Togo has made significant strides to improve its business environment, ranking fifteenth globally in starting a business and first in Africa. With recent reforms targeting contract enforcement, trading across borders, property registration, public procurement, and taxation, Togo aims to create a competitive and attractive landscape for investment and entrepreneurship.
In a bid to enhance its business environment, Togo has been undertaking a series of reforms aimed at improving its global competitiveness as reflected in the Doing Business rankings. Notably, Togo ranks fifteenth worldwide and first in Africa regarding the ease of starting a business, thanks to its continuous reformative efforts. Additionally, the country has made substantial advancements in various sectors including enforcing contracts, trading across borders, and obtaining construction permits. In the area of enforcing contracts, Togo has enacted several measures such as the creation of specialized chambers of commerce and the establishment of commercial courts, which have drastically improved its position in this category. The government has also prioritized the digitization of processes to facilitate trading across borders, resulting in quicker import and export procedures. Moreover, in terms of construction permits, Togo has improved from 133rd to 127th position. It aims to replicate this success by introducing more reforms targeting efficiency and transparency. The country has also focused on enhancing access to electricity and water, continuously improving its rankings with ongoing reforms. Property registration stands out as Togo’s most significant area of improvement, where it has gradually climbed the rankings since 2018. The government is now striving to surpass Rwanda to become the top performer on the continent in this regard. In public procurement, Togo is transforming its framework through initiatives aimed at digitization and legislative refinement, ultimately benefitting the private sector significantly. Finally, Togo is refining its taxes and duties systems to create a more attractive tax environment for investors. By digitizing tax processes and revising existing laws, the authorities aim to simplify compliance and stimulate economic growth. Overall, these comprehensive reforms signal Togo’s commitment to fostering a robust business climate conducive to investment and entrepreneurship.
Togo has recently emerged as a leader in reforming its business practices to enhance its global ranking in the Doing Business report published by the World Bank. The country has prioritized various areas including the ease of starting a business, contract enforcement, trading across borders, and property registration. Togo aims to modernize its regulatory framework and business climate through substantial reforms, driven by both governmental initiatives and international best practices. This concerted effort is seen as part of a larger strategy to attract foreign investments and bolster domestic economic activity.
In summary, Togo’s consistent reforms in facilitating business operations have led to remarkable improvements in its Doing Business rankings. The initiative to enhance contract enforcement, digitize trading procedures, and streamline construction and property registration processes showcases Togo’s commitment to fostering a competitive environment for both local and foreign investors. The ongoing efforts reflect a strategic vision for sustainable economic development and a desire to position Togo as an investment hub in Africa.
Original Source: www.togofirst.com
