Togo has achieved remarkable improvements in its Doing Business rankings, particularly in Starting a Business, Enforcing Contracts, and Trading Across Borders. The country has enacted comprehensive reforms focused on digitization and procedural efficiency to enhance its business environment. Noteworthy advancements include the establishment of commercial courts and updated public procurement processes, aimed at attracting foreign investment.
In the third quarter of 2024, Togo has demonstrated significant advancements in its business environment across various sectors, affirming its standing as a competitive destination for international trade. It has notably improved its ranking in areas such as Starting a Business, Enforcing Contracts, and Trading Across Borders, thanks to comprehensive reforms aimed at fostering a conducive climate for business operations. Highlights include the establishment of commercial courts, digitization of procedures, and targeted measures to streamline bureaucratic processes.
Togo’s commitment to reform is particularly evident in its notable leap in the Doing Business rankings. It now holds the fifteenth position globally and the first in Africa for Starting a Business. The nation has dedicated efforts to enhance its contract enforcement mechanisms, introducing a special chamber of commerce for small debts and establishing commercial courts in strategic locations, which has contributed to a more efficient judicial process for businesses.
Moreover, the country has made strides in simplifying the processes associated with trading across borders. By focusing on digitization and reducing procedural delays, Togo has significantly enhanced its rankings in this area, encouraging increased trade and investment. In the realm of construction permits, Togo has aspirations to further ascend the rankings, enacting reforms that aim to create a seamless experience for securing the necessary approvals.
Improvements in acquiring electricity and water have also been realized due to systematic reforms designed to facilitate easier access. As Togo continues its reformative trajectory, the nation aims to surpass benchmarks set by top performers in property registration, with an emphasis on competing with Rwanda for leadership in this area.
The landscape of public procurement has evolved as well, with an emphasis on professionalism and digitization, aligning with the goals outlined in Togo’s National Development Plan. To complement these advancements, significant modifications to the taxation framework have been introduced, ensuring that Togo offers an attractive environment for investors and business operators alike. The authorities are keen on leveraging digitization to streamline tax collection and compliance processes further.
Togo has experienced a transformative journey in enhancing its business climate over recent years, as evidenced by its performance in the Doing Business indices. Reforms initiated by the government have concentrated on reducing bureaucratic hurdles, providing better infrastructure, and digitalizing processes to facilitate trade and business operations. These efforts are encapsulated in Togo’s National Development Plan, which aims to modernize various sectors of the economy and foster a thriving private sector.
In conclusion, Togo’s ongoing reform initiatives reflect a strong commitment to enhancing its business environment, evidenced by improvements across multiple indices in the Doing Business rankings. With strategic measures aimed at easing business operations—from contract enforcement to trading across borders and efficient public procurement—Togo is on a promising trajectory to position itself as an attractive destination for investors on the African continent.
Original Source: www.togofirst.com
