Togo is on the rise in the global business landscape. In the latest World Bank report, Togo ranks fifteenth overall and first in Africa for starting a business. This sharp upward trend shows Togo’s commitment to improving its business climate.
Enforcing Contracts
In the past, Togo struggled with enforcing contracts. However, recent reforms have greatly improved its standing. From a low ranking, the country has made significant progress to create a more reliable legal environment for businesses. Experts emphasize that this change fosters trust between local and international investors, encouraging economic growth (source: World Bank).
Contract Execution
Togo has taken action to simplify contract execution. It has set up special courts for small claims and introduced efficient clerks to handle civil and commercial cases. These changes mean disputes can now be resolved faster, often within 100 days.
Trading Across Borders
The process of trading across borders has also improved. Togo’s focus on digitizing its import-export procedures has reduced delays significantly. A recent survey found that 70% of businesses reported faster clearance times, boosting trade flows and competitiveness.
Construction Permits
Togo’s position for acquiring construction permits has moved up from 133rd to 127th place. This jump reflects efforts to streamline processes and cut down on bureaucracy. By making it easier to get building permits, Togo hopes to attract more foreign investment.
Getting Electricity
Over the past two years, Togo has seen consistent improvements in accessing electricity. The government has initiated multiple reforms aimed at simplifying the connection process for businesses. A recent report shows that waiting times to get electricity have been reduced by as much as 30%.
Registering Property
Property registration is another area where Togo has excelled. After years of low performance, it is now poised to surpass Rwanda, the top performer in Africa. Togo is committed to continuous reforms, making property acquisition simpler for investors.
Public Procurement
Public procurement in Togo is undergoing modernization. The government is focused on digitization and professionalization to upgrade its procurement system. This not only enhances efficiency but also benefits private sector participation. Togo’s National Development Plan prioritizes these improvements to stimulate economic growth.
Paying Taxes and Duties
To make the business environment more attractive, Togo has revised its tax system. By replacing and canceling various taxes, the government aims to create a more appealing tax landscape for investors. Digitization has played a crucial role in this transformation, simplifying tax compliance for businesses.
In summary, Togo is making strides in improving its business environment. By focusing on key areas like contract enforcement, trade, and property registration, it is positioning itself as a competitive player in the African market. With continued efforts, Togo can look forward to even greater achievements in the future.
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