Togo’s Strategic Reforms to Enhance Business Environment and Attract Investment

Togo is reforming its business environment across multiple sectors, achieving a notable position in global rankings. Key areas of focus include Starting a Business, Enforcing Contracts, Trading Across Borders, and Property Registration. The government’s initiatives aim to digitalize processes and streamline access to essential services, fostering investor confidence and economic growth.

Togo ranks fifteenth globally and first in Africa for the Starting a Business index, demonstrating a strong commitment to reform. Ongoing efforts are focused on enhancing the business climate through various new initiatives.

In terms of Enforcing Contracts, Togo has made substantial progress. Once ranked poorly, recent reforms have propelled it up the index, reflecting the nation’s dedication to improving enforcement mechanisms.

Significant changes in Contract Execution include establishing special chambers for small debts and commercial courts in key cities. Additional measures allow lawyers and bailiffs access to the FORSETI COMMERCIAL platform, and a maximum resolution time of 100 days for commercial disputes has been instituted.

Togo’s performance in Trading Across Borders has also improved dramatically. With the implementation of reforms focused on digitization and streamlining import and export processes, the country has achieved a better standing on this important index.

The Construction Permit index shows Togo’s rise from 133rd to 127th place. The government aims to maintain this momentum by introducing further reforms to enhance the business environment.

Togo’s rankings in Getting Electricity and Water have seen steady improvements. Reforms are actively simplifying access to these essential services, and additional measures are planned for this year to promote further advancements.

Notably, the Property Registration index has seen the most improvement since 2018. As Togo strives to outpace Rwanda, the government has executed numerous reforms to facilitate property registration, with a more recent batch implemented this year.

In Public Procurement, Togo is modernizing its framework through digitization, professionalization, and legislative measures. This transformation aims to bolster the private sector as part of the National Development Plan.

Reforms in Paying Taxes and Duties have significantly enhanced Togo’s business environment. By replacing certain taxes and removing others to create exemptions, the goal is to establish a more favorable tax framework for investors and economic operators, primarily through digitalization efforts.

Togo is actively reforming various sectors to foster a more conducive business environment. Key improvements are evident in areas such as Starting a Business, Enforcing Contracts, and Property Registration. The government continues to prioritize modernization through digitization and regulatory updates, all aimed at enhancing the nation’s appeal to investors. These efforts have positioned Togo favorably in global business rankings, showcasing its commitment to economic growth and development.

Original Source: www.togofirst.com