Togo’s Significant Reforms and Rankings in the Doing Business Index

Togo has achieved first place in Africa and fifteenth globally in the Starting a Business index of the 2020 Doing Business ranking. Significant improvements are evident in areas such as enforcing contracts and trading across borders, thanks to extensive reforms. The government aims to enhance the business climate further through measures in construction permits, property registration, public procurement, and taxation.

Togo has established itself as a leader in the Starting a Business index, achieving the fifteenth position globally and first in Africa as per the 2020 Doing Business ranking. This success is attributed to numerous reforms aimed at enhancing the business environment, ensuring ease of establishing new enterprises.

In terms of Enforcing Contracts, Togo has significantly improved its ranking in recent years. The country has invested effort into creating a more favorable business climate, lifting its position in the Doing Business rankings from one of the lowest to a more competitive standing.

Reforms in Contract Execution have included the establishment of special chambers of commerce for small debts and dedicated clerks for civil and commercial cases. Furthermore, commercial courts have been set up in key cities, and a maximum dispute resolution time of 100 days has been implemented to expedite proceedings.

The indicator of Trading across Borders has shown remarkable improvement due to Togo’s focus on digitization and streamlining of import and export processes. These reforms have effectively reduced delays, enhancing Togo’s competitive edge in international trade.

Regarding Construction Permits, Togo aims to improve its standing from the 2020 Doing Business ranking, moving from 133rd to 127th place. To achieve this, the government has introduced a series of reforms that streamline the permitting process.

Over the past two years, Togo has consistently advanced in the Doing Business’ Getting Electricity and Water metric. The country has implemented reforms to facilitate access to these essential services for businesses and aims to maintain this upward trend through additional enhancements.

In Property Registration, Togo has made the most substantial progress among the Doing Business indicators since 2018. The nation, previously ranked low, now aspires to surpass Rwanda, the current African leader in this area, through ongoing reforms.

Public Procurement reforms in Togo focus on professionalization, digitization, and legislative improvements. This modernization benefits the private sector, aligning with the objectives of the National Development Plan, which aims to bolster economic growth.

To attract investments, Togo has enacted significant changes in its tax framework, simplifying the payment of taxes and duties. The government has replaced and waived certain taxes while relying on digitization to create an appealing environment for investors and business operators.

In summary, Togo is making significant strides in improving its business environment, as evidenced by its advancements in multiple indicators of the Doing Business report. The government’s commitment to reform, including enhancements in contract enforcement, property registration, and tax structures, aims to solidify Togo’s position as an attractive destination for investment and economic activity in Africa.

Original Source: www.togofirst.com