Togo has achieved significant advancements in its business climate, leading in starting a business in Africa and enhancing rankings across various indices. Key reforms in contract enforcement, trading procedures, construction permits, and taxation have contributed to an improved economic environment, emphasizing digitization and efficiency.
Togo has made impressive strides in its business environment, currently ranking fifteenth worldwide and first in Africa for starting a business according to the 2020 Doing Business report. The nation continues to implement numerous reforms to enhance its economic landscape effectively.
In the area of enforcing contracts, Togo has seen significant improvements. It has successfully increased its ranking over recent years through determined efforts aimed at enhancing the business climate, responding to previous low rankings with strategic changes.
The execution of commercial contracts has also been streamlined with the establishment of special chambers of commerce for small debts, distinct clerks for civil and commercial cases, and commercial courts in Lomé and Kara. Moreover, the introduction of the FORSETI COMMERCIAL platform grants lawyers and bailiffs faster access to crucial resources, with a target of settling commercial disputes within 100 days.
Togo’s performance in trading across borders has also risen markedly, owing to various reforms focused on digitization and the reduction of delays in import and export processes. These enhancements reflect the government’s commitment to improving trade facilitation.
Under the category of construction permits, Togo has moved up from the 133rd to the 127th place in the 2020 Doing Business report, with further reforms anticipated to maintain this upward trajectory in future rankings.
In terms of securing electricity and water services, Togo’s ranking has increased steadily over the past two years, attributed to various reforms aimed at facilitating access and improving service delivery.
Property registration has seen Togo’s most significant improvement since 2018, with ambitions to surpass Rwanda, the current leader in this category within Africa. Ongoing reforms are being implemented to enhance the efficiency of property registration processes.
The public procurement framework in Togo is witnessing modernization through professionalization and digitization efforts, advancing legislative regulations. This initiative has yielded significant benefits for the private sector, in alignment with the National Development Plan.
Moreover, Togo has introduced critical reforms related to tax payments to enhance its business environment. By modifying and eliminating specific taxes and duties, the government aims to create a highly attractive tax framework for investors, relying heavily on digitization to achieve these objectives.
In conclusion, Togo’s ongoing reforms across various business sectors—including starting a business, enforcing contracts, and public procurement—demonstrate a clear commitment to improving its economic environment. Strategic initiatives aimed at digitalization and efficiency have propelled the nation’s rankings, fostering a more conducive atmosphere for investment and growth. With plans for further enhancements, Togo is poised to continue its upward trend in the global economic landscape.
Original Source: www.togofirst.com
