Togo has achieved significant improvements in its business climate as reflected in the 2020 Doing Business rankings, securing 15th globally and 1st in Africa in starting a business. The country has enhanced contract enforcement, trading processes, property registration, and public procurement through various reforms aimed at attracting investment and fostering economic growth.
Togo has achieved notable reforms aimed at enhancing its business climate, reflected in its strong showing on the 2020 Doing Business rankings. With a commendable fifteenth place globally and first in Africa in the ‘Starting a Business’ category, Togo is actively pursuing further improvements. Furthermore, the country has made significant strides in the ‘Enforcing Contracts’ indicator, moving up the ranks due to targeted enhancements in its legal framework and judiciary processes. To streamline commercial dispute resolution, Togo established special chambers at the Court of Appeal and introduced commercial courts in Lomé and Kara. These measures, complemented by the FORSETI COMMERCIAL platform granting access to legal professionals, have contributed to a more efficient business environment where disputes can be resolved within a maximum period of 100 days. In the area of ‘Trading Across Borders’, Togo has enacted reforms focusing on digitization and decreasing bureaucratic delays, resulting in considerable improvements in its global ranking. In the ‘Construction Permit’ category, the country has climbed from 133rd to 127th place with plans to enhance its position further by implementing additional reforms. Togo’s commitment to enhancing its electricity and water accessibility is evident, as it has witnessed improvements in its rankings for ‘Getting Electricity and Water’ especially due to reforms that simplify access for businesses. Further, the country has made substantial progress in ‘Registering Property.’ Recognizing the significance of this metric, Togo aims to surpass Rwanda by continually reforming its property registration processes. Moreover, modernization efforts in public procurement are underpinned by digitalization and professionalization, which are aligned with the ambitions outlined in the National Development Plan. In an effort to improve its attractiveness to investors, Togo has also overhauled its tax payment framework, implementing reforms that replace and eliminate certain taxes while enhancing digital processes.
In recent years, Togo has demonstrated a commitment to improving its business environment through a series of strategic reforms. These efforts have not only enhanced its position in global rankings but have also attracted investment and fostered economic growth. The Doing Business report serves as a benchmark for assessing the business climate, providing insights into the effectiveness of policies and their implementation. Togo’s focus on streamlining procedures in various sectors, including contract enforcement, property registration, and tax payments, reflects a robust strategy aimed at fostering entrepreneurship and attracting foreign investment.
In conclusion, Togo’s reforms have led to significant advancements in its business environment as evidenced by its improved rankings in multiple categories of the Doing Business report. The government’s initiatives to streamline contract enforcement, enhance trading processes, facilitate construction permits, and modernize public procurement indicate a concerted effort to bolster the economy. These ongoing efforts not only improve Togo’s business attractiveness but also enhance the overall economic landscape, fostering greater opportunities for both local and international investors.
Original Source: www.togofirst.com
