The Mineral Industry Of Other West African Countries - Benin

Output of minerals was insignificant in 1981 and made a negligible contribution to the gross national product (GNP), estimated at $1.2 billion.2 Agriculture accounted for 40% of CNP and manufacturing accounted for 10%. The chief source of income was indirect taxes levied on traffic through the Port of Cotonou, an entrepôt. Trade statistics for Benin were incomplete and dated. Major trading partners were France and other members of the European Communities. Benin was a member of the West African Monetary Union and as such must coordinate its foreign currency, reserves, interest rate structure, and fund transfer with other member countries. Its currency, the Communauté Financière Africaine franc (CFAF), was fixed to the French franc.