Togo has significantly improved its business environment, ranking first in Africa for starting a business. The country has implemented reforms in enforcing contracts, trading, utilities access, and public procurement aiming to attract investment. Ongoing improvements in property registration further indicate Togo’s commitment to creating a competitive economic climate, enhancing its overall global ranking in the Doing Business report.
In recent developments, Togo has made significant strides in enhancing its business environment, leading to improved rankings across various sectors as noted in the 2020 Doing Business report. The country now ranks first in Africa for the ease of starting a business and has effectively implemented numerous reforms aimed at streamlining processes across different operational aspects. These include reforms in enforcing contracts, trading across borders, construction permits, and public procurement, significantly improving its infrastructure and accessibility for investors.
In the sphere of enforcing contracts, Togo has made notable advancements by establishing dedicated chambers of commerce for small claims and introducing specialized commercial courts, facilitating efficient handling of civil and commercial cases. The introduction of the FORSETI COMMERCIAL platform grants lawyers and bailiffs essential access to case information, thus expediting dispute resolutions within a defined timeline of 100 days.
Moreover, Togo has focused on reducing bureaucratic delays within import and export procedures, enhancing its ranking in trading across borders. The emphasis on digitalization has resulted in expedited processes, thereby fostering a more conducive environment for trade. An ongoing commitment to enhancing construction permits has also been observed, with hopes of building on previous improvements in the global rankings.
With regard to the accessibility of utilities, Togo has consistently worked to bolster its ratings in obtaining electricity and water. The government aims to further ease access for businesses, reinforcing its promise of growth through reform. Similarly, significant improvements have been witnessed in property registrations, where the country aspires to surpass Rwanda’s performance, indicating an aggressive reform strategy to attract more investment.
The public procurement framework is undergoing progressive changes, transitioning towards modernization via digitization, which benefits both the authorities and the private sector. These developments are backed by initiatives designed to enhance the overall tax framework, simplifying payments and introducing exemptions to attract investors and economic operators alike.
The focal point of this article lies in Togo’s ongoing reforms aimed at enhancing its business climate and attracting foreign investment. Togo has embarked on several initiatives to improve its rankings in global business indices, particularly the Doing Business report, published by the World Bank. This report evaluates countries based on various operational indicators that affect businesses. Recent reforms have positioned Togo as a leader in Africa regarding ease of starting a business, enforcing contracts, and reducing bureaucratic hurdles in trade, which illustrates the government’s commitment to economic growth and modernization.
In conclusion, Togo’s concerted efforts to reform its business landscape have resulted in significant advancements in various indices measuring business operations. By prioritizing improvements in starting a business, enforcing contracts, and strengthening trade regulations, Togo is paving the way for a more robust investment climate. The continued modernization of public procurement processes and property registration showcases its determination to be a competitive player in the global economy, thereby reaffirming its commitment to sustainable economic development.
Original Source: www.togofirst.com
