Martial Akakpo (CIAM) Advocates Making Lomé Maritime and Financial Dispute Resolution Hub

Economic governance

Monday, 10 February 2025 16:36

Martial Akakpo (CIAM) Advocates Making Lomé Maritime and Financial Dispute Resolution Hub

(Togo First) - Lomé seeks to become a major arbitration center in sea and financial disputes, joining big cities like London, Hong Kong, and Paris. Last week, from February 3 to 5, the Togolese capital hosted The Power of Lomé Arbitration Week (L.A.W). According to Martial Akakpo, who heads the Centre International d'Arbitrage et de Médiation (CIAM), the L.A.W supported the ambition.

Severa assets position Lomé to aim for the position of top arbitration center–its geographical position being the first. Lomé is the only city in the region to have a deep-water port. Also, the Port of Lomé receives the latest ships, due to its strategic position for developing and operating maritime and financial infrastructure.

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It is worth noting that the development of maritime activities in the Gulf of Guinea–especially ship operation and management, navigation, transport of goods, repairs, commission, logistics, sales, charter parties, insurance, etc–has given rise to conflicts, disputes, and differences. And these are best settled by mediation and arbitration.

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At the recent ¨Power of the L.A.W, it was indicated that “Lomé's dominant position as the headquarters of sub-regional financial institutions such as BOAD, BIDC, ETI, AGF, CICA-RE and its proximity to the regional stock exchange in Abidjan reinforces the need to reflect on the efficiency and appropriateness of arbitration procedures for disputes in complex areas such as banking and financial law.” During the forum’s opening ceremony, Balkissou Alfa Hassan Sido Kado, who handles dispute resolution across the African Free Trade Continental Area (AfCFTA), emphasized the importance of arbitration and mediation to resolve business disagreements across Africa.

According to Me Martial Akakpo, head of the Centre International d'Arbitrage et de Médiation (CIAM), capturing a portion of the resolution of maritime disputes presents a significant challenge for Lomé. Success hinges on support from maritime and financial stakeholders, as well as the State, which is called upon to establish an appropriate legislative framework and specialized judicial institutions, including a specialized chamber for appeals against arbitral awards

“The Power of L.A.W.” has gathered lawyers, business leaders, investment groups, banks, development partners, as well as regional and international experts.

This article was initially published in French by Séna Akoda

Edited in English by Ola Schad Akinocho

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.