Togo has achieved significant progress in the 2020 Doing Business report, ranking fifteenth globally and first in Africa for Starting a Business. The nation has enhanced its rankings in several categories, including Enforcing Contracts, Trading Across Borders, and Property Registration, through a series of reforms aimed at improving the economic climate and business conditions.
Togo ranks fifteenth globally and first in Africa for the Starting a Business index in the 2020 Doing Business report, showcasing its commitment to business reforms. Continuous efforts are being made to sustain and enhance this reformative drive.
In the Enforcing Contracts category, Togo has made significant advances compared to prior years, reflecting enhanced efforts to improve its business environment. This growth showcases Togo’s effective interventions aimed at bolstering its performance in this crucial area.
To improve contract execution, Togo has introduced reforms such as special chambers for small debts, distinct clerks for civil and commercial cases, and separate commercial courts in Lomé and Kara. Additionally, a maximum resolution period of 100 days has been established, ensuring efficiency in commercial disputes.
Togo’s performance in the Trading Across Borders index has significantly improved due to reforms promoting digital processes and minimizing delays for import/export procedures. These changes have streamlined trade flows and enhanced overall efficiency in cross-border trading activities.
The nation has improved its ranking for construction permits, moving from 133rd to 127th in the 2020 Doing Business report, and aims to continue this positive trend with further reforms planned for the next rankings.
Concerning electricity access, Togo’s steady rise in the Doing Business rankings can be attributed to reforms facilitating easier access to power and water. Authorities intend to implement additional reforms to maintain this upward momentum.
In terms of property registration, Togo has made remarkable strides since 2018, aiming to surpass Rwanda, the top performer in Africa. Continuous reforms are being introduced to enhance property registration processes and overall performance in this index.
The modernization of Togo’s public procurement framework through digitization and legislative updates has significantly benefited the private sector. This is within the broader scope of the National Development Plan to enhance economic growth.
For paying taxes and duties, Togo has undertaken essential reforms, including tax replacements and exemptions, to create an attractive tax environment for investors. These reforms are underpinned by a strong focus on digitization to optimize the business climate.
Togo’s governmental reforms across various economic sectors illustrate its commitment to improving the business environment. By enhancing rankings in Starting a Business, Enforcing Contracts, and other key indicators through targeted reforms, Togo seeks to solidify its position as an attractive investment destination in Africa. Continuous efforts in digitization and modernization indicate a promising future for the nation’s economy.
Original Source: www.togofirst.com
