Togo has made significant reforms to improve its business environment, achieving notable rankings in the 2020 Doing Business report. The country excels in areas such as starting a business, enforcing contracts, and trading across borders, reflecting its commitment to fostering entrepreneurship and enhancing the overall economic landscape.
Togo has made significant strides in improving its business environment through numerous reforms, as highlighted by its commendable position in the 2020 Doing Business rankings. The country ranks fifteenth globally, and first in Africa, under the ‘Starting a Business’ index, reflecting its commitment to creating a conducive atmosphere for entrepreneurship. Over the years, Togo has risen dramatically in its ranking concerning the ‘Enforcing Contracts’ indicator, thanks to initiatives aimed at enhancing the business climate. This progress is further evidenced by the establishment of specialized chambers of commerce, distinct clerks for civil and commercial cases, and a maximum period of 100 days to resolve commercial disputes. In the realm of ‘Trading across Borders’, Togo has actively pursued reforms centered on digitization and reduction of delays in import and export procedures, markedly improving its standing in this area. The country has also seen advances in the ‘Construction Permit’ category, moving from the 133rd to 127th place, with ongoing reforms aimed at further amelioration. Accessibility to essential utilities has also improved, as evidenced by an increased ranking under the ‘Getting Electricity’ index, enabled by various reforms designed to facilitate access to power and water. Similarly, Togo has shown notable progress in ‘Registering Property’, moving up in its rankings, with aspirations to surpass Rwanda, a key player in this sector within Africa. The modernization of Togo’s public procurement framework is ongoing, focusing on professionalization and digitization, which benefits the private sector, a key area underscored by the National Development Plan. Additionally, reforms related to the payment of taxes and duties aim to create an attractive tax framework for investors, emphasizing digitization to enhance efficiency.
Togo’s business climate has been undergoing a transformation, particularly noted in recent evaluations by the World Bank’s Doing Business report. The reforms implemented by the Togolese government have concentrated on various indicators essential for enhancing the ease of doing business. They include the establishment of commercial courts, digitization of procedures, and measures for improving access to utilities, all aimed at attracting investment and facilitating trade.
In conclusion, Togo’s commitment to reforming its business environment is evident in its steady rise through the Doing Business rankings. From making it easier to start a business and improving contract enforcement to streamlining trade processes and enhancing access to utilities, the collective reforms position Togo favorably on the African continent. Continued efforts towards modernizing public procurement and creating an appealing tax framework will further solidify Togo’s attractiveness as an investment destination.
Original Source: www.togofirst.com
