Togo has made significant strides in improving its business environment, climbing to fifteenth globally and first in Africa under the ‘Starting a Business’ index for the 2020 Doing Business ranking. The country has initiated reforms in contract enforcement, trading across borders, construction permits, access to utilities, property registration, public procurement, and tax payment procedures, reflecting a strategic goal of fostering an attractive and efficient landscape for investment and economic activity.
Togo has demonstrated a remarkable commitment to improving its business environment, culminating in significant reforms across various indicators as recognized by the Doing Business ranking. In the 2020 rankings, Togo proudly occupies the fifteenth position globally and maintains the top spot in Africa under the ‘Starting a Business’ index. This achievement reflects the country’s ongoing reformative initiatives aimed at enhancing its business climate, resulting in more accessible and efficient processes for entrepreneurs. In terms of contract enforcement, Togo has made impressive strides from its previous low ranking. The establishment of specialized chambers for small debts, as well as the differentiation of clerks handling civil and commercial cases, has substantially improved contract execution. The introduction of commercial courts in key cities such as Lomé and Kara marks a significant step forward, facilitating a more dependable and efficient dispute resolution mechanism with a maximum resolution timeframe of 100 days. Additionally, reforms under the ‘Trading Across Borders’ indicator have elevated Togo’s ranking by focusing on digitization and minimizing delays in import and export procedures. These changes underscore the country’s dedication to optimizing trade logistics. The construction permit processes have also seen advancement, with Togo rising from the 133rd to the 127th place in the 2020 Doing Business rankings, driven by a series of innovations aimed at efficiency in obtaining construction permits. Togo’s consistent improvement in the ‘Getting Electricity’ rankings is attributed to various reforms facilitating better access to essential utilities for businesses. Similarly, property registration reform has been a focal point, with Togo aiming to surpass Rwanda as Africa’s leading performer in this domain. Efforts to modernize public procurement through professionalization and digitization reflect a strategic focus on enhancing the private sector’s engagement, as emphasized in the National Development Plan. Furthermore, crucial reforms in tax and duty payments have aimed to create a more appealing tax environment for investors and economic operators, thereby stimulating economic growth. In conclusion, Togo has embarked on a transformative journey to elevate its business climate through comprehensive reforms across various sectors. These developments not only improve the country’s rankings in the Doing Business index but also enhance the overall economic landscape, making Togo an attractive destination for investment and entrepreneurship.
The article discusses the significant improvements in Togo’s business environment, as evidenced by its performance in the Doing Business rankings. It highlights the reforms implemented across crucial indicators such as starting a business, enforcing contracts, trading across borders, and more. These reforms aim to create a more efficient, accessible, and investor-friendly climate, thus contributing to the country’s economic development. Togo’s initiatives in modernizing its business practices underscore its commitment to fostering a thriving economy while confronting previous challenges.
In summary, Togo’s commitment to economic reform has yielded notable progress in its business climate, as reflected in improved rankings across various indicators in the Doing Business framework. Through continuous investment in reforms addressing contract enforcement, trade facilitation, and public procurement, among others, Togo is positioning itself as a competitive player on the African economic stage. Such advancements not only enhance the nation’s appeal to potential investors but also stimulate national growth by empowering the private sector.
Original Source: www.togofirst.com
