World Bank commitments to Togo increased five-fold between 2018 and now

Economy

Tuesday, 17 October 2023 16:22

World Bank commitments to Togo increased five-fold between 2018 and now

(Togo First) - So far into this year, the World Bank has committed $1,134.63 million in Togo, up about 381% compared to $238 million in 2018. This was disclosed by Sandra Johnson, Minister, Secretary General of the Presidency (photo) in charge of the country’s Business Climate Cell. The official spoke on the sidelines of a meeting last week with Ousmane Diagana, World Bank Vice-President for West and Central Africa. The meeting was held in Marrakech, Morocco, as part of the 2023 Annual Meetings of the World Bank Group and the IMF.

The leap in financial commitment was yielded by the significant improvement in Togo's Country Policy and Institutional Assessment (CPIA) score. From 3 in 2016, this figure rose to 3.7 in 2022, which is the biggest increase on the index in Africa.

The CPIA is a key indicator of the quality of a country's policies and institutions. This score’s improvement has led to a significant increase in World Bank allocations, said Sandra Johnson. Togo is also in first place in terms of disbursement rate within the Bank group, she added.

Johnson attributes the increase in allocations to a battery of structural and institutional reforms implemented since 2018. These reforms, in her opinion, have not only improved governance indicators but also created a favorable environment for investment and sustainable development.

Now, the Togolese government is committed to maintaining the upward momentum, thus ensuring the quality and effectiveness of future projects, by setting stricter criteria. Simply put, Togo wants to capitalize on its achievements to set its development on a sustainable and inclusive trajectory, stressed Sandra Johnson: "We have agreed not only to redouble our efforts in our current actions but also to put in place more rigorous criteria to guarantee the quality of our projects.

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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.