Togo has made significant progress in improving its business environment, particularly in areas such as Starting a Business, Enforcing Contracts, Trading Across Borders, and Property Registration. Through continuous reforms and modernization efforts, Togo aims to position itself as a leading investment destination in Africa.
Togo is taking significant strides in improving its business environment, as evidenced by its remarkable positioning as fifteenth in the world and the leading nation in Africa under the Starting a Business index in the 2020 Doing Business ranking. Continued reforms demonstrate Togo’s commitment to enhancing the ease of initiating business operations.
Togo’s progress in the Enforcing Contracts indicator marks a notable turnaround, as the country previously ranked among the lowest. Recent efforts have considerably elevated its status, contributing to a more favorable business climate that supports effective contract enforcement.
In terms of Contract Execution, Togo has established special chambers of commerce focused on small debts, alongside commercial courts in urban centers. Furthermore, a maximum resolution period of 100 days for commercial disputes has been instituted, enhancing efficiency and providing greater access to the FORSETI COMMERCIAL platform for legal professionals.
The Trading Across Borders indicator indicates substantial advancements as Togo implements reforms aimed at digitalizing and expediting import and export procedures. These initiatives have significantly improved ranking compared to previous years, making international commerce more streamlined.
Concerning Construction Permits, Togo has risen from 133rd to 127th place in the corresponding index, reflecting ongoing reforms aimed at sustaining upward momentum in future rankings. This commitment to continual improvement is a cornerstone of Togo’s strategic development plans.
In the area of Getting Electricity, Togo’s steady ascent in the Doing Business rankings is attributed to reforms that simplify access to essential utilities for businesses. Plans for further reforms are in place to maintain this positive trend.
Togo has shown the most significant improvement in Property Registration since 2018, moving up in rankings with aspirations to surpass Rwanda, the top performer in Africa. Implementation of various reforms underscores the nation’s resolve to enhance property registration efficiency.
The modernization of Public Procurement processes in Togo is ongoing, characterized by professionalization and digitization efforts. These reforms aim to benefit the private sector and align with the objectives outlined in the National Development Plan.
Finally, Togo has introduced critical reforms regarding the payment of taxes and duties to foster a more attractive investment climate. Through digitization and restructuring the tax framework, the government aims to create an environment conducive to economic growth and investment.
Togo’s comprehensive reforms across various business indicators illustrate the nation’s commitment to enhancing its economic landscape. By achieving significant advancements in areas such as starting businesses, enforcing contracts, and improving public procurement, Togo positions itself as an attractive destination for investors. The continuous pursuit of modernization and regulatory efficiency reflects a proactive approach towards fostering economic development and improving the overall business climate.
Original Source: www.togofirst.com
