Togo’s Commitment to Business Reforms: A Path to Economic Growth
Togo has made significant strides in improving its business climate, achieving top rankings in various indices. Key reforms have been implemented in areas such as Starting a Business, Enforcing Contracts, and Trading Across Borders, resulting in enhanced efficiency and attractiveness for investors. Ongoing initiatives target improvements in construction permits, property registration, public procurement, and taxation, reflecting the government’s commitment to economic growth.
Togo has demonstrated remarkable progress in its business environment, with notable rankings in areas such as Starting a Business and Enforcing Contracts. It currently stands fifteenth globally and first in Africa in the Starting a Business index as of 2020, reflecting a strong commitment to regulatory reforms.
The nation has significantly improved its Enforcing Contracts ranking, overcoming previous obstacles to enhance its business climate. Key initiatives have been implemented to expedite the execution of contracts through the establishment of special chambers of commerce for small debts and dedicated clerks for civil and commercial cases.
In the realm of Trading Across Borders, Togo has adopted several reforms to streamline import and export processes. Emphasis on digitization has significantly reduced delays, contributing to a more efficient trading environment.
Togo’s efforts to improve its Construction Permit index have also shown positive results, moving from 133rd to 127th place in a short span. Plans for continued reforms aim to enhance this ranking further.
The country’s performance in Getting Electricity has been consistent over the past two years, owing to various reforms aimed at simplifying access to essential utilities for businesses. Continuous improvements are expected to follow.
In Property Registration, Togo has made the most dramatic advancements since 2018. The government is striving to outperform Rwanda, the current top performer in Africa, by implementing a series of reforms aimed at simplifying property registration.
The modernization of Togo’s public procurement framework is ongoing, characterized by professionalization and digitization, benefiting the private sector as per the objectives of the National Development Plan.
Efforts in enhancing the taxation landscape have been substantial, with reforms designed to simplify tax payments and attract investors. A focus on digitization and the restructuring of tax systems signifies Togo’s commitment to an appealing business environment.
In conclusion, Togo’s commitment to reforming its business environment is evident across multiple indices, including Starting a Business, Enforcing Contracts, and Trading Across Borders. Progress in these areas, along with ongoing reforms in construction permits and property registration, illustrates a strategic approach to fostering economic growth. The continuous enhancements in public procurement and taxation further underscore Togo’s dedication to attracting investors and improving the overall business climate.
Original Source: www.togofirst.com
