Togo has achieved remarkable progress in multiple sectors as per the World Bank’s Doing Business 2020 report, being ranked fifteenth globally and first in Africa for ‘Starting a Business’. Significant improvements have been noted in enforcing contracts, trading across borders, construction permits, electricity access, property registration, public procurement, and taxation. These reforms highlight Togo’s commitment to creating a favorable business environment for local and foreign investments, driving economic growth and competitiveness.
In a significant boost to economic reforms, Togo has achieved commendable rankings in various sectors according to the World Bank’s Doing Business 2020 report. Ranked fifteenth overall and first in Africa for the ‘Starting a Business’ index, Togo is demonstrating a consistent commitment to enhancing its business environment through ongoing reforms. In the area of ‘Enforcing Contracts’, the nation has made substantial progress by implementing new measures that have enabled it to climb the rankings significantly. Particularly noteworthy are the improvements in the execution of contracts, where the establishment of dedicated commercial courts and clearer processes for handling civil and commercial cases have streamlined operations. To further support trade, Togo has transformed its position in the ‘Trading Across Borders’ indicator by digitizing procedures, significantly reducing delays related to import and export activities. Moreover, Togo has set ambitious targets in the ‘Construction Permit’ sector, moving from 133rd to 127th in recent years through multiple reforms. The country has also prioritized electricity access, as indicated by its rising rankings in the ‘Getting Electricity’ category, attributable to systematic reforms aimed at enhancing access to utilities for businesses. Togo’s advancements extend to property registration, where the country is working diligently to surpass Rwanda, the leading performer in Africa. The nation also embraces modernization in public procurement and taxation, focusing on digital frameworks that benefit private sector growth while offering attractive fiscal conditions for investors. Through a comprehensive approach to reform, Togo is positioning itself as a competitive market in the region.
The reforms undertaken by Togo in various business-related sectors are part of a broader initiative to create a conducive environment for local and foreign investors. Each sector has undergone specific improvements, aligning with the World Bank’s Doing Business indices that assess regulations affecting businesses across countries. Togo’s 2020 rankings reflect a strategic commitment to modernizing its economy and enhancing its global competitiveness, particularly in light of its position in Africa. The goal is to create an efficient and transparent framework that supports enterprise growth and facilitates trade.
In summary, Togo is making substantial strides in improving its business landscape, as highlighted by its significant rankings in the World Bank’s Doing Business 2020 report. The country’s commitment to reforms across multiple sectors—from starting a business to property registration—demonstrates its dedication to fostering a strong economic environment that attracts investment and stimulates growth. As Togo continues to implement these reforms, it aims to enhance its position as a leading economy in sub-Saharan Africa.
Original Source: www.togofirst.com
