Togo has made impressive advancements in its business environment, ranking highly for starting a business and enforcing contracts. It has embraced reforms focusing on digitization in trading across borders and public procurement, while continuing to enhance utility access and property registration to attract investors. Leading export destinations include India, Burkina Faso, and Côte d’Ivoire.
In the third quarter of 2024, Togo recorded significant advancements in its business environment, particularly in terms of its export destinations, with India, Burkina Faso, and Côte d’Ivoire emerging as its leading markets. The country has made remarkable strides across various sectors as evidenced by its high ranking in starting a business, enforcing contracts, and other key indicators within the 2020 Doing Business report.
Togo ranks fifteenth globally and first in Africa for the Starting a Business indicator. This achievement is a result of ongoing reforms aimed at enhancing the country’s competitiveness. Furthermore, in the realm of enforcing contracts, Togo has experienced a notable upward shift from its previous low rankings, driven by concerted efforts to improve the business climate. This includes the establishment of dedicated commercial chambers and modifications in civil and commercial case management, enabling more efficient dispute resolution.
In terms of trading across borders, Togo’s recent reforms have concentrated on digitizing processes to facilitate smoother import and export operations. As a consequence, the nation’s position has been elevated significantly in this area. Additionally, with regard to construction permits, Togo also aims to advance its ranking further through the implementation of extensive reforms.
The efforts extend to utilities management, where Togo has seen improved rankings in accessing electricity and water supply, owing to strategic reforms designed to ease business operations. Regarding property registration, Togo has made groundbreaking improvements since 2018, with ambitions to outperform Rwanda in this category moving forward.
Public procurement processes have also been updated through professionalization and digitization, offering advantages to the private sector as part of Togo’s National Development Plan. Lastly, under the framework of tax and duties, the government has pursued tax exemptions and the elimination of certain levies to cultivate a business-friendly environment that attracts investment into the country.
Togo has undertaken a series of reforms aimed at improving its business environment, as evidenced by its performance in the Doing Business report by the World Bank. With a focus on increasing efficiency and accessibility in various sectors, Togo has sought to position itself as a competitive option for investors and economic operators. The country is particularly focused on streamlining processes related to starting a business, enforcing contracts, and conducting trades across borders, which are pivotal for economic growth.
In summary, Togo’s recent reforms have yielded significant improvements in its business environment, positioning it favorably among other nations. The collaborative efforts towards enhancing various business indices showcase the government’s commitment to fostering a conducive space for investments. The strategic focus on digital transformation, regulatory frameworks, and streamlined processes will likely continue to attract both local and foreign investment, solidifying Togo’s status as an emerging market in Africa.
Original Source: www.togofirst.com
