Over 3,000 new businesses registered in Q3 2020

Economic governance
Wednesday, 07 October 2020 17:01
Over 3,000 new businesses registered in Q3 2020

(Togo First) - Over the past quarter, 3,464 new businesses have been registered in Togo, according to statistics of the Centre de Formalités des Entreprises (CFE). 

Respectively, 1,201 were created in July, 1,181 in August, and 1,082 in September. Overall, compared to the same quarter in 2019, 500 more businesses were registered this year. 

Togolese citizens established 75% of businesses registered in Q3 (2,608) while the remaining 25% (856) was launched by foreigners. 

These encouraging figures are attributable among others to recent reforms (focused on digitization) which have made it easier for young entrepreneurs to start a business. According to the CFE, more than 6,000 new businesses were registered in the first half of 2020, despite difficult economic conditions resulting mainly from Covid-19. 

If the same trajectory is kept, Togo could set a new record in terms of created businesses (11,482 in 2019). As of Oct. 7, 2020, a total of 9,743 new businesses have been registered, since the start of the year. 

Ayi Renaud Dossavi

togofirst mobile

 
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