Foreign investments : Togo gains four ranks in Quantum Global’s African Investment Index

Economic governance

Tuesday, 27 March 2018 19:43

Foreign investments : Togo gains four ranks in Quantum Global’s African Investment Index

(Togo First) - Research firm Quantum Global Research Lab, research division of Swiss investment and consulting group Quantum Global, just released the “Africa Investment Index (AII) 2018”. This index ranked African nations based on their level of attractiveness to foreign investments in 2017.

In this edition, Morocco is the number one destination of foreign investments. Togo for its part rose four spots to stand at the 28^th position.

Togo, having recorded the 11th highest growth rate in Africa, in 2017, also recorded good results in regards to economic growth, liquidity, risk factors and business climate.

According to the report, 26% of all investments made in Togo were domestic. This is 2% more than in 2016.

With the contribution of the Single Desk for External Trade (GUCE) and various reforms implemented to improve business climate, over the past few years, the country aims to become a trade-logistic hub in the region. It is the 7th nation to attract foreign investments.

Moreover, Togo keeps improving its risk profile according to its ranking on the “real interest rate” index. Indeed, it gained two ranks on this index, which assesses real return on investor’s capital, to stand at the tenth position. On the exchange risk index, the country soared by nine spots also to be 10^th. This is mainly due to the fact that the country’s currency, the CFA, is pegged to the Euro.

Globally, Morocco (1st) is followed by Egypt, Algeria, Botswana, Côte d’Ivoire, South Africa, Ethiopia, Zambia, Kenya and Senegal.

AII is an annual ranking based on six main factors, namely: growth factor, liquidity (real interest rate and money supply), risk factor (exchange rate, import coverage rate, external debt and balance of payments), business environment, demography and social capital.

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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.