Togo anticipates stronger relationship with World Bank as the Group appoints a new president

Economy

Friday, 05 May 2023 15:26

Togo anticipates stronger relationship with World Bank as the Group appoints a new president

(Togo First) - Ajay Banga is the World Bank’s next boss. For five years, starting on June 2, 2023, he will steer the Washington-based group, according to a statement released on May 3. Banga is the 14th president of the institution.

The former Vice President of General Atlantic and former CEO of Mastercard will replace David Malpass, who announced his resignation a few months ago.

In Togo, Sandra Johnson, the Presidential Minister, Secretary General, and the country's governor for the Bretton Woods institution congratulated Banga and said she is excited about the perspective of a stronger collaboration between the World Bank and Togo.

"Congratulations on your new appointment as head of the World Bank. I look forward to a greater and more fruitful collaboration between the World Bank and my country, Togo. For all your new missions, I wish you good luck," said the governor from Lomé, a few hours after the official announcement of the appointment.

Congratulations on your new appointment as head of the World Bank.
I look forward to greater and more fruitful collaboration between the @WorldBank and my country, #Togo. For all your new missions, I wish you good luck. https://t.co/Flmte5U98G
— Sandra ABLAMBA JOHNSON (@SandraA_JOHNSON) May 4, 2023

The World Bank is preparing for a transformation process to better serve its member countries, especially those affected by the Covid-19 pandemic. This transformation will involve setting up new financing mechanisms to help these countries and introducing governance reforms that will make World Bank more efficient and effective.

As the World Bank President, Ajay Banga will also serve as the President of the Executive Boards of the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID), covering a wide range of countries worldwide, particularly in Africa.

According to some observers, Banga’s appointment could pave the way for greater World Bank involvement in climate issues, especially as many of its clients, particularly in Africa, call for more support and climate equity from major polluters such as the United States, EU countries, and China.

The World Bank's portfolio in Togo weighs about $955 million, according to the latest data. It has 18 projects (national and regional) covering basic education, higher education, agriculture, health, social protection, and the environment. The Bretton Woods institution is expected to bolster its commitments in the West African country in the coming years, with funding projected to reach $1 billion in support of the government's roadmap, especially in key areas like social protection.

Ayi Renaud Dossavi

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.