Togo has achieved remarkable success in improving its business environment, ranking fifteenth globally and first in Africa for ease of starting a business. Its efforts include enhancing contract enforcement, facilitating trade through digitization, and modernizing public procurement. Furthermore, Togo has shown notable improvements in property registration and tax reforms, aiming to create a competitive investment climate.
In recent years, Togo has made significant strides in improving its business environment, as evidenced by its remarkable positions in various categories of the 2020 Doing Business ranking. It secured the fifteenth spot globally and the top position in Africa for its ease of starting a business. Togo has also improved its standing in enforcing contracts, which has enhanced the overall business climate. The establishment of special chambers of commerce for small debts, alongside the creation of dedicated courts, has led to a more efficient contract execution process. Furthermore, Togo’s efforts to facilitate trade have borne fruit, marked by enhancements in the “Trading across borders” category through digitization initiatives aimed at expediting import and export procedures. Although holding the 127th position for construction permits, Togo is committed to advancing this ranking with additional reforms. The country has seen a consistent rise in its electricity and water access rankings, which reflects its dedication to creating a conducive environment for businesses. In terms of property registration, Togo has recorded noteworthy improvements and aims to surpass Rwanda’s status as the top performer in Africa. Continuous modernization in public procurement processes signals a progressive shift that prioritizes private sector engagement. Additionally, reforms in tax and duty payment have sought to create an attractive fiscal landscape for investors, driven largely by digital innovations. Togo plans to maintain this reformative momentum as it looks to further enhance its business dynamics in the upcoming years.
Togo’s recent emphasis on business reform stems from its desire to attract investment and stimulate economic growth. The nation’s commitment to improving its business environment has been reflected in its performance in various indices that assess ease of doing business. For instance, the Doing Business rankings evaluate factors such as starting a business, enforcing contracts, obtaining permits, and paying taxes, which are crucial for fostering a conducive setting for local and foreign enterprises. The government’s initiatives illustrate a strong focus on digitization and efficiency improvements across different sectors. Special chambers of commerce and the establishment of commercial courts allow for clearer legal frameworks, thus encouraging entrepreneurship. With both regional and global competition for investment intensifying, Togo is keen to leverage these reforms to establish a competitive edge in the African market.
Togo’s concerted efforts in refining its business framework have led to significant advancements in multiple categories under the Doing Business rankings. The ongoing reforms across various sectors—whether in facilitating contracts, enhancing trade operations, or improving fiscal policies—underscore Togo’s commitment to creating a robust economic environment. The projection for further advancements promises to sustain Togo’s favorable trajectory and solidify its position as a leading destination for investment in Africa.
Original Source: www.togofirst.com
