Togo: Almost 14,000 new businesses were formally set up in 2021, up 9% y/y

Economic governance
Wednesday, 12 January 2022 19:12
Togo: Almost 14,000 new businesses were formally set up in 2021, up 9% y/y

(Togo First) - Over the past year, 13,770 new businesses were established. The figure, a new record, is up 9% compared to 12,500 businesses created in 2020, according to data from the Centre de formalités des Entreprises or CFE (Center for Business Formalities) compiled by Togo First.

In detail, in Q1 2021, 4,087 companies were created against 3,224 in Q2, 3,495 in Q3, and 2,964 in Q4. January was the month where the most businesses were created – 1,390 – and December was the month to record the least registrations: 817 

Also, out of the 13,770 that were registered at the CFE in 2021, 11,629 are owned by Togolese. This is 16% more than the number recorded the year before, knowingly 9,701. While Togolese-owned businesses rose, foreigners opened fewer businesses in the country last year. From 2,831 in 2020, the number of businesses created by them slumped by about 24% to stand at 2,141 in 2021.

Another remarkable fact is that more women officially started businesses last year than in 2020. Indeed, the CFE data indicates that in 2021, women created 3,793 rbusinesses, against 3,426 the year before (+10%).

However, it appears that men registered far more businesses than women in the last 12 months, exactly 9,977 or 72% of the total recorded.

In addition, the number of businesses registered by natural persons stood at 8,327, against 5,443 for legal entities.

The positive performance recorded amid the Covid-induced economic and health crisis is attributable to several reforms introduced by the government to improve the business climate. Such reforms include notably reducing the time and cost needed to set up a business as well as digitization of formalities.

Esaïe Edoh

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