Togo: Africa Financial Industry Summit 2023 kicks off in Lomé

Finance

Thursday, 16 November 2023 03:42

Togo: Africa Financial Industry Summit 2023 kicks off in Lomé

(Togo First) - The third edition of the Africa Financial Industry Summit (AFIS) officially kicked off in Lomé, on November 15, 2023. This year, nearly 1,000 stakeholders of African finance gathered at the event which was launched by Togolese President, Faure Essozimna Gnassingbé.

The two-day high-level meeting is aimed at reinventing the African financial industry. Placed under the theme "Building a world-class African financial industry: a $1,500 billion opportunity", the forum will host conferences, workshops, and round tables. It will also foster talks, networking, and new partnerships between participants.

Turning the tables

"We all need to show greater creativity and no doubt put more effort into project preparation," insisted International Finance Corporation (IFC) vice-president Sergio Pimenta, present in Lomé for the summit.

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For his part, AFIS Director, Ramatoulaye Goudiaby, said it was important to "take advantage of the situation rather than wait for the storm to pass because Africa is the new frontier".

President Gnassingbé declared in his speech: "The theme of crises is giving way to that of opportunities. The economic dynamism in West Africa gives us cause for optimism, and sub-Saharan Africa as a whole is on the road to recovery. In the longer term, the ZLECAf will be able to anchor this recovery."

However, Gnassingbé deplored a difference in treatment at the global level, pointing out a "double standard" relative to risk perception in Africa. To turn the tables, the leader recommends concerted action. "We cannot regain control of the African narrative without concerted action. Africa must collectively regain control of its narrative," he declared.

Octave A. Bruce

Translated from French by Schadrac 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.