Togo has shown significant improvement in the 2020 Doing Business report, ranking fifteenth globally and first in Africa for Starting a Business. The nation has implemented numerous reforms in multiple sectors, including contract enforcement, trading across borders, and property registration, making strides to enhance the business climate and attract investments.
Togo ranks fifteenth globally and first in Africa in the Starting a Business index of the 2020 Doing Business report, highlighting the nation’s ongoing reform efforts to enhance its business environment. Significant investments, such as the CFA6.5 billion from the French Development Agency in the Agoè-Nyivé solar plant, showcase Togo’s commitment to economic advancement.
Togo has made considerable improvements in the Enforcing Contracts index, moving from low rankings in previous years to a significantly better position due to strategic reforms that enhance the business climate.
The country has established commercial courts in Lomé and Kara, dedicated chambers for small debts, and a 100-day maximum for resolving commercial disputes to streamline contract execution. Access to the FORSETI COMMERCIAL platform for lawyers and bailiffs also bolsters efficiency.
In terms of Trading Across Borders, Togo has enacted reforms that emphasize digitization and reduce delays in import and export processes, leading to notable jumps in rankings compared to earlier years.
With respect to Construction Permits, Togo moved from 133rd to 127th in the Doing Business rankings and aims for continued improvement. New reforms have been introduced to facilitate the construction permitting process this year.
In the area of Getting Electricity, Togo’s ranking has steadily increased, thanks to reforms aimed at simplifying access to power and water for businesses. Plans for further reforms are set to enhance this area even more.
Property registration has seen the most significant improvement for Togo since 2018, with efforts aimed at eventually surpassing Rwanda, the top performer in Africa. Recent reforms are part of this ongoing initiative.
Togo is modernizing its public procurement framework through various reforms, focusing on digitization and legislative enhancements to benefit the private sector as part of the National Development Plan.
For Paying Taxes and Duties, Togo has implemented crucial reforms by substituting and abolishing certain taxes and leveraging digitization. This aims to present a more attractive tax environment for investors and economic operators, crucial for business development in the region.
Togo demonstrates substantial progress in creating a favorable business environment, as evidenced by its improved rankings in various Doing Business indicators. Investments, strategic reforms, and modernization efforts across multiple sectors are aimed at enhancing efficiency, reducing barriers, and attracting foreign investment. Continued dedication to reform will help Togo sustain and build upon its impressive standings in the global business landscape.
Original Source: www.togofirst.com
