Togo has made significant improvements in its business environment, achieving the fifteenth global ranking and first in Africa under the “Starting a Business” index. Enhancements in areas such as enforcing contracts, trading across borders, and property registration exhibit Togo’s commitment to fostering a conducive atmosphere for investment and economic growth.
In recent years, Togo has made considerable strides in enhancing its business environment, as evidenced by its notable improvements across various metrics in the 2020 Doing Business report. Currently occupying the fifteenth position globally and first in Africa under the “Starting a Business” index, Togo continues to implement significant reforms aimed at fostering entrepreneurial activity. Furthermore, its rank in the “Enforcing Contracts” category has improved as the nation undertook measures to bolster the business climate, leading to a substantial rise on the index. Efforts to enhance the execution and efficiency of contracts have resulted in the establishment of specialized chambers for minor debts, as well as commercial courts in Lomé and Kara, which operate distinct clerks for civil and commercial cases. This has culminated in a set timeframe of 100 days for resolving commercial disputes. Togo’s approach to “Trading across Borders” has also seen transformative improvements, characterized by digital reforms and streamlined procedures that significantly reduce delays in import and export activities. These advancements have elevated the country’s ranking, showcasing its commitment to facilitating cross-border trade. In terms of construction permits, Togo has risen from the 133rd to the 127th position in the global rankings, with an ambitious goal to further enhance this standing. The government plans to initiate additional reforms that will allow for an even more favorable business climate. The domain of utilities is not overlooked either; Togo has recorded consistent progress in its “Getting Electricity” and “Getting Water” indices. Multiple reforms aim to simplify access to these essential services, contributing positively to the investment landscape. Another area of notable improvement is property registration, where Togo has transitioned from being amongst the lowest-ranked countries to ambitiously aiming to outperform Rwanda, Africa’s leader in this category. Moreover, the modernization of the public procurement system through professionalization and digitization initiatives reflects Togo’s effort to craft a more conducive environment for the private sector, aligned with its National Development Plan. Additionally, significant tax reforms have been enacted, aimed at establishing a competitive tax framework that appeals to investors and economic operators. Such reforms include the replacement and cancellation of existing taxes, as well as introducing exemptions, all facilitated through digital means. Overall, Togo’s ongoing reforms and strategic initiatives across various business metrics illustrate a strong commitment to enhancing its economic environment, thereby attracting investment and driving growth.
Togo, a West African nation, has been on an upward trajectory regarding business facilitation and economic reforms. The 2020 Doing Business report ranks countries based on various criteria related to ease of doing business. Togo has introduced numerous reforms targeting essential sectors such as starting a business, enforcing contracts, and property registration, among others. These reforms demonstrate the government’s objective to improve its international business standing and promote a robust economic framework.
In conclusion, Togo’s progress in enhancing its business climate is evident across multiple indicators outlined in the 2020 Doing Business report. By implementing substantial reforms in areas such as starting a business, enforcing contracts, and public procurement, Togo aims to position itself as a leading business hub in Africa. The government’s ongoing commitment to digitization and streamlining processes reflects its dedication to fostering an attractive environment for investors and promoting sustained economic growth.
Original Source: www.togofirst.com
