Togo: Ministry of investment promotion launches strategic report to attract investors

Economic governance

Thursday, 01 September 2022 17:22

Togo: Ministry of investment promotion launches strategic report to attract investors

(Togo First) - Rose Kayi Midevor, Togo’s minister for investment promotion, launched last Tuesday the Yearbook Togo 2022-2023, an economic report that showcases the country’s investment potential.

"The Togo 2022-2023 yearbook was published to make economic data accessible and to provide an overview of the achievements, completed and in progress, in the key sectors of our economy," the minister explained at the launch, which was held at the headquarters of the Société d'Administration de la Zone Franche (SAZOF) and the Agence de Promotion de la Zone Franche (API-ZF). "We also highlighted key projects of the government's roadmap, each sector’s priorities, greenfield projects, and incentives put in place for investors," she added.

The 190-page report was produced by LD Média développement and the ministry for investment promotion. It looks at Togo’s macroeconomic situation, reforms introduced in recent years, key achievements in the various economic sectors, and forecasts.

It will be distributed at embassies, diplomatic representations, and major international meetings. “We don’t target only businesspeople and investors, we also target other actors, such as international organizations, NGOs, national, political, economic, and social organizations, schools, libraries, and individuals,” Midevor said.

The book is prefaced by Togolese President, Faure Gnassingbé. "Our country is pleased to remain a strong pole of attraction for investors. We, therefore, invite you, dear investors, to come to Togo to achieve your ambitions for development and growth," the leader wrote in his introductory note.

Published in French, the Yearbook Togo 2022-2023 will be translated into English and made available digitally on the platform of the API-ZF, the Ministry of Investment Promotion said. It added that the goal is to release the report twice a year.

Written by: Ayi Renaud Dossavi

Translated from French by Schadrac Akinocho

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.