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Romuald Wadagni

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Romuald Wadagni
Romuald Wadagni in 2016
Minister of Economy and Finance
Incumbent
Assumed office
7 April 2016
Appointed byPatrice Talon
Preceded byKomi Koutché
Personal details
Born (1976-06-20) 20 June 1976 (age 48)
Lokossa, Benin
Political partyIndependent
Alma materHarvard Business School Université de Grenoble Alpes

Romuald Wadagni (born 20 June 1976) is Benin's Minister of Economy and Finance. He replaced Komi Koutché in this position. After 17 years of ascension within the French (Paris and Lyon), American (Boston and New York) and African (Kinshasa and Lubumbashi) offices of the consulting firm Deloitte, he was appointed on 7 April 2016, Minister of Economy and Finance in the first Talon government, a position to which he was reappointed in 2021, with the rank of Senior Minister.

Early life

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Wadagni was born in Benin in 1976 in Lokossa.[1] His father, Nestor Wadagni, a statistician and economist with a degree from ENSAE, had a career in the Beninese civil service before writing a thesis in fundamental mathematics after his retirement.[2]

From an early age, he took an interest in manual work and trained himself in bricklaying and mechanics. As the eldest of five children, he developed his sense of responsibility by managing the family house renovation.[2]

Education

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After obtaining a scientific baccalaureate in Benin, he continued his studies in France. From 1995 to 1999, he studied at the École supérieure des affaires de Grenoble (ESA) where he obtained a master's degree in Finance, graduating top of his class. During his studies in Grenoble, he met a partner from Deloitte who identified his potential and recruited him into the consulting firm in 1998.[3][2]

Career in the private sector

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At the end of his studies, Wadagni joined the Deloitte office in Lyon where he stayed for four years and became supervisor.[3]

In 2003, he obtained the U.S. Certified Public Accountant, and left France to join the United States. In Boston, he joined the Deloitte office as an Audit Manager. He stayed there for 3 years, until 2006. He worked for large companies such as Orange, and was involved in mergers and acquisitions. In 2007, he attended the Harvard Business School and obtained a degree in Private Equity and Venture Capital.[3][4][5]

He was promoted partner of the firm in 2012, at the age of 36, thanks to his expertise, his network, his multicultural profile and his knowledge of the American and French systems. With this promotion, he became the youngest partner ever of Deloitte.[3][6][2] He participated in the structuring of Deloitte's activities in the zone, which in 2012 included Ivory Coast, Senegal, Benin, Gabon, Congo, Equatorial Guinea, the Democratic Republic of Congo, Morocco, Algeria and Tunisia.

In the DRC, Wadagni opened the Deloitte offices in Kinshasa and Lubumbashi in 2012. As Professional Practice Director on the African continent, Romuald Wadagni ensured that international standards were applied by the entire Deloitte network in Francophone Africa. In November 2015, he was appointed Head of Audit Francophone Africa.[3][7][4][8][9]

In 2015, Wadagni re-enrolled at Harvard and obtained an MBA.[10]

In 2016, he had 17 years of expertise in French (Paris and Lyon), American (Boston and New York) and African (Lubumbashi) firms of Deloitte. He is recognized for his expertise in IFRS, US GAAP conversion assignment missions, offerings type transactions (IPO, fund-raising, etc.) as well as in the restructuring of public and private companies.[11][12]

Political career

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Minister in the first Talon government (2016-2021)

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On 7 April 2016, Wadagni was appointed Minister of Economy and Finance in the first Talon government.

Financial consolidation

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Faced with a country weakened by debt, Wadagni made the consolidation of public finances his priority, in order to make Benin credible to international public and private donors. He promoted a proactive debt management policy and made successful exits on the international financial market. The credibility gained by honoring its commitments allowed the country to borrow on a very long-term basis and at rates lower than other countries in the region, such as Ivory Coast and Senegal.[13][14]

During the Covid-19 pandemic, Benin's economy showed resilience. Benin was among the three countries with the highest growth rate in sub-Saharan Africa in 2020 (about 3.8%), with a rebound to 7.2% in 2021 and an estimated average of 6.4% over the 2022-2026 period.[15] After Benin's good performance during this period, the rating agency Moody's upgraded the country's rating in March 2021 from B2 with a positive outlook to B1 with a stable outlook. This rating reflects the success of the debt management carried out by Romuald Wadagni. In April 2022, Fitch Ratings maintained the B+ rating, with a stable outlook.[16]

Fundraising

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In October 2018, Wadagni completed a €260 million loan for Benin on the international markets. This is a first for the country.[17]

On 12 January 2021, Benin issued two Eurobonds. The first, for 11 years, at a rate of 4.9%, for an amount of 700 million euros. A second, over 31 years, with a rate of 6.9%, for an amount of 300 million euros. With this operation, Benin joined the limited number of emerging issuers to have a euro-denominated Eurobond with a maturity of more than 30 years.[15]

In July 2021, Benin carried out a major operation by becoming the first African country to issue a Eurobond dedicated to the financing of projects with a high impact on the achievement of the United Nations Sustainable Development Goals, for an amount of 328 billion CFA francs (500 million euros) and an interest rate of 4.9%. This operation follows several months of work by Romuald Wadagni and his team, and trips to meet investors in Asia, Europe and America.[18]

On 29 November 2021, the country repaid part of its debt early,[19] finalizing the early redemption of a CFA 218 billion (€332 million) bond tranche on BRVM, including more than CFA 150 billion in bonds issued through public offerings. With this operation, Benin saved more than 36 billion CFA francs (about 55 million euros) in non-accrued interest, which were directly injected into various social impact projects. Following this operation, the magazine Jeune Afrique published an article entitled "How Romuald Wadagni made Cotonou save 55 million euros".[19]

Romuald Wadagni also works to promote the private sector and entrepreneurship. In 2020, Benin became the country in the world where it was easier and quicker to start a business according to the United Nations Conference on Trade and Development (UNCTAD).[20]

Minister in the second Talon government (since 2021)

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Minister of the Economy and Finance

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In May 2021, Patrice Talon reappointed him as Minister of Economy and Finance.

From 2018 to 2020, he chaired the UEMOA Council of Ministers, where he led several reforms, including that of the CFA franc, which the African Development Bank described as “historic”.[21][22]

In 2022, in the context of the economic crisis following the COVID-19 pandemic and the Russian-Ukrainian war, Wadagni took measures to preserve the purchasing power of Beninese. The authorities have announced that they will invest more than 41 billion CFA francs ($66 million) in reducing the prices of consumer goods.[23]

In April 2022, he led the Beninese delegation to Washington for the completion of an unprecedented $700 million agreement between Benin and the IMF, involving both the Extended Credit Facility and the Extended Fund Facility. When the agreement was conducted, the IMF emphasized that Benin had made significant progress in terms of macroeconomic management.[24][25][26]

Extension of responsibilities to international cooperation and military affairs

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In early 2023, Patrice Talon widened Romuald Wadagni's scope to include international cooperation and defense issues, with a focus on securing the north of the country and acquiring military equipment.[27]

In October 2023, as a result of the various reforms, Benin was ranked eighth in the world, and first in Africa, in the global tax expenditure transparency index published by the Economic Policy Council and the German Institute of Development and Sustainability (IDOS).[28]

In December 2023, the IMF validated a two-year agreement for the country under the Resilience and Sustainability Facility (FRD) for an amount equivalent to $200 million. At the time, the IMF stated: “Program performance remains strong, with all quantitative targets to end-June 2023 achieved and structural benchmarks implemented”.[29]

In February 2024, against a backdrop of high interest rates, a Beninese delegation led by Romuald Wadagni met with investors in London and New York City to discuss Benin's first bond issue in US dollars.[30] In mid-February 2024, Benin became the second African country to return to the international debt market after Côte d'Ivoire. The country attracted international investors and raised $750 million by issuing its first US dollar bond. The bond has a term of 14 years and a coupon of 7.96%. With an interest-rate swap, the euro coupon is 6.5%.[31] Le Figaro describes the country's first dollar issue as a success, “reflecting its financial credibility and growth momentum”. The newspaper quotes Wadagni: “The IMF granted us financing equivalent to 400% of our quota, whereas the average is 125%, and we also had access to the resilience fund, which grants long-term loans ”.[32] In Bloomberg, Gemcorp Capital management's chief economist highlights the fact that Benin managed to issue its bond at a yield equal to, or even lower than, that of Côte d'Ivoire.[31]

In April 2024, Standard & Poor's upgraded Benin's credit rating from “B+” to “BB-”, maintaining a stable outlook. This upgrade is attributed to the country's robust economic and fiscal performance.[33][34] This is one of the highest ratings awarded to a sub-Saharan African country, after Botswana, Mauritius and Ivory Coast.[35] For its part, Fitch Ratings confirmed Benin's credit rating at “B+”, with a stable outlook. The agency recognizes Benin's robust economic reforms and proactive debt management. Moody's forecasts sustained economic growth, anticipating favorable fiscal consolidation and a reduction in the budget deficit to 2.9% of GDP by 2025.[36][37]

In May 2024, the 2023 Open Budget Survey (EBO) ranked Benin first among French-speaking countries for budget transparency, with a score of 79 out of 100, a score that doubled between 2017 and 2023 under Wadagni's ministry.This puts Benin in second place in the continental ranking, surpassed only by South Africa.[38]

In November 2024, at COP 29 in Baku, Romuald Wadagni presented an “innovative” financing plan to combat global warming, with the support of international financial institutions.The plan includes the creation of a climate finance unit and the use of mechanisms such as carbon credits and green bonds.[39][40]

In January 2025, Benin issued $500 million in international bonds.Thanks to strong demand ($3.5 billion), it raises at a rate of 8.625%, below the initial range of 9.25%~9.375%. At the same time, it obtained a 500 million loan from Deutsche Bank, enabling it to buy back Eurobond 2032 and thus improve the terms of its public debt.[41]

At the beginning of 2025, while many were hoping that he would apply for the presidency of the African Development Bank, he was not among the candidates registered at the time of the closing of registrations.[42]

Honours and awards

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  • In 2021, the financial newspaper Financial Afrik named Romuald Wadagni “Best African Minister of Economy and Finance”.[43]
  • In 2024, the financial newspaper Financial Afrik named him “Finance Minister of the Year” for the 4th time in its ranking of “The 100 who are transforming Africa”.[44]

Other activities

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References

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  1. ^ "Romuald Wadagni: Ministre des Finances - Présidentielle 2016". Retrieved 11 July 2016.
  2. ^ a b c d "Qui est Romuald Wadagni, le ministre de l'économie du Bénin ?". La Tribune (in French). 3 June 2022. Retrieved 19 March 2025.
  3. ^ a b c d e "Romuald Wadagni, la pépite béninoise du groupe Deloitte". forbesafrique.com (in French). 1 July 2016. Retrieved 19 April 2022..
  4. ^ a b "Bénin : Romuald Wadagni, ce jeune loup qui veut redresser le pays". JeuneAfrique.com (in French). 27 January 2017. Retrieved 27 January 2017.
  5. ^ "Romuald Wadagni - Partner at Deloitte France". www.yatedo.fr. Retrieved 11 July 2016.
  6. ^ "Romuald Wadagni Ministre de l'Economie et des Finances, Bénin". theafricaceoforum.com (in French). 10 March 2021. Retrieved 19 April 2022..
  7. ^ "Nominations au sein de l'activité audit chez Deloitte". Focus RH (in French). 25 June 2012. Retrieved 19 March 2025.
  8. ^ "Bénin: Romuald Wadagni, un auditeur très introduit aux commandes de l'économie béninoise" (in French). 10 April 2016. Retrieved 11 July 2016.
  9. ^ Diallo, Boubacar (7 July 2016). "Romuald Wadagni, la pépite béninoise du groupe Deloitte". AfrikaTech. Retrieved 19 March 2025.
  10. ^ "Romuald Wadagni, la pépite béninoise du groupe Deloitte". afrikatech.com (in French). 7 July 2016. Retrieved 20 April 2022..
  11. ^ "Nominations au sein de l'activité audit chez Deloitte". 25 June 2012. Retrieved 11 July 2016.
  12. ^ "Romuald Kossi Wadagni Profile - Who's Who of Distinguished Alumni". www.wwana.com. Retrieved 11 July 2016.
  13. ^ "Supposée mauvaise gouvernance sous Boni Yayi : le ministre Romuald Wadagni persiste et signe devant les députés – BENIN TO". Retrieved 11 July 2016.
  14. ^ "Le Bénin réussit sa première émission d'un Eurobond". financialafrik.com (in French). 15 July 2021. Retrieved 20 April 2022..
  15. ^ a b "Le Bénin, un nouveau modèle économique ouest-africain ?". jeuneafrique.com (in French). 22 February 2022. Retrieved 20 April 2022..
  16. ^ "Le Bénin lève 500 millions € pour la réalisation de ses ODD grâce à un nouvel eurobond sursouscrit près de 3 fois". agenceecofin.com (in French). 17 July 2021. Retrieved 20 April 2022..
  17. ^ "Finances : le Bénin obtient son premier prêt commercial international". JeuneAfrique.com (in French). Retrieved 19 November 2018.
  18. ^ "Le Bénin réussit sa première émission d'un Eurobond ODD". financialafrik.com (in French). 15 July 2021. Retrieved 20 April 2022..
  19. ^ a b "Bénin : comment Romuald Wadagni a fait économiser 55 millions d'euros à Cotonou". jeuneafrique.com (in French). 3 December 2021. Retrieved 20 April 2022..
  20. ^ "Conférence des Nations Unis sur le Commerce et le Développement (CNUCED) : Le Bénin devient N° 1 mondial dans la création d'entreprises". gouv.bj (in French). 3 December 2020. Retrieved 20 April 2022..
  21. ^ "Le président béninois Patrice Talon prend la tête de l'Uemoa "dans un esprit de réforme"". rfi.fr (in French). 27 March 2022. Retrieved 20 April 2022..
  22. ^ "La Revue des Gouverneurs | Banque africaine de développement - Assemblées Annuelles". am.afdb.org. Retrieved 19 March 2025.
  23. ^ "Cherté de la vie au Bénin: Romuald Wadagni entre pédagogie et mesures fortes". financialafrik.com (in French). 7 April 2022. Retrieved 20 April 2022..
  24. ^ Savana, Albert (23 April 2022). "Bénin : conclusion d'un nouvel accord de 700 millions de dollars avec le FMI". Financial Afrik (in French). Retrieved 19 March 2025.
  25. ^ "Bénin-FMI : ce qu'il faut savoir sur le nouvel accord de 700 millions de dollars - Jeune Afrique.com". JeuneAfrique.com (in French). Retrieved 19 March 2025.
  26. ^ "Bénin : Conclusion avec le FMI d'un nouvel accord de 42 mois au titre de la FEC/du MEDC et consultations au titre de l'article IV pour le compte de l'année 2022". IMF (in French). Retrieved 19 March 2025.
  27. ^ "BÉNIN : Le ministre de l'économie Romuald Wadagni étend son influence aux affaires militaires - 26/05/2023". Africa Intelligence (in French). 19 March 2025. Retrieved 19 March 2025.
  28. ^ "Le Bénin, leader en matière de transparence fiscale ? – DW – 16/10/2023". dw.com (in French). Retrieved 19 March 2025.
  29. ^ https://trtafrika.com/fr/africa/le-fmi-accorde-200-m-usd-au-benin-pour-lutter-contre-le-changement-climatique-16247664. "Le FMI accorde 200 M USD au Bénin pour lutter contre le changement climatique - TRT Afrika". Le FMI accorde 200 M USD au Bénin pour lutter contre le changement climatique (in French). Retrieved 19 March 2025. {{cite web}}: External link in |last= (help)CS1 maint: numeric names: authors list (link)
  30. ^ Jorgelina Do Rosario and Rachel Savage (2 February 2024). "Benin aims for $750 mln in first US dollar bond issuance -sources".{{cite news}}: CS1 maint: url-status (link)
  31. ^ a b Bloomberg. "Benin's Debut Dollar Bond Oversubscribed More Than Six Times".
  32. ^ "«C'est un succès historique»: le vertueux Bénin s'illustre sur les marchés internationaux". Le Figaro (in French). 7 February 2024. Retrieved 19 March 2025.
  33. ^ Ecofin, Agence. "Le Bénin obtient la notation de crédit « BB- » de l'agence S&P avec perspective « stable »". Agence Ecofin (in French). Retrieved 19 March 2025.
  34. ^ "S&P Global Ratings". disclosure.spglobal.com. Retrieved 19 March 2025.
  35. ^ "La Côte d'Ivoire, 3ème pays d'Afrique subsaharienne le mieux noté par Standard & Poor's". sikafinance.com (in French). Retrieved 19 March 2025.
  36. ^ "Fitch Affirms Benin at 'B+'; Outlook Stable". www.fitchratings.com. Retrieved 19 March 2025.
  37. ^ Rédaction (22 September 2023). "L'agence de notation Moody's maintient la notation du Bénin à 'B1 avec Perspective Stable'". Financial Afrik (in French). Retrieved 19 March 2025.
  38. ^ "Le Bénin, meilleur élève en matière de transparence budgétaire des pays francophones". sikafinance.com (in French). Retrieved 19 March 2025.
  39. ^ "Le Bénin veut mobiliser des financements innovants pour sa transition climatique". Voice of America (in French). 19 November 2024. Retrieved 19 March 2025.
  40. ^ Rédaction (15 November 2024). "Bakou 29: le Bénin obtient l'accord des partenaires internationaux pour lancer une plateforme de Financement Climatique Innovante". Financial Afrik (in French). Retrieved 19 March 2025.
  41. ^ Bloomberg (16 January 2025). "Benin's $500m Bond Marks Africa's First Debt Sale This Year".
  42. ^ "Pourquoi Romuald Wadagni renonce à la présidence de la Banque africaine de développement - Jeune Afrique.com". JeuneAfrique.com (in French). Retrieved 19 March 2025.
  43. ^ "Les 5 meilleurs ministres africains de l'Economie et des Finances". financialafrik.com (in French). 31 December 2021. Retrieved 20 April 2022..
  44. ^ Rédaction (16 December 2024). "Les 100 qui transforment l'Afrique". Financial Afrik (in French). Retrieved 19 March 2025.
  45. ^ Board of Governors ECOWAS Bank for Investment and Development (EBID).
  46. ^ Board of Governors European Bank for Reconstruction and Development (EBRD).
  47. ^ Board of Governors Islamic Development Bank.


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