OHADA Reform Of Uniform Act Organizing Security Interests

Since the adoption of the treaty on the harmonization of business law in Africa in 1993 as revised in 2008 (the OHADA Treaty) (see our January 2009 Blakes Bulletin on Doing Business in Africa) and the coming into force of several uniform acts, certain changes to the various uniform acts appeared to be necessary. A process involving the evaluation and reform of the various uniform acts adopted under the OHADA Treaty has been initiated since 2007 with the support of various practitioners and experts and discussions have been held with representatives of Member States and business people.

The evolution of the OHADA Treaty has culminated in the reform of the law governing security interests in order to strengthen bankers' and investors' confidence and increase economic development. Security interest law had been provided for in the Uniform Act Organizing Securities dated April 17, 1997.