Togo has made significant improvements in its business climate, ranking fifteenth globally and first in Africa for Starting a Business. The country has enhanced its positions in Enforcing Contracts, Trading Across Borders, and Property Registration through various reforms aimed at simplifying processes and improving efficiencies. Furthermore, Togo’s focus on increasing access to utilities and modernizing public procurement systems emphasizes its commitment to creating a favorable investment environment.
Togo has been making remarkable progress in enhancing its business environment, as highlighted by its impressive rankings in the 2020 Doing Business report. The nation holds the fifteenth position worldwide and leads Africa in the “Starting a Business” category, thanks to several reformative measures aimed at easing the process for new enterprises. Significantly, Togo has also improved its position in the “Enforcing Contracts” and “Trading Across Borders” categories, driven by active policy changes that promote digitalization and efficiency in legal and trade frameworks.
In terms of contract execution, Togo has established special chambers for small debt cases, created commercial courts in major cities, and dedicated clerks for civil and commercial matters. This has culminated in a stipulated 100-day maximum resolution period for commercial disputes, thereby facilitating smoother transactions.
Additionally, reforms in the construction permit process have seen Togo advance from the 133rd to the 127th position, reflecting its commitment to enhancing regulatory frameworks necessary for infrastructure development. The country is also focused on making electricity and water access easier for businesses, further boosting its appeal as a viable investment destination.
Property registration has shown unprecedented improvement, aiming for competitiveness with Rwanda, the leader in Africa for this indicator. Togo has also modernized its public procurement framework through digitization, benefitting the private sector significantly as outlined in its National Development Plan.
Lastly, tax reforms have been a pivotal part of Togo’s strategy to attract investors, where measures have been taken to simplify tax obligations through digitization and exemptions. These comprehensive reforms underscore Togo’s dedication to bolstering its business environment and economic growth.
Togo’s recent advancements in the business domain are attributable to comprehensive reforms implemented across various sectors, as recognized in the 2020 Doing Business rankings. These reforms are designed to create a more conducive atmosphere for entrepreneurship and investment, focusing on reducing bureaucratic hurdles, enhancing efficiency, and leveraging technology. With Togo’s international standing improving, these measures illustrate the government’s resolve to foster a competitive economy in line with global standards.
In summary, Togo’s efforts in reforming its business landscape have yielded significant advancements across multiple indicators in the Doing Business report. From improving the starting process for new businesses to enhancing property registration and tax frameworks, these initiatives reflect a strategic approach to economic development. As Togo continues to implement and refine these reforms, its position as a growing investment destination in Africa is likely to strengthen further.
Original Source: www.togofirst.com
