Faure Gnassingbe optimistic about Africa’s economic growth

Economy

Friday, 03 November 2023 07:18

Faure Gnassingbe optimistic about Africa’s economic growth

(Togo First) - “Despite the tense geopolitical and ecologic situation, I am optimistic for Africa”. Faure Gnassingbe, Togo’s President, made this statement at the ongoing International Economic Forum on Africa, in Paris.

"Despite the tense geopolitical and ecological situation, I'm optimistic for Africa, because after many difficult years, the African continent is returning to growth and presenting a new face for investors," said Gnassingbe.

The leader’s optimism is rooted in Africa’s present economic situation, which is relatively favorable. Indeed, since last July, inflation across the continent has dropped from 10% to 7%, and the IMF forecasts growth (economic) to resume in 2024.

To get their economies to grow, African countries should, according to the Togolese leader, seek more investment opportunities. To do this, Faure Gnassingbe suggested adopting appropriate policies to foster private investment and improve the business environment.

"We need to rethink the role of the State. It must become the catalyst for private investment. Business climate in this context is an important issue, and Togo is working on this issue every day," he stressed.

Faure Gnassingbé also urged investors including international institutions and private operators to invest in promising sectors. "Investment opportunities in Africa are considerable, particularly in the field of energy transition. Faced with immense financing needs, the public finances of African states cannot suffice. A more significant proportion of private financing must therefore be redirected towards our continent. And to achieve this, our task is to provide good projects," declared the Togolese Head of State.

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.