Togo Leads African Business Creation: Strategic Reforms Drive Global Recognition
Lomé, Togo — In a remarkable feat, Togo has secured the 15th position worldwide and the top spot in Africa on the Doing Business (DB) 2020 business creation indicator. This achievement underscores the West African nation’s relentless drive to improve its business environment through comprehensive reforms.
Reforms Across the Board
Togo’s reforms span multiple critical areas, including contract execution, cross-border trade, building permits, electricity connection, property transfer, public procurement, and tax payments. These strategic initiatives aim to streamline business operations, reduce bureaucracy, and foster an environment conducive to economic growth.
Contract Execution: A Quantum Leap
Despite languishing in the lower echelons of the Doing Business ranking for contract execution, Togo has implemented numerous reforms to enhance its legal framework. This year, the country has made significant strides, aiming for a qualitative leap in this crucial indicator.
Cross-Border Trade: Digitization and Efficiency
Togo has substantially reformed its cross-border trade processes by adopting a series of digital measures. These reforms, which include the digitization of acts and procedures, aim to reduce deadlines and streamline import and export processes, making cross-border trade more efficient.
Building Permits: A Steady Climb
From the 133rd position in the 2020 Doing Business report, Togo has set its sights on repeating its success in the upcoming edition. The country has initiated a battery of reforms to facilitate the process of obtaining building permits, moving up the global rankings.
Electricity Connection: Consistent Progress
Togo has shown consistent improvement in the Doing Business ranking for electricity connection over the past two years. The latest reforms focus on easing the process of connecting businesses to electricity and water, further enhancing the business environment.
Property Transfer: Drastic Improvements
The property transfer indicator has seen the most significant improvements since 2018. With drastic reductions in deadlines, Togo aims to climb the rankings and challenge regional leaders like Rwanda for the top spot in Africa.
Public Procurement: Professionalization and Digitization
Reforms in public procurement in Togo have focused on professionalizing the sector, digitizing processes, and implementing legislative regulations. These efforts aim to improve the framework significantly, benefiting the private sector and aligning with the National Development Plan.
Tax Reforms: An Incentive for Investors
In line with its broader business environment improvements, Togo has introduced significant tax reforms. These include the replacement and abolition of certain taxes, along with exemptions, to create a more incentive-friendly tax framework for economic investors and operators.
These strategic reforms position Togo as a beacon of progress in Africa, attracting global attention and setting a precedent for other nations. As Togo continues its upward trajectory, it remains a model for countries seeking to enhance their business environments and foster economic growth.
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