => [K2AfterDisplay] => [K2AfterDisplayTitle] => [K2BeforeDisplayContent] => [K2AfterDisplayContent] => [K2UserDisplay] => [K2CommentsCounter] => [K2CommentsBlock] => ) [image] => /media/k2/items/cache/69bc9c3e85c501b0a6208cc7a55abbf9_L.jpg [imageWidth] => 600 [comments] => Array ( ) [nextLink] => /news/item/173-lsl-world-initiative-wishes-you-happy-holidays [nextTitle] => LSL World Initiative wishes you happy holidays! [nextImageXSmall] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_XS.jpg?t=1480672562 [nextImageSmall] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_S.jpg?t=1480672562 [nextImageMedium] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_M.jpg?t=1480672562 [nextImageLarge] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_L.jpg?t=1480672562 [nextImageXLarge] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_XL.jpg?t=1480672562 [nextImageGeneric] => /media/k2/items/cache/c5f7f8ba22bc61faa6aa803ae1139d1d_Generic.jpg?t=1480672562 [previousLink] => /news/item/169-turning-the-lights-on-in-africa [previousTitle] => Turning the lights on in Africa [previousImageXSmall] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_XS.jpg?t=1480672562 [previousImageSmall] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_S.jpg?t=1480672562 [previousImageMedium] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_M.jpg?t=1480672562 [previousImageLarge] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_L.jpg?t=1480672562 [previousImageXLarge] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_XL.jpg?t=1480672562 [previousImageGeneric] => /media/k2/items/cache/da8a96cfc8ca1dd33bc42677c8b9c7c6_Generic.jpg?t=1480672562 [absoluteURL] => http://www.lslwi.com/news/item/171-innovative-financing-for-development-to-diversify-benin-s-economy [emailLink] => /component/mailto/?tmpl=component&template=aaika&link=c577afe3077cab6d0854129187f2775d862e5915 [twitterURL] => http://twitter.com/intent/tweet?text=Innovative+Financing+for+Development+to+diversify+Benin%E2%80%99s+economy&url=http%3A%2F%2Fwww.lslwi.com%2Fnews%2Fitem%2F171-innovative-financing-for-development-to-diversify-benin-s-economy [socialLink] => http%3A%2F%2Fwww.lslwi.com%2Fnews%2Fitem%2F171-innovative-financing-for-development-to-diversify-benin-s-economy [langTagForFB] => en_GB [langTagForTW] => en-gb [langTagForGP] => en-GB )

The eradication of extreme poverty is one of the Sustainable Development Goals adopted by the international community in September 2015 within the framework of the Sustainable Development Agenda 2030.  If this is not done, it could have far-reaching consequences and may lead to the uncontrollable and destabilising migration of people in search of work, food and a better life. 

 

Patrice Talon, the new President of Benin, has promised to turn the fortunes of his country around by the end of his five-year term of office. During the General Debate of the United Nations General Assembly, he appealed to the international community not to spare any efforts to eradicate abject poverty and said that leaders had the responsibility to improve the lot of their citizens:

“Those who govern have the responsibility to eradicate poverty. Benin is really a poor country.  I am confident that I will bring a miraculous change in five years,” he said during a press briefing. 

 

He now has the task of diversifying Benin’s economy, which relies mainly on agriculture, trade and exports, and of uplifting the country out of poverty.

 

The mixed results of the Millennium Development Goals (MDGs) have highlighted the necessity for innovative financing—now an integral part of the strategies recommended by the UN—as it is estimated that emerging countries face an estimated shortfall of USD 2.5 trillion in SDG-relevant sectors.  Benin could benefit from an Innovative Financing for Development (IFD) programme—described as a “game-changer” in sustainable development. In fact, in view of Benin’s not insignificant challenges in this respect—a national poverty rate of approximately 36% and the government’s high debt rate as a percentage of GDP—, the IFD model represents a very promising avenue for the country that is well worth exploring.

 

One sustainable way in which President Talon could achieve his ambitious goals is through a partnership with the global IFD specialist, LSL World Initiative (LSL), and its technological partners.  Founded by Laurent Lamothe, former Prime Minister of Haiti, LSL has a solid track record of partnering with governments to set up and operate national strategic development initiatives tailored to the local context and in line with national development priorities. 

 

These initiatives operate with revenues generated by a comprehensive suite of micro-levies or micro-contributions in key globalised sectors—which offer the best opportunities in terms of volumes and growth potential—such as mobile telecommunications, financial transactions, travel and tourism, etc.  If Benin adopts a proactive approach towards regulation, based on sophisticated ICT tools and real-time data collection, it will be able to optimise the collection of the surcharges, taxes, levies or micro-contributions due to the government.  Furthermore, given the cross-cutting nature of ICTs, any investment in ICT means indirect investment in other sectors too.

 

Revenues from IFD mechanisms could be ploughed into initiatives to revitalise and diversify the Beninese economy. 

 

In the words of Laurent Lamothe:

“The money is there—it just has to be unlocked from the diaspora flows like remittances.” 

 

The monies come from abroad—there is little impact on local users and service providers. A great number of untapped resources can be mobilised in this way.  Harmless and microscopic contributions on enormous volumes of transactions create significant amounts of revenue in sectors that benefit the most from globalisation.  In this way, a micro-contribution could make a mega difference in providing the revenues for President Talon to lead his country out of poverty.

 

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.