Togo is making substantial progress in its business environment as evidenced by its remarkable rankings in various Doing Business indices. The nation ranks fifteenth globally and first in Africa for starting a business, while also enhancing its standing in contract enforcement, trading across borders, and property registration. A series of reforms focusing on digitization and procedural simplifications has been implemented to facilitate smoother business operations and attract investment.
Togo continues to enhance its business environment, achieving notable advancements in various indicators measured by the Doing Business report. The nation ranks fifteenth globally and first in Africa for the ‘Starting a Business’ index, which reflects its commitment to reformative initiatives. Togo has previously ranked low in the ‘Enforcing Contracts’ index; however, through sustained efforts, it has significantly improved its position in recent years. Under the domain of contract execution, Togo has made substantial progress by establishing specialized chambers for small debts, dedicated clerks for civil and commercial cases, and commercial courts in major cities. These measures facilitate swift resolution of disputes, now capped at a maximum of 100 days. The country’s ranking in ‘Trading across Borders’ has also seen tremendous improvement, thanks to reforms that prioritize digitization and streamline import-export processes, reducing delays significantly. Furthermore, Togo’s efforts towards simplifying the building permit process led to a jump in its ranking from 133rd to 127th in the 2020 report, with continued intentions to further improve. Moreover, Togo has consistently enhanced its ranking in ‘Getting Electricity,’ as various reforms have made it easier for businesses to access essential services. Its performance in the ‘Registering Property’ indicator marks a notable rise, aiming to surpass Rwanda, the leading African nation in this category. In the realm of public procurement, Togo is modernizing its framework through professionalization and digitalization, benefiting the private sector prominently. Tax and duties payment processes are also undergoing reform, marked by the replacement and cancellation of certain taxes, facilitating a more attractive tax environment for investors, augmented by advancements in digitization. Ultimately, Togo’s ongoing reforms manifest a concerted effort to foster a conducive atmosphere for business operations and investment, positioning the country for future economic growth.
The Doing Business report serves as a critical benchmark for evaluating countries’ regulatory environments, particularly in terms of ease of doing business. Togo has embarked on an ambitious reform agenda aimed at significantly improving its economic landscape. The indices presented in this report provide an overview of the various aspects of business regulation, from starting a business to paying taxes, highlighting the progress made within the nation. Togo’s targeted reforms reflect a broader strategy to attract investment and stimulate economic development.
In summary, Togo’s robust commitment to reform has led to significant enhancements across multiple business indicators, such as ‘Starting a Business,’ ‘Enforcing Contracts,’ and ‘Trading across Borders.’ The continuous improvements in its business climate not only augment the country’s investment attractiveness but also herald a promising trajectory for sustained economic growth. Efforts to modernize public procurement, streamline property registration, and optimize tax frameworks remain pivotal in Togo’s overarching goal to foster a supportive environment for entrepreneurs and investors alike.
Original Source: www.togofirst.com
