Togo has significantly improved its ranking in the 2020 Doing Business report, achieving the fifteenth position globally in starting a business and first in Africa. With extensive reforms across various indicators, including enforcing contracts, trading across borders, and property registration, Togo aims to foster a favorable business climate, attract investment, and promote economic growth. The commitment to modernization and digitization is evident in the ongoing reforms in public procurement and tax payments.
Togo has markedly strengthened its position as a leading country in Africa for establishing and running businesses, achieving the fifteenth spot globally in the 2020 Doing Business rankings under the “Starting a Business” index. This notable ranking underscores Togo’s ongoing commitment to reforms aimed at enhancing the business environment. In the domain of enforcing contracts, Togo has experienced significant improvements, climbing from one of the lowest ranks in earlier years to a more favorable position through various initiatives to enhance its business climate. Furthermore, Togo has implemented reforms designed to expedite contract execution, including the establishment of specialized chambers of commerce for small debts, the creation of commercial courts in major cities, and the introduction of distinct clerical roles for civil and commercial cases. This effort is complemented by the FORSETI COMMERCIAL platform, which provides access to legal professionals, ensuring that commercial disputes are resolved within a maximum timeframe of 100 days. In terms of international trade, Togo has made substantial strides in the “Trading Across Borders” index by focusing on the digitization of import and export processes, which has significantly reduced procedural delays. The construction sector has also benefited from reforms, as Togo has improved from the 133rd to the 127th position in the construction permit index and aims to enhance its ranking further. Togo has consistently improved its performance in the “Getting Electricity” and “Water” indicators through extensive reforms that facilitate better access to crucial utilities. In property registration, Togo has made the most significant gains among the various Doing Business indicators since 2018, aiming to surpass Rwanda, the top performer in Africa on this metric. To bolster its public procurement framework, Togo has focused on modernization through professionalization, digitization, and legislative updates, directly benefiting the private sector. In a bid to foster a more attractive business environment, Togo has introduced reforms in the sphere of tax payments and dues, replacing and abolishing certain taxes and implementing exemptions. The overarching objective of these efforts is to provide a favorable tax framework for investors and economic operators, with an emphasis on leveraging digitization to streamline processes.
Togo’s advancements in the business environment are encapsulated in a series of reforms aimed at improving various indicators as outlined in the World Bank’s Doing Business report. These indicators cover critical aspects such as starting and managing a business, enforcing contracts, trading across borders, securing construction permits, obtaining electricity and water, property registration, public procurement, and tax compliance. Togo’s rise in these rankings reflects a strategic effort by the government to attract investment and enhance economic development, thereby positioning the country as an increasingly favorable destination for business operations in Africa.
In summary, Togo’s robust reforms across various Doing Business indicators mark the nation’s determination to create a conducive environment for entrepreneurship and investment. The progress made in starting a business, enforcing contracts, facilitating international trade, simplifying construction permits, improving access to utilities, enhancing property registration, and modernizing public procurement is noteworthy. Coupled with tax reforms aimed at making the environment more attractive for investors, Togo is on a promising trajectory toward sustainable economic growth and development, setting a benchmark for other African nations to follow.
Original Source: www.togofirst.com
