BCEAO gets a new governor, another Ivorian

Economic governance

Tuesday, 07 June 2022 17:16

BCEAO gets a new governor, another Ivorian

(Togo First) - The Central Bank of West African States (BCEAO) has a new governor. His name is Jean-Claude Kassi Brou and he’s Ivorian. The Bank’s new boss was appointed last Saturday, June 4, during its latest extraordinary summit which was attended by the presidents of WAEMU states, including Togo’s leader, Faure Gnassingbé.

Before his appointment, Brou was the chairman of the ECOWAS Commission. A former Ivorian minister of mines and industry, he will effectively take over the BCEAO on July 4, 2022.

It should be emphasized, however, that Jean-Claude Kassi Brou has worked at the institution he will now lead for eight years. Among others, the economist was the Director of International Relations (in charge of economic integration policies in the WAEMU), and the Director of the Department of Economic Studies and Currency.

Brou, 69, is quite experienced when it comes to the West and Central African macroeconomic landscape, as evidenced by his work as Resident Representative for the World Bank in Chad and the IMF in Senegal. He also served as a consultant on public enterprise reform and private sector development to the former government of the Democratic Republic of Congo.

The BCEAO handles the currency of all eight French-speaking West African countries. In the first year of the Covid-19 pandemic, the Bank issued a battery of measures to make it easier for the WAEMU States, and businesses, to secure the financing they needed.

The predecessor of Jean-Claude Kassi Brou as the BCEAO’s governor was also Ivorian, Tiémoko Meyliet Koné, who was recently appointed Vice President of Côte d'Ivoire.

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.