The Private Sector Week should contribute to the successful implementation of the PND, organizers say

Economic governance

Monday, 04 November 2019 19:04

The Private Sector Week should contribute to the successful implementation of the PND, organizers say

(Togo First) - Togolese Prime Minister, Komi Sélom Klassou, opened on November 4, 2019, in Lomé, the first edition of the Private Sector Week, in the presence of important figures of the private sector, international finance institutions and various development partners.

Themed, "Private Sector, driver of socio-economic development and growth of Togo," the event aims to foster the implementation of the national development plan (PND 2018-2022) as nearly CFA3,000 billion is expected to be provided by the private sector for this plan. This represents 65% of the total funds needed for the scheme.

The minister of the private sector, Kodzo Adedzé, speaking at the launching noted that it begins only a few days after the 2020 Doing Business report was released. In the latter, Togo's ranking soared by 40 places (the country had already improved its ranking by 19 places in the previous edition).

According to the minister, the event's organization reflects the will of public policies to make the private sector a key partner in line with the structural transformation of the Togolese economy. "This week will allow us to explore means and paths that will enable the private sector to keep playing its role as a key contributor to the country's development," Adedzé said.

For his part, the president of the Togolese chamber of commerce and industry (CCIT), Germain Mèba, declared that the private sector week was organized to celebrate the private sector. He then added that creating an environment favorable to business is the major pillar of the government's vision to make Togo an emerging nation. "The 2020 Doing Business rankings reflect the will of the Togolese State and its partners to create and maintain a business environment that fosters investments," he noted.

However, Mèba believes that achieving a two-digit growth rate (currently forecast at 7.6% by 2022) requires more than just a favorable business environment. The CCIT's chairman indeed indicates that in addition, the emergence of an innovative and competitive private sector, one that creates wealth and participates in key projects of the PND, will also be crucial.

For Laurent Comi Tamegnon, president of the National Council of Employers of Togo (CNP), the private sector week will provide the opportunity to reflect on the private sector's future. Meanwhile, Hawa Cissé Wagué, resident representative of the World Bank in Togo, said the event will help reinforce public-private dialogue in Togo, in line with the PND.

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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.