On 9 December 2015, the Council of Ministers in the Republic of Côte d’Ivoire adopted a draft act regulating leases in the Ivory Coast.
The Ivory Coast does not have its own lease regulations.
The draft act proposes that these regulations be structured around seven sections:
- general provisions (territorial and material scope, definitions of vital concepts);
- the lease contract (form, content, registration regulations and publication on the RCCM [Trade and Personal Consumer Credit Registry]and the Land Register);
- the rights and obligations of the parties (lessor, lessee, suppliers);
- regulations which apply specifically to property leases;
- breaches, cancellation and recourse in the framework of a lease contract;
- collective proceedings;
- tax provisions.
The Government’s goal is to:
- “promote the emergence and development of this financing tool;
- contribute to significant improvements in access to financing for Ivorian companies in general and SMEs in particular;
- strengthen measures, in particular by establishing judicial procedures which allow for rapid recovery of the leased property when faced with risks of fraudulent misappropriation of the property and a payment default on the part of the lessee.”