FOUBLA participation to a Presentation on OHADA and OHADA law organized by The Benin Embassy in the United States and the Corporate Council on Africa (CCA) on September 26, 2011, Washington D.C., USA
The Foundation for a Unified Business Law in Africa (FOUBLA) is pleased to report on the success of the presentation on OHADA and OHADA law organized by the Benin Embassy in the United States and the Corporate Council on Africa (CCA) on September 26, 2011 in the headquarters of the CCA at 1100 17th Street, N.W. Washington DC.
Mr. Dorothé Cossi Sossa, Permanent Secretary of OHADA, guest speaker of the event had invited representatives of F.U.B.L.A and the OHADA World Bank’s experts to join him during this event and provide to the attendees, along with him, an overview of OHADA, its treaty and its Uniform Acts.
The event brought together Washington, D.C. diplomatic corps (representatives of OHADA and non OHADA member states), attorneys, representatives of the World Bank, members of the business community and representatives of the CCA, a U.S. non-profit corporation focused on strengthening and facilitating commercial relationship between the U.S. and Africa.
In his opening speech, the President of the CCA, Stephen Hayes, outlined the importance of the event as it gave Mr. Sossa, the guest speaker, the opportunity to explain how much OHADA laws have contributed to the improvement of the business climate in the region.
Mr. Sossa focused on the benefits OHADA law brings to investors including U.S. firms doing business in Africa, namely an improved legal environment and a better protection for their investment, enabling them and their African partners to effectively create wealth and generate profits both for the host country and the foreign investors. The speaker also pointed out to the audience that the OHADA region represents a market of about 250 million people (including the DRC, which accession is ongoing).
FOUBLA’s delegation spoke about the effective importance of OHADA’s Uniforms Acts on dispute settlements in the region especially through the Uniform Act on arbitration. They stressed the impact of OHADA beyond Africa, in places such as the Caribbean, which have initiated in 2007 the OHADAC (Organization for the harmonization of business law in the Caribbean) project, which currently includes about 36 Caribbean countries. Finally, they took this opportunity to request the support of all the attendees, in fulfilling their mission of publicizing OHADA in English-speaking countries.
Answering concerns of the application of OHADA during the Q. & A. session, Mr. Sossa explained that even though OHADA law needs improvement, the system has improved the investment climate in member countries, as illustrated by the progress made by such countries in the World Bank Doing Business OHADA report, published earlier this year.
The Permanent Secretary, Mr. Sossa, concluded by reminding the audience that OHADA law does not currently cover all aspects of business life but indicated that new areas are being considered for legislation.
As a result of this event, the attendees showed an increased interest in OHADA and also expressed their satisfaction that FOUBLA has undertaken the mission to promote OHADA law in the U.S and other English-speaking countries.
The event helped raise the OHADA region’s profile. Its highly sophisticated legal framework should serve as an example to many other forward-thinking emerging economies and a huge market that is completely oblivious of OHADA’s existence and practical value.
The Benin mission, the CCA as well as OHADA Permanent Secretary all stated or reiterated their admiration and support to FOUBLA’s mission. We thank them for their support and assistance in making this event a success.
We will work to make sure that there will be many more occasions like this one to get vocal about OHADA!
