Togo: The number of businesses started by women in 2021 was up 24%, compared to 2019

Economic governance

Wednesday, 09 March 2022 13:18

Togo: The number of businesses started by women in 2021 was up 24%, compared to 2019

(Togo First) - The number of businesses created by women in Togo, rose from 3,049 to 3,739 between 2019 and 2021, up about 24%, according to data from the Centre de formalités des entreprises (CFE) compiled by Togo First.

In detail, women created 3,049 businesses in 2019, which is 26% of the total registered at the CFE that year, knowingly 11,514. The following year, businesswomen created 3,426 firms, thus 11% more than in 2019, and 10% less than in 2020 when they created 3,739 businesses.

Combined, the number of businesses created by women over these three years stood at 10,214, out of 37,784 in total.

More women were able to start businesses because they could secure loans more easily, as indicated in a World Bank study titled “The benefits of gender: Unleashing the potential of women's entrepreneurship in Africa.” The report states that more than 70% of women entrepreneurs in Togo have borrowed money for their businesses. In Nigeria and South Africa, 60% and 45% of women entrepreneurs have sought and obtained credit respectively.

The same document emphasizes that Togo is the only country in the West African Economic and Monetary Union (WAEMU) where microenterprises run by women are more profitable than those run by men.

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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.