Togo is experiencing significant advancements in its business environment, ranking fifteenth worldwide and first in Africa for starting a business. Key reforms have enhanced contract enforcement, international trade, construction permits, access to utilities, property registration, public procurement, and tax frameworks. These initiatives aim to attract investment and stimulate economic growth.
Togo’s progress in the global business landscape is notable, ranking fifteenth worldwide and first in Africa for the “Starting a Business” index in the 2020 Doing Business report. The nation continues to build on this success through ongoing reforms aimed at enhancing its business environment.
Historically struggling with enforcing contracts, Togo has made significant strides in this area, improving its ranking by implementing various measures to create a more favorable business climate.
The establishment of specialized chambers for small debts, commercial courts in Lomé and Kara, and distinct clerks for civil and commercial cases have all contributed to efficient contract execution. Additionally, access to the FORSETI COMMERCIAL platform for lawyers and bailiffs has streamlined processes, and a target of 100 days has been set for resolving disputes.
Togo has also enhanced its position regarding international trade by digitizing import and export procedures, significantly reducing delays. These reforms have positively impacted its ranking in the “Trading across Borders” category.
In the construction permit domain, Togo moved from the 133rd to the 127th position and aims to maintain this momentum with further reforms planned for the upcoming year.
The country’s performance in the “Getting Electricity” and “Water” indicators has seen progress due to reforms aimed at simplifying access to these utilities for businesses. Continued improvements in these areas are anticipated in the coming months.
Regarding property registration, Togo has made remarkable advancements since 2018, seeking to surpass Rwanda, which is the current leader in Africa on this index through various reforms.
Significant upgrades have also occurred in public procurement, focusing on professionalizing and digitizing the sector to benefit private enterprise under the National Development Plan.
To attract investors, Togo has revised tax frameworks by introducing important reforms concerning tax payments. These include replacing certain taxes and offering exemptions to create an appealing tax environment for economic operators, bolstered additionally by digitization initiatives.
In summary, Togo has undertaken extensive reforms across various sectors, notably improving its rankings in several indices concerning business operations. These efforts aim to foster a more conducive environment for domestic and foreign investments, signaling a commitment to sustained economic growth and modernization.
Original Source: www.togofirst.com
