Togo has secured CFA 6 billion for rural electrification from BOAD and has made significant improvements in its business environment, achieving fifteenth place globally in the 2020 Doing Business report for Starting a Business. The country has enhanced its rankings in several indicators, including enforcing contracts, trading across borders, construction permits, acquiring electricity, property registration, public procurement, and tax payments, through various strategic reforms aimed at facilitating business operations.
Togo has recently made significant strides in improving its business environment, as evidenced by its notable rankings across various indicators in the 2020 Doing Business report. The nation has secured funding amounting to CFA 6 billion from the West African Development Bank (BOAD) specifically aimed at rural electrification projects. This initiative is part of a broader array of reforms that have propelled Togo to the fifteenth position globally—with the distinction of being the highest-ranked country in Africa under the Starting a Business index. In the domain of enforcing contracts, Togo has undertaken extensive efforts which have resulted in a substantial improvement in its rankings from being one of the lowest to a much more favorable position. This progress can be attributed to the establishment of specialized chambers of commerce for small debt cases, newly developed commercial courts in Lomé and Kara, and enhancements in the management of civil and commercial disputes. Furthermore, the country has improved its ranking in the realm of trading across borders by adopting reforms focused on digitization and reducing delays associated with import and export procedures. This initiative aims to streamline the process and make it more efficient for businesses engaging in international trade. In terms of securing construction permits, Togo has made commendable progress, advancing from the 133rd to the 127th position. The government has introduced several reforms aimed at consistently improving this ranking in subsequent editions of the Doing Business report. Togo’s performance in acquiring electricity has also seen enhancements over the previous two years, supported by reforms that facilitate access to essential utilities for businesses. The government is expected to implement further reforms to maintain this upward trajectory. Notably, property registration has witnessed the most significant advancement among the Doing Business indicators since 2018. Togo is now striving to surpass Rwanda, which is recognized as the best performer in Africa for this specific indicator. Moreover, the modernization of the public procurement framework in Togo is evident through various reforms that enhance legislative regulations and professionalization, thereby benefiting the private sector and aligning with the National Development Plan. In an effort to create a more attractive business environment, Togo has introduced critical reforms regarding tax and duty payments. These changes include the replacement and cancellation of certain taxes, coupled with exemptions, all aimed at providing an appealing tax framework for investors and economic operators. Digitalization has been a cornerstone of these reforms, further facilitating the process.
The reforms undertaken by Togo have not only been aimed at enhancing its ranking within the Doing Business indices but have also demonstrated a commitment to creating a more conducive environment for business operations. These efforts have included the implementation of reforms targeting essential areas such as property registration, contract enforcement, construction permits, and obtaining utilities. The constant improvements reflect the government’s strategic emphasis on economic development and its alignment with international standards that foster investment. This environment is essential to attract both local and foreign investment, which is crucial for the country’s broader economic goals.
In conclusion, Togo’s recent advances in various indices of the Doing Business report underscore the nation’s commitment to transforming its business landscape. The funding secured for rural electrification serves as a testament to the ongoing initiatives aimed at supporting economic growth and enhancing the operational capacities of businesses. Through continued reforms in contract enforcement, property registration, public procurement, and the simplification of tax procedures, Togo is establishing itself as a competitive player in the African business arena, paving the way for future economic growth and sustainability.
Original Source: www.togofirst.com
