Faure Gnassingbé Opens African Union Debt Conference in Lomé

Economic governance

Monday, 12 May 2025 17:24

Faure Gnassingbé Opens African Union Debt Conference in Lomé

(Togo First) - The African Union opened its first Conference on Public Debt in Lomé, Togo, on Monday, May 12, 2025. The conference aims to create a new African debt architecture. Heads of state, including Togo’s President Faure Essozimna Gnassingbé, Zambia’s President Hakainde Hichilema, and former Ghanaian President John Dramani Mahama, opened the summit with speeches.

Faure Gnassingbé called the event “a conference on our future,” not just on debt. He criticized existing frameworks as “obsolete and counter-productive,” saying they trap African countries in austerity that hinders transformation.

Togo’s Prime Minister urged a shift from surveillance to trust. “We need a new doctrine in which debt becomes a tool for development, not a budgetary straitjacket,” Gnassingbé said, stressingthat debt sustainability must now include security, climate adaptation, and human development.

For Ghana’s leader, John Dramani Mahama, “The debt must serve the people”, calling for stronger parliamentary oversight and open systems. Mahama added that loans should fund high-impact projects with returns for the people. According to him, Africa needs “a common position, a common path” on debt.

Togolese Minister for the Economy Essowè Georges Barcola said Lomé’s selection reflects Togo’s political stability, regional commitment, and diplomatic role. He argued that “African debt cannot be read solely in terms of ratios” and called for a detailed, contextual understanding of African economies.

The opening also featured Dr. Patrick Ndzana Olomo, Acting Director of Economic Development, Integration and Trade at the African Union Commission, Claver Gatete, Executive Secretary of the Economic Commission for Africa, Moses Vilakazi, Acting Commissioner for Economic Development, Trade, Tourism, Industry and Mining, plus senior officials, technical partners, and Togolese authorities.

The African Union Commission and the Economic Commission for Africa back the conference. They aim to produce a “Lomé Declaration” to set new principles for African debt governance.

This article was initially published in French by Ayi Renaud Dossavi

Edited in English by Ange Jason Quenum

REFORMS OVERVIEW

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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)

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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 .

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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.

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