Togo: Notaries, Lawyers, More Express Opinions on Business Climate and Related Reforms

Economic governance

Wednesday, 30 August 2023 12:30

Togo: Notaries, Lawyers, More Express Opinions on Business Climate and Related Reforms

(Togo First) - Togo held its first Investors Breakfast of the year last Tuesday. The event brought together the Ministry of Investment Promotion and representatives of the local business community, including lawyers, architects, notaries, and customs declarants.

The meeting was chaired by the Minister of Investment Promotion, Rose Mivedor, and participants expressed their opinions-good and bad-on the changes in Togo’s business environment; changes induced by various reforms introduced in recent years.

"Today's meeting, which brings together lawyers, architects, notaries and customs declarants, is an opportunity to exchange views on the progress made in terms of reforms operated by the Togolese government for the constant improvement of the business climate," said Minister Mivedor. "In addition, it will be a question of listening to you, in your capacity as interlocutors and prescribers to potential investors, and of identifying the difficulties that mark the investor's journey in our country,” she added.

During the meeting, the Business Climate Unit, attached to the Togolese Presidency, presented the latest improvements in Togo’s business environment.

Besides expressing their opinions, the actors present submitted their grievances to key stakeholders, to consolidate the reforms undertaken by the government and attract more investors.

Collected contributions will help draw recommendations, which will, according to Kayi Mivedor, help bolster Togo’s attractiveness.

In the first quarter of this year, Togo validated 4 new investment projects, for a total amount of 19 billion FCFA, according to data from the Ministry. For the year 2022 as a whole, a total of 36 projects have been registered, including 18 under the Investment Code (CI) and 18 under the Free Trade Zone (ZF) status, for a total projected amount of 150.2 billion FCFA.

Ayi Renaud Dossavi

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.