Togo has made significant strides in enhancing its business climate, ranking fifteenth globally for starting a business in 2020. Key reforms in enforcing contracts, trading across borders, obtaining construction permits, and public procurement have contributed to its improved standings. The country is also focused on digitization and creating an appealing tax framework for investors.
Togo stands out with significant progress in its business environment, placing fifteenth worldwide and first in Africa for its “Starting a Business” index in 2020. The country continues to implement reforms to enhance its regulatory framework, making it easier for entrepreneurs to establish their companies.
Under the “Enforcing Contracts” indicator, Togo has dramatically improved its ranking by implementing various measures aimed at enhancing the business climate. Previously struggling in this area, recent reforms have successfully bolstered Togo’s position in the Doing Business rankings.
To further support commerce, special chambers of commerce for small debts have been established, alongside dedicated clerks for civil and commercial cases. With the introduction of commercial courts in Lomé and Kara, there is now a strict timeframe of 100 days to resolve disputes, promoting efficiency in contract execution.
Togo has notably advanced in the “Trading across Borders” metric through reforms emphasizing digitization and speed in import and export procedures. These efforts have translated into a superior ranking compared to previous years, reflecting a commitment to facilitating trade.
Despite moving from 133rd to 127th position in the construction permit index, Togo aims to continue its improvements with new reforms. These measures are geared towards simplifying processes and expediting necessary permits for construction projects.
For utility access, particularly electricity and water, Togo’s ranking has shown consistent growth due to reforms enhancing business access. The government plans to maintain this upward trajectory by introducing additional reforms this year.
Among all indicators assessed, property registration has demonstrated the most significant improvement since 2018. Togo envisions surpassing Rwanda’s benchmark in this category through ongoing reforms that streamline property registration processes.
In the domain of public procurement, Togo is modernizing its framework through professionalization, digitization, and regulatory enhancements. These developments are beneficial to the private sector and align with the objectives of the National Development Plan.
To foster a favorable business environment, Togo has introduced substantial reforms in the payment of taxes and duties. By replacing certain taxes and providing exemptions, Togo aims to create an attractive tax framework for investors and economic operators, underpinned by aspirations toward digitization.
Togo has increasingly focused on improving its business climate through various strategic reforms aimed at enhancing ease of doing business. This includes modifications in processes related to starting a business, enforcing contracts, and regulatory improvements in public procurement. The country’s ranking in different categories showcases its commitment to creating a supportive environment for both local and international investors.
Togo’s concerted efforts to reform its business landscape are yielding positive results, as evidenced by improved rankings across various Doing Business indicators. From facilitating business startups to modernizing public procurement practices, the government is dedicated to establishing an attractive economic environment. Continued reforms, such as the digitization of processes and enhancements in property registration, will further bolster Togo’s position as a leader in Africa’s business climate.
Original Source: www.togofirst.com
