Togo: Bolstering the capacities of young people’s SMEs is a must, according to PM Tomegah-Dogbe

Economic governance

Sunday, 26 February 2023 09:19

Togo: Bolstering the capacities of young people’s SMEs is a must, according to PM Tomegah-Dogbe

(Togo First) - The government and the private sector had their first consultation meeting of the year on Thursday, Feb 23. The meeting was chaired by Prime Minister Victoire Tomegah-Dogbe, and it revolved around “the dynamics of private investment and the financing of SMEs and SMIs”.

In detail, the participants discussed the current crises shaking the world, such as Covid-19, the war in Ukraine, and how they impact global supply chains. They also assessed the impact and effectiveness of the various measures that the Togolese government introduced to support the private sector amidst these crises.

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Present during the talks, the minister of investment promotion, Rose Kayi Mivedor, declared: “We looked at the past three years (2019,2020, and 2021) and noticed a slight decrease in 2020 induced by the Covid-19, with big companies slowing slightly in terms of investment strategies, but things went back up in 2021. This helped us confirm the private sector’s resilience and is proof of economic stability.”

At the end of the talks, the government said it would keep backing the private sector, SMEs especially. "Bolstering SMEs’ capacity is a must, especially those created by young people, to help them better structure their project, so they have access to financing that is viable and meets their growth needs because if these companies prosper, it is Togo that prospers," said PM Tomegah-Dogbe. She added that "Togo has a great investment dynamic and to take advantage of that, young people must be trained.”

The consultation meeting aims to foster Togo’s economic development. It takes place at regular intervals throughout the year.

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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.