TICAD VIII: Sandra Johnson calls for the reallocation of Special Drawing Rights (SDR) to help African economies recover from Covid-19

Economy

Tuesday, 29 March 2022 17:05

TICAD VIII: Sandra Johnson calls for the reallocation of Special Drawing Rights (SDR) to help African economies recover from Covid-19

(Togo First) - Sandra Johnson, Togo’s Minister, Secretary-General of the Presidency of the Republic, pleaded on Sunday for the reallocation of Special Drawing Rights (SDR) to African states. This was during the ministerial meeting of the eighth Tokyo International Conference on African Development (TICAD 8) held from March 26 to 27, where she represented Togo by video conference.

Participants mainly discussed the following two themes: "Achieving sustainable and inclusive growth with reduced economic inequality" and "Achieving a sustainable and resilient society based on human security / Building sustainable peace and stability by supporting Africa's efforts."

According to Johnson, reallocating SDRs will help African nations revive their economies which have been weakened by the Covid-19 pandemic. In the same vein, the Minister Secretary-General also suggested the cancellation of debts of countries.

"I would like to launch an urgent call to all our partners to strengthen beyond a possible suspension of debt, any initiative aimed at the cancellation of the debt of our States. Also, special attention should be paid to the issue of domestic debt with the possibility of supporting its convertibility into a sustainable debt with a longer maturity. This is also the place to solicit once again, the mobilization of partners through the reallocation of Special Drawing Rights (SDR) to support the recovery of African economies," said the official.

During the meeting, Sandra Johnson partially blamed the security and health crises, saying they caused Africa’s debt to rise, funding for countries on the continent to fall drastically, at a time when they need it most to finance their investments and tackle their issues effectively.

The Togolese minister recalled the various initiatives taken by the States to meet the challenges in the sectors of intra-African trade, agro-industry, energy, peace, and security. In this regard, she also mentioned the recent efforts made by Togo to improve its business environment.

The Tokyo International Conference on African Development (TICAD) is a framework for exchanges and policy dialogues between African and Japanese leaders and their partners. It has been held every three years since 1993.

Esaïe Edoh

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.