Togo has significantly advanced its business environment through various reforms, achieving impressive rankings in the Doing Business indicators. It now holds the fifteenth position worldwide and first in Africa for starting a business, has improved on contract enforcement, trading across borders, construction permits, public procurement, and taxation, demonstrating a commitment to creating an attractive business climate.
Togo has made remarkable progress in enhancing its business landscape, as evidenced by several reforms aimed at improving its rankings in various indicators of the Doing Business report. In the realm of starting a business, Togo has risen to the fifteenth position globally and first in Africa, demonstrating its commitment to reforming this sector. The country has also significantly improved its contract enforcement capabilities, propelling it upwards on the international index by establishing special chambers of commerce for small debts and creating commercial courts. Furthermore, Togo has optimized its trading procedures, focusing on digitization and expediting import and export processes, thereby advancing its rank in trading across borders. In the construction sector, Togo’s ranking moved from 133rd to 127th, reflecting continued improvements in construction permit regulations and a multitude of ongoing reforms. The obtaining of electricity and water has seen consistent enhancements due to reforms designed to ease access for businesses. In terms of property registration, Togo has made significant strides since 2018 and aims to surpass Rwanda, the current leader in Africa for this indicator. The modernization of the public procurement framework is also notable, with efforts focusing on professionalization and digitization to bolster private sector involvement as outlined in the National Development Plan. Lastly, Togo has restructured its tax framework to foster investment, introducing key reforms that simplify tax payments and offer exemptions where necessary.
Togo’s commitment to reforming its business environment has yielded substantial outcomes over recent years. The country’s strategic initiatives aim to elevate its standing in global business indices by addressing various critical areas, including business formation, contract enforcement, trade procedures, construction regulations, utility access, property registration, public procurement, and taxation. These reforms are crucial not only for attracting foreign investment but also for enhancing the overall economic landscape in the country, ultimately contributing to sustainable growth.
In conclusion, Togo’s extensive array of reforms illustrates its proactive approach towards creating a conducive business environment. The country’s advancements in the rankings of the Doing Business indicators showcase a clear commitment to improving the investment climate, thereby enhancing both local and foreign investor confidence. These transformative initiatives not only promise sustainable economic growth but also position Togo as a progressive player in the African business arena.
Original Source: www.togofirst.com
