“For 3 years, SBEE has made a lot of profits”, Romuald Wadagni

According to Romuald Wadagni, thanks to the second pact of the Millennium Challenge Account-Benin (“MCA-Benin II”) of the Government of the United States of America, the Beninese Electricity Company (SBEE) which has always been a loss-Company of creation for more than 20 years, started generating profits for 3 years.

Romuald Wadagni, the Minister of State in charge of Economy and Finance of Benin was, on Friday, November 18, the guest of the Atlantic Council, an American think tank that promotes leadership and constructive engagement in international affairs. Through this virtual meeting with Alice Albright, President and CEO of the Millennium Challenge Corporation (MCC), Romuald Wadagni praised the MCA-Benin II program for the Benin economy in general, but in particular for the energy sector.

“Benin imported 100% of our energy

“When I was appointed Minister of Finance in 2016, Benin imported 100% of our energy. Today, thanks to this program, but also the support of the government of Benin, we are currently able to produce nearly 70% of our electricity needs. » Romuald Wadagni declared that he was very satisfied with this achievement. According to the National Treasurer, this grant from the Government of the United States of America has currently made it possible “About 10 million people in Benin have access to energy and mainly to green energy, solar energy”.

The economist went a little further in his development on the achievements in favor of the MCA-Benin II, of which the Beninese Electricity Company (SBEE) was identified as one of the implementing structures. “I want to mention here something very unique in the cooperation with the KKK [Millennium Challenge Corporation, ndlr]. This cooperation was accompanied by a framework of reforms. » said Mr. Wadagni.

SBEE has been in deficit for more than 20 years

In his development, Romuald Wadagni explained that SBEE, whose management was withdrawn from Benin in 2019 to entrust a Canadian company for delegated management, “ was for 20 years and even more than 20 years a loss-making company”. And to continue “but thanks to the reform, the reform started through subsidizing the company [ SBEE, ndlr] for three years, there are many profits”.

“The fact that the company is making a profit helps it have cash flow that helps the country generate more investment and provide more electricity to more people. So you see how a program like this can impact over 10 million people and now, in many rural areas.” declared the minister with a spirit of realizing an extraordinary achievement.

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