Togo has demonstrated significant progress in the 2020 Doing Business rankings, standing fifteenth worldwide and first in Africa for starting a business. The country has introduced many reforms across crucial areas such as enforcing contracts, trading across borders, and public procurement, enhancing its business climate and attractiveness for investment.
In the 2020 Doing Business rankings, Togo secured the fifteenth position globally and the top position in Africa for the “Starting a Business” index, reflecting its commitment to continual reform and enhancements in the business environment. This initiative positions Togo as a leading destination for business investments.
Togo has shown remarkable improvement in the “Enforcing Contracts” indicator, a significant rise from its previously low rankings. This advancement is attributed to various strategic efforts aimed at refining the overall business climate.
The execution of contracts has been enhanced by the establishment of special commercial chambers for small debts, chambers of commerce at the Court of Appeal, and the existence of specific clerks for civil and commercial cases. Furthermore, the creation of commercial courts in Lomé and Kara has expedited legal resolutions, with a strict dispute settlement timeline of 100 days.
In the area of “Trading Across Borders,” Togo has made noteworthy strides by implementing reforms focused on digitization and reducing delays in import and export procedures. This transformation has significantly bolstered its previous standings in this critical index.
The nation has also improved its position from 133rd to 127th in the construction permit index due to newly introduced reforms aimed at facilitating the construction process. Togo remains focused on climbing this ranking further in upcoming assessments.
For the “Getting Electricity” indicator, Togo’s rankings have steadily risen over the past two years. This progress is a result of multiple reforms intended to simplify business access to essential utilities such as electricity and water.
Togo has achieved significant advancements in “Registering a Property,” having risen from the lowest rankings since 2018 and currently targeting Rwanda’s top position in Africa. The government has been proactive in implementing reforms to improve the registration process.
In public procurement, Togo continues to modernize its framework through professionalization and digitization. Legislative reforms have been introduced with the aim of benefiting the private sector, which is emphasized in the National Development Plan.
Significant reforms are also being made in the area of “Paying Taxes and Duties”. Togo aims to create an attractive tax framework for investors through the replacement and exemption of certain taxes, enhancing its business environment with a focus on digitization.
Togo’s strategic reforms across various business indicators reflect a robust commitment to improving its economic environment. With notable advancements in contract enforcement, trading processes, property registration, and public procurement, Togo is becoming increasingly attractive for both investors and entrepreneurs. The government’s focus on digitization and efficiency will likely position the country favorably in future business rankings.
Original Source: www.togofirst.com
