Togolese Leader to Represent Africa in Global Debt Talks

Economic governance

Friday, 16 May 2025 17:30

Togolese Leader to Represent Africa in Global Debt Talks

(Togo First) - Faure Gnassingbé, President of the Togolese Council, took charge on May 14 as Africa’s representative in talks with international financial institutions to restructure the continent’s debt. Officials announced this at the close of the first African debt conference in Lomé.

The conference concluded that Gnassingbé, working with the African Union, will push international financial partners to revise the conditions tied to African debt. His main task will involve starting talks with the International Monetary Fund (IMF) and the World Bank to lower loan costs for African countries.

Georges Barcola, Togo’s Minister of Economy and Finance, explained the mission at the summit’s closing press conference. “The Chairman of the Board will negotiate sound debt for the continent-debt that does not come with prohibitive costs. We need resources, but concessional resources. To achieve this, we must review the international debt mechanism,” he said.

The conference chose Gnassingbé because of his dedication and vision on managing African debt. At the conference’s opening, Gnassingbé called for “a collective African ambition that prioritizes the continent’s sovereignty, solidarity, and stability.”

He urged Africans to unite and create a shared debt doctrine to speak with one voice in international forums. “It is this common voice that can contribute to the reform of the global financial architecture,” he declared.

This article was initially published in French by Esaïe Edoh

Edited in English by Ange Jason Quenum

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.