Togolese Gvt’ Approves New Chart to Support Local Businesses

Economic governance
Thursday, 26 August 2021 15:44
Togolese Gvt’ Approves New Chart to Support Local Businesses

(Togo First) - To help local businesses thrive, the Togolese government adopted a bill approving the micro, small, and medium enterprises (MSMES) chart. The document was adopted on Aug. 25 by the council of ministers. 

The chart, according to Prof. Akodah Ayewouadan, minister of communication, will enable the government to “support businesses in completing land formalities, certification procedures and securing financing.” Also, it will “allow MSMES to form a unit, and access financing mechanisms more easily.”

Adopting the chart, the government said, aligns with the implementation of the R4 reform related to mechanisms to support MSMES, under the Lomé’s development roadmap. The document will “help togolese businesses to be more competitive, and keep up with the regional and global environments which are becoming more and more competitive.”

According to Togolese authorities, MSMES constitute the foundations of Togo’s economic fabric. They significantly contribute to economic growth, job creation, innovation, local and regional development, and better social cohesion. 

The updated chart, let’s note, covers four groups of business: nano-enterprises, micro-enterprises, small enterprises and medium enterprises. They should have a turnover ranging between CFA5 million and CFA1 billion.

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