Business Creation: Togo set a record in 2023

Economic governance
Monday, 08 January 2024 17:49
Business Creation: Togo set a record in 2023

(Togo First) - Over the past year, 15,654 businesses were created in Togo. Togo First obtained the data from the country’s Center for Business Formalities (Centre de Formalités des Entreprises, CFE).

The figure, a new record, is up 13% compared to 2022 when the CFE registered 13,835 new businesses. 

The local-to-foreigner ratio shows that Togolese nationals officially set up 13,032 businesses in 2023, against 11,659 in 2022, or 12% less. The number of businesses registered by foreigners shot up 20% to 2,622, against 2,176 in 2022. 

According to CFE data, over half of the businesses registered last year were registered during the first semester. Over the period, 8,283 businesses were registered. That is 14% more than the number registered in H1 2022: 7,217. In H2 2023, 7,371 businesses were registered, against 7,351 in H2 2022 (+0.2% YoY).

The government attributes the increase to various reforms it introduced to boost the country’s business climate. Some of these include shorter delays and lower costs for setting up a business, as well as the dematerialization of related paperwork.

Esaïe Edoh

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