In Togo, improving the business climate has remained one of the priorities of the country's leaders for almost ten years. And to do so, a whole battery of reforms have been undertaken in order to attract foreign investors with the country.
Today, these reforms make the country of Faure Gnassingbé, one of the first reforming countries in the world. Indeed, Togo continues on its good momentum in terms of reform to improve the business climate. This is constantly recognized around the world thanks to the various rankings made public in recent years. As proof, Togo has just stood out once again as one of the best African reformers in the 2020 report of the Barometer of the Council of French Investors in Africa (CIAN) published on Thursday, March 18, 2021.
This ranking was made public at the outcome of the CIAN Africa Forum 2021 held by videoconference. According to the CIAN barometer report, out of 31 target countries, only 16 were able to achieve a score above the average set at 2.5 points. Togo stood out with a score of 2.8 points and ranks "among the Top 6 African economies having offered in 2020 the best incentive frameworks for private investment, despite the negative impacts of the COVID pandemic -19 on national development policy. " indicate our colleagues from the Togolese Republic. In this report, Togo ranks first in the West African sub-region, a place it shares with its neighbors in Benin and Ghana, and ranks 6th in the continent.
All this was made possible thanks to the work of the Business Climate Unit (CCA). The latter is coordinated by Sandra Ablamba Johnson, Minister-Counselor to the President of the Togolese Republic. Indeed, created in January 2018, the CCA initiated in 2020 new reforms in relation to the business environment with a view to a better ranking.
According to Eric Galley, economist at CCA, Togo, in order to implement its development plan (PND 2018-2022) which aims to structurally transform its economy, needs funding (4 6 22 billion FCFA) of which 65% , or about 3,000 billion FCFA, expected from the private sector.
The major challenge is to make Togo the preferred destination for investments in order to finance the PND, reiterated the Minister-Counselor.
The operating mode consisted on the one hand in optimizing the reforms on the indicators that the country would still have to validate, and on the other hand, in staying the course on the indicators where the country has a comfortable margin of progress.
The CCA has brought up to date the new reforms carried out in terms of the following indicators: execution of contracts, cross-border trade, building permits, transfer of property, payment of taxes and duties, business creation, connection with electricity, obtaining a loan.
Remember that the CIAN barometer assessed countries on several performance criteria including infrastructure, administration, economy, finance, social, factors of production and sustainable development.