Togo has achieved significant milestones in improving its business environment, ranking fifteenth globally in the 2020 Doing Business index for Starting a Business. The country has implemented numerous reforms, including digitization of processes, enhanced contract enforcement mechanisms, and improvements in property registration and public procurement systems. These initiatives are designed to attract investment and promote economic growth.
Togo has positioned itself as a leader in Africa regarding business reforms, notably ranking fifteenth globally in the 2020 Doing Business index for Starting a Business. This positive trajectory is underpinned by significant legislative and procedural changes aimed at enhancing the business environment. Togo’s efforts include improvements in enforcing contracts, establishing distinct chambers for commercial disputes, and digitizing processes related to international trade, electricity access, and property registration. These reforms reflect the government’s commitment to creating a conducive climate for entrepreneurs and attracting foreign investment. More specifically, Togo has introduced a dedicated FORSETI COMMERCIAL platform for legal professionals, providing better accessibility to commercial law resources. The country has also streamlined processes by establishing a 100-day maximum for resolving commercial disputes, which has contributed to its improved ranking. Additionally, Togo continues to evolve its public procurement system through modernization initiatives that benefit the private sector, as emphasized in the National Development Plan. Under the Doing Business framework, Togo has sharpened its focus on reducing delays in import and export procedures, as well as improving its electricity and water access rankings. In recent years, the country has moved from the 133rd to the 127th position for construction permits. The concerted effort is aimed not only at enhancing operational efficiency for businesses but also at positioning Togo as an attractive location for investors. The approach taken by Togo reflects an overarching strategy of incentivizing economic activities through tax reforms, including the simplification and cancellation of certain taxes. The authorities are leveraging digitization to streamline tax payment processes, reinforcing the objective of creating an appealing fiscal environment for economic growth and investment.
In recent years, Togo has embarked on a series of comprehensive reforms aimed at improving its business landscape, primarily as assessed by the World Bank’s Doing Business index. With a significant jump in rankings across various categories, Togo’s efforts underscore the government’s commitment to fostering a favorable environment for both local and foreign investors. The ongoing reforms address critical aspects such as ease of doing business, legal and property rights, accessibility of essential services, and public procurement systems, which are pivotal for sustainable economic development.
In summary, Togo’s strategic reforms highlight a robust commitment to improving the business climate, thereby making the country a competitive destination for investment in Africa. With notable advancements in establishing business-friendly regulations, enhancing service accessibility, and modernizing bureaucratic processes, Togo is well-positioned to further climb the rankings in global business assessments. Continued emphasis on digitization and comprehensive tax reforms will further solidify its attractiveness as a hub for economic activity and investment.
Original Source: www.togofirst.com
