Togo has obtained CFA 6 billion from BOAD for rural electrification, highlighting its dedication to enhancing energy access. The country ranks 15th globally in the Starting a Business index, reflecting significant reforms across various business indicators. Efforts to improve contract enforcement, streamline trade procedures, and modernize public procurement are pivotal to fostering economic growth and attracting investment while addressing critical infrastructure needs such as electricity and water access.
Togo has secured a significant investment of CFA 6 billion from the West African Development Bank (BOAD) aimed at bolstering its rural electrification initiatives. This investment underscores Togo’s commitment to improve energy access in rural areas, which will ultimately contribute to the country’s socio-economic development. Over the past few years, Togo has made considerable progress in enhancing its regulatory environment for doing business, positioning itself as a leader in Africa and attaining the 15th position globally in the Starting a Business index, according to the 2020 Doing Business ranking. The nation has also made strides in enforcing contracts, evidenced by the establishment of special chambers for small debts and the creation of commercial courts in major cities such as Lomé and Kara. These improvements reflect Togo’s dedication to fostering a conducive business climate. Furthermore, there has been a notable uptick in the country’s profile in the Trading across Borders index due to the digitization of import and export processes, which has streamlined operations and reduced delays. In the realm of construction permits, Togo has climbed from 133rd to 127th place, showcasing its intent to make the permitting process more efficient through ongoing reforms. The government has also prioritized enhancing electricity and water access for businesses, with reforms that have led to a consistent increase in rankings over the last two years in the Doing Business indices for Getting Electricity and Water. The domain of property registration has seen spectacular improvements, with Togo aiming to surpass Rwanda’s standing as the best performer in Africa. The modernization efforts extend to public procurement practices, which have been revamped through digitization and legislative enhancements to ensure a robust framework that fosters private sector growth. In relation to the taxation landscape, Togo has introduced strategic reforms to create an attractive tax framework for investors, emphasizing the importance of digitization in these efforts. With these strategic initiatives, Togo continues to demonstrate its commitment to reform and to support its economic growth and development.
Togo’s recent financial partnership with BOAD to secure CFA 6 billion represents a pivotal moment in the country’s rural electrification efforts. This funding aims to facilitate improved energy access, which is crucial for rural development. Togo has been actively working to reshape its business environment in line with international standards, as reflected in its Doing Business rankings. The government has implemented various reforms across multiple business indices, including Starting a Business, Enforcing Contracts, Trading across Borders, and others. These reforms are part of a broader strategy to enhance the nation’s economic framework and attract foreign investment, while also addressing critical infrastructure needs such as electricity, water, and public services. Togo’s ongoing commitment to these reforms is essential for achieving sustainable economic growth and improving the living standards of its citizens.
In conclusion, Togo’s acquisition of CFA 6 billion from BOAD for rural electrification is indicative of its ongoing commitment to infrastructural development and economic reform. The nation has made remarkable progress across various indices, reflecting its proactive approach to enhancing its business climate, facilitating trade, and improving essential services for its populace. Through these significant reforms and investments, Togo aims to establish itself as a competitive and attractive destination for investment in Africa, ultimately fostering sustained economic growth and development.
Original Source: www.togofirst.com
