Togo: the Chamber of Commerce and Industry and the National Chartered Accountants Order team up to back SMEs and SMIs

Economic governance

Saturday, 04 February 2023 03:42

Togo: the Chamber of Commerce and Industry and the National Chartered Accountants Order team up to back SMEs and SMIs

(Togo First) - The Chamber of Commerce and Industry of Togo (CCI-Togo) and the National Chartered Accountants Order of Togo (ONECCA) signed Thursday, February 2, 2023, in Lome, an agreement to facilitate access to accounting services to MSMEs, SMEs, and SMIs.

Through this agreement, the two organizations want to strengthen the mission of the Certified Management Center (CGA in French).

Consequently, Togolese businesses will benefit from management services from chartered accountants and certified accountants, including bookkeeping. Also, the deal will help SMEs grow and be more resilient, especially against issues they face while starting up. Businesses selected will get a five-year support.

"Supporting small and medium-sized enterprises, which make up the bulk of our economic fabric - in fact, in 2020 we demonstrated more than 146,000 companies, 94% of which are SMEs - is a concern shared by all actors in the economic ecosystem. Because these entities are more fragile, especially at the beginning of their activities," said Nathalie Bitho, president of the special consular delegation of the CCI-Togo.

The agreement is part of the community reform relating to approved management centers. According to Yawo Djidotor, president of the National Order of Chartered Accountants of Togo, “this initiative will mark the beginning of a fruitful collaboration between the two institutions for the benefit of Togo’s business climate.”

The Certified Management Center was established to improve the management of businesses and assist them in tax, social, and management matters. It helps them to keep and report their accounts. Nearly 200 SMEs are supported by the entity throughout the territory.

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.