Togo’s Strategic Reforms Enhance Business Environment and Investment Climate

Togo has made notable strides in improving its business environment, achieving a top rank for ease of starting a business. Key advancements include enhanced contract enforcement, streamlined import/export procedures, and significant reforms in property registration and public procurement. The government continues to focus on creating an attractive environment for investors through tax reforms and essential service access improvements.

Togo has made considerable advancements in its business environment, so much so that it ranks fifteenth globally and first in Africa for ease of starting a business, as per the 2020 Doing Business index. This reflects the country’s commitment to ongoing reforms aimed at simplifying business processes and enhancing the investment climate.

In the area of enforcing contracts, Togo has significantly improved its ranking compared to previous years. Through various initiatives to enhance the business climate, the nation has worked diligently to refine its legal framework for commercial disputes, allowing businesses to resolve issues more effectively.

The establishment of special chambers of commerce dedicated to small debts and the separation of civil and commercial case clerks further facilitate contract execution. Additionally, the newly formed commercial courts in Lomé and Kara aim to streamline dispute resolution, with a maximum timeframe of 100 days set for settling commercial disputes.

In terms of trading across borders, Togo has upgraded its position significantly by embracing digitization and reducing delays in import and export procedures. These reforms allow for smoother and more efficient trade operations, building Togo’s reputation as a competitive trading partner.

Togo’s ranking in the construction permit category has also improved, moving from 133rd to 127th place. The government is committed to sustaining this momentum and has scheduled additional reforms to further enhance the regulatory framework for construction permits.

The past two years have seen consistent advancements in Togo’s ranking regarding electricity and water access. This improvement is attributed to reforms that facilitate easier access for businesses to essential services, ensuring operational efficiency.

Property registration has experienced the most substantial progress among the Doing Business indicators since 2018. Togo aims to surpass Rwanda’s leading position in Africa and is actively implementing reforms to continue this upward trajectory.

Public procurement is undergoing modern advancements, focusing on professionalization, digitization, and legislatorial reform. This ongoing transformation aims to enhance the sector’s benefit to the private market, directly aligning with the National Development Plan.

Furthermore, Togo has undertaken significant reforms in tax payment procedures, aiming to create an attractive fiscal environment for investors. These include the replacement and abolition of certain taxes and the introduction of exemptions, primarily facilitated by the process of digitization.

In summary, Togo is steadfast in its mission to enhance its business environment through strategic reforms across various sectors. The country’s significant improvements in areas such as contract enforcement, trade, and tax payments underscore its commitment to creating an investor-friendly framework. Continued reforms in property registration and public procurement further highlight Togo’s proactive approach toward sustainable economic growth.

Original Source: www.togofirst.com