Ecobank and AUDA-NEPAD team up to help African MSMEs face social and economic difficulties resulting from Covid-19 pandemic

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Thursday, 23 April 2020 17:26

Ecobank and AUDA-NEPAD team up to help African MSMEs face social and economic difficulties resulting from Covid-19 pandemic

(Togo First) - Ecobank and AUDA-NEPAD will establish together a continental framework to support micro and small-medium African enterprises (MSMEs) in overcoming social and economic challenges posed by the Coronavirus pandemic.

In effect, the two organizations will create a one-stop platform that will address businesses’ needs and issues during and after the pandemic. The platform should be “an all-encompassing, flexible, and comprehensive one-size-fits-all tool for MSMEs in the formal and informal sectors across the continent.”

“AUDA-NEPAD and Ecobank Group intend to jointly build a continental platform based on our initial ‘100,000 SMEs by 2020’ campaign which will provide an immediate response to the potential impact of COVID-19 on SMEs and job creation on the continent,” said AUDA-NEPAD’s Chief Executive Officer Dr. Ibrahim Assane Mayaki

Moreover, the two partners will identify opportunities and new ways to support and protect MSMEs (operating in the agribusiness, technology, health sectors, and also those operating along with supply chain operations).

AUDA-NEPAD was established in 2010 to integrate the NEPAD in the African Union’s processes and structures. The new framework aims at ensuring that more attention is given to MSMEs across Africa while prioritizing short, medium, and long term responses to the Covid-19 pandemic.

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.