Lomé hosts first edition of ECOWAS Investment Forum

Economic governance

Thursday, 04 April 2024 15:42

Lomé hosts first edition of ECOWAS Investment Forum

(Togo First) - The first ECOWAS Investment Forum began today, April 4th, in Lomé. The two-day event gathered over 400 key stakeholders of development, investment, and governance in West Africa. Together, they will discuss major issues the region faces. These include food security, developing sustainable infrastructure, and leveraging the green economy to tackle youth unemployment.

“In a world plagued with tensions and uncertainties, and a sub-region that faces various crises and a surge in extreme violence, our country, Togo, chose to build bridges instead of walls, both politically and financially," declared Victoire Dogbé, Prime Minister of Togo, who attended the opening.

Also present, George Agyekum Donkor, President of the ECOWAS Bank for Investment and Development (EBID), noted that the forum aims to bolster regional cooperation and foster innovative solutions to the various bottlenecks that hamper the region’s growth. Through the forum, the EBID seeks to secure investments for large ECOWAS projects. The Lomé-based Bank has a clear goal: Bridging an investment deficit estimated at $12 billion per year, vital to support the economic development across all 15 ECOWAS member States. The EBID, it is worth noting, has disbursed $3.69 billion since the end of 2022 to support these countries.

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"The forum serves as a platform for investors and promoters to converge, collaborate, and deliver transformative projects that inspire economic growth and position the ECOWAS region as a preferred investment destination. Investing in developing economies is not just about generating profits; it's about creating sustainable growth, reducing poverty, and building a better future for all," added George Agyekum Donkor.

PM Dogbe, for her part, further noted that "regional institutions, often perceived by the population as distant from realities, seem to play a limited role in people's daily lives, at least according to this perception". She then lauded the “new dynamic emerging” through this inaugural forum.

"We reiterate our commitment to significantly support this dynamic, especially by sharing our experience and highlighting the strong influence of His Excellency, the President of the Republic," the Togolese official added.

It is worth pointing out that three countries, knowingly Burkina Faso, Niger, and Mali, recently left the ECOWAS block to form the Sahel States Alliance countries.

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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.