Beninese govt provides special credit for cotton
September 13, 2014 - Benin
The Government of Benin has allotted a special credit to cotton farmers for cotton production, according to reports by Beninese Ministry for Microfinance.
The Government of Benin has taken this step in order to increase the production of cotton in Benin. According to reports, this program will help provide special credit to support cotton farmers during the lean season, to help them manage surviving the growing period without selling off the inputs for cotton.
The main aim of the Government of Benin is to increase the cotton production up to 600,000 tons every year. It also plans to provide sufficient raw materials to the ginning factories and the local cotton mills.
According to the latest report of Benin's Ministry of Agriculture, Livestock and Fisheries, 442,000 hectares of land have been sown, compared to the forecasted 400,000 hectares of land. This will result in increased cotton production in the 2014-2015 season.
In 2013-14 cotton season, Benin produced 307,000 tons of cotton, compared to harvest of 240,000 tons in the previous season, thus taking a step forward towards achieving the goal of increasing the country’s cotton production to 500,000 tons.
Cotton accounts for about 40 percent of Benin’s GDP and roughly 80 percent of its official export receipts. (GK)