Togo’s Reforms Enhance Business Climate and Attract Investment

Togo has seen substantial improvements in its business environment, ranking fifteenth globally and first in Africa for starting a business. The country has enacted reforms to enhance contract enforcement, trading efficiency, construction permits, utility access, property registration, public procurement, and tax payments, all aimed at attracting investment and fostering economic growth.

Togo has made significant strides in enhancing its business environment, as evidenced by its impressive ranking in the 2020 Doing Business report. The nation ranks fifteenth globally and first in Africa concerning the ease of starting a business, demonstrating a robust reformative drive focused on improving key sectors of the economy. Over the years, Togo has implemented numerous measures to enhance its business climate, credited with considerable improvements across various indicators such as enforcing contracts, reducing delays in trading across borders, and facilitating construction permits. In terms of enforcing contracts, Togo has risen in ranking by establishing specialized chambers for handling small debts and creating commercial courts in Lomé and Kara, effectively streamlining civil and commercial case management. The introduction of the FORSETI COMMERCIAL platform grants lawyers and bailiffs access to important resources, while a maximum 100-day period has been fixed for resolving commercial disputes. Moreover, Togo’s ranking in trading across borders has improved due to reforms focusing on digitization, which has successfully reduced import and export processing times. The country also aims to advance in the construction permit index, having already progressed from 133rd to 127th place through ongoing reforms. Continued enhancements in accessing electricity and water have positively impacted Togo’s rankings within the relevant indicators over the past two years, revealing an intention to build upon this momentum with further reforms to bolster availability. Property registration has seen remarkable advancements too; Togo now aspires to surpass Rwanda’s performance in this area as it implements targeted reforms to attract investment. In public procurement, Togo has modernized its framework through digitization and legislative reform, significantly benefitting the private sector in alignment with the National Development Plan. The country is also reforming its tax system to create a more appealing environment for investors, focusing on the elimination of certain taxes and the digitization of payment processes.

The article discusses Togo’s reforms aimed at enhancing its business environment, as highlighted in the 2020 Doing Business report. These reforms primarily address critical areas such as starting a business, enforcing contracts, trading across borders, obtaining construction permits, accessing utilities, registering property, and public procurement. The emphasis is on how Togo’s proactive measures support its ambition to improve its rankings and create a more conducive atmosphere for investment and economic growth in the region.

In conclusion, Togo’s commitment to reforming its business environment has yielded significant improvements across multiple indicators in the Doing Business rankings. The strategic focus on digitization, enhanced contract enforcement, streamlined trading, and modernized public procurement demonstrates the government’s dedication to transforming Togo into an attractive destination for investors. Continued progress in property registration and tax payment infrastructures will further solidify Togo’s position as a leader in business reform within Africa.

Original Source: www.togofirst.com