Togo has demonstrated remarkable progress in improving its business environment, leading Africa in starting a business and making notable advancements in other categories such as enforcing contracts and trading across borders. The country’s ongoing reforms focus on digitization and accessibility, aiming to attract investment and stimulate economic development.
Togo has maintained its position as the top nation in Africa for ease of starting a business, ranking fifteenth globally in the 2020 Doing Business report. The country continues to implement reforms aimed at enhancing its business climate across various indicators.
In the Enforcing Contracts category, Togo has made notable advancements compared to its previous low rankings. Recent efforts have significantly improved its standing, demonstrating a commitment to enhancing legal frameworks and business operations.
Reforms in contract execution include the establishment of special chambers to handle small debts, the creation of chambers at the Court of Appeal, and the introduction of distinct clerks for civil and commercial cases. Additionally, commercial courts in Lomé and Kara now expedite dispute settlements with a maximum resolution timeframe of 100 days.
Togo’s standing has also improved in the Trading Across Borders index thanks to reforms focused on digitizing import and export procedures, thereby significantly reducing delays. These initiatives reflect the country’s proactive approach to streamlining international trade.
In terms of obtaining construction permits, Togo has advanced from 133rd to 127th place in the 2020 rankings. The government is committed to implementing further reforms to enhance this performance in future assessments.
The Getting Electricity ranking has shown consistent improvement due to reforms that facilitate better access to power and water services for businesses. Plans are in place for additional reforms to support this upward trend.
Property registration has seen the most substantial improvements, as Togo has moved away from previous low standings and now aims to surpass Rwanda, the current leader in this category within Africa. Ongoing reforms will further enhance property rights.
The public procurement framework is being modernized through digitization and regulatory changes. This ongoing professionalization is designed to benefit the private sector, aligning with the goals of the National Development Plan.
To enhance its business environment, Togo has enacted considerable reforms related to tax payments. These reforms include tax replacements and cancellations aimed at creating a more favorable tax climate for investors and economic operators, supported by digital solutions.
In summary, Togo’s commitment to enhancing its business environment is evident through substantial reforms across several indicators, including starting a business, enforcing contracts, and trading across borders. The government’s focus on modernizing frameworks, digitization, and improving sectoral efficiencies is designed to attract investors and foster economic growth, confirming its ambition to become a leading business hub in Africa.
Original Source: www.togofirst.com
