Starting a Business
As of 2020, Togo ranks fifteenth globally and first in Africa for ease of starting a business. This achievement highlights its ongoing efforts to make entrepreneurship more accessible. The country has been implementing reforms aimed at simplifying the process, thus encouraging new businesses to emerge.
Enforcing Contracts
In previous years, Togo struggled with enforcing contracts, but significant improvements have occurred. The government has taken steps to bolster the business climate, resulting in a strong rise in the rankings for this aspect.
Contract Execution
- Creation of specialized chambers of commerce for small debts
- Introduction of distinct clerks for civil and commercial cases
- Establishment of commercial courts in major cities, Lomé and Kara
- Access to the FORSETI Commercial platform for lawyers and bailiffs
- Setting a maximum of 100 days to resolve commercial disputes
Trading Across Borders
Togo has enhanced its ranking in trading across borders due to reforms focusing on digitalization and reducing delays in import and export procedures. This shift showcases the country’s commitment to improving trade efficiency.
Construction Permits
In 2020, Togo climbed from 133rd to 127th place regarding construction permits. The government aims to continue this upward trend with ongoing reforms aimed at facilitating the permitting process.
Getting Electricity
Recent reforms have also consistently improved Togo’s ranking in accessing electricity. The government’s initiatives have made it easier for businesses to obtain power, which is crucial for fostering economic growth.
Property Registration
Out of all the indicators, property registration has seen the most improvement for Togo since 2018. The country aims to surpass Rwanda, the top performer in Africa in this area. With continued reforms, Togo is focused on making property registration smoother for its citizens.
Public Procurement
Togo’s public procurement system is undergoing modernization. Reforms include professional training and legislative changes. These updates aim to streamline processes for the private sector, aligning with the National Development Plan.
Paying Taxes and Duties
To create a more inviting business environment, Togo has reformed its tax system. New policies include replacing outdated taxes and providing exemptions. The goal is to attract investors by making tax payments more straightforward and efficient, often through digital means.
Recent surveys indicate that 75% of local entrepreneurs believe these reforms are improving the business climate. Togo is setting an example for other nations striving for economic growth through smart regulatory changes. As the country continues to evolve, it’s essential for stakeholders to stay updated on these ongoing developments. For more detailed insights, check out the World Bank’s [Doing Business report](https://www.worldbank.org/en/publication/doing-business).
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