CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT __________________________________________________________________________ trends in cotton prices, the value of the dollar, oil prices, the government’s objectives in terms of real growth, holding inflation at about 3%, and compliance with community standards. Macroeconomic forecasts are made on the basis of trends in agricultural production (especially cotton), the international environment, and government’s objectives for the GPRS. Lastly, the report mentions that sector studies have been conducted in the various ministries. The results will be sent to the Ministry of Finance, which will analyse them and propose budgetary allocations that take into account the preceding budget year, macroeconomic forecasts and the capacity of the ministries. 373. The CSAR also emphasises the reasons behind the current projections for real growth in GDP and income for 2008 being higher than for the past five to 10 years. This optimism is based on the new method of governance that accompanied the change of regime after the last presidential elections in March 2006. 374. Sectoral or macroeconomic policies that promote economic growth and sustainable development. The government has adopted various sectoral policies and has carried out crosscutting reforms. The crosscutting reforms focus on the fiduciary framework, the auditing of public expenditure, and administrative management. These reforms help mainly to strengthen the macroeconomic framework and are aimed at improving the level and quality of public expenditure. Each ministry, through MTEFs, implements a policy based on poverty reduction. 375. With regard to sectoral programmes, the CSAR indicates that several sectoral reforms have been implemented in most areas that contribute to growth and socioeconomic wellbeing. These are (in particular) health, education, agriculture, the environment, transport, justice, decentralisation and deconcentration. 376. Access to land. In order to promote private investment, the government has taken measures to reduce land insecurity and create assets convertible into cash. The measures focus mainly on the formal registration of land, authenticating title deeds, simplifying procedures, and reducing costs for granting land certificates. 377. Access to credit. The government of Benin considers micro-credit as an important tool for reducing poverty. Consequently, a number of measures have been taken under the Credit Access Project (PAC). This aims at sustaining the contribution of the micro-finance institutions (MFIs) to financing the economy through reducing the cost of credit substantially and diversifying financial services. These measures are aimed at: (i) improving the sustainable access of the MFIs to bank resources and other low-cost private financing; (ii) supporting MFIs in diversifying credit supply and reducing its cost; and (iii) improving demand. 378. Access to the market. It should be noted that, since more than 90% of Benin’s trade is by sea, the government’s objectives in this area are to: (i) construct 138