IMF’s new resident representative confirms progressive economic recovery in Togo

Economy

Tuesday, 19 October 2021 13:09

IMF’s new resident representative confirms progressive economic recovery in Togo

(Togo First) - Maximilien Kaffo, the new IMF resident representative in Togo said last Thursday that the country’s economy grew over the first half of the year, despite the Covid crisis. This was also the opinion of the National Council for Credit (CNC).

Kaffo made the statement during a meeting with the local press. He also said that the sectors of industry, trade, services, and some others, regained their pre-pandemic activity levels.

“Production’s resumption also reflects a sustained recovery of demand (internal and external),” the economist said, sharing the CNC’s views.

Indeed, the CNC, during its third session of the year held on October 7, noted that “after nine months of activity, economic indicators point to a stronger-than-expected recovery in the service sector, which is more resilient to the negative impact of Covid-19.”

The council also reported that the average inflation rate stood at 3.9% at the end of August 2021. Year on year, it was at 5.7% in September, which is better than the figure recorded between July and August (6.8%).

Concerning the IMF-Togo relationship, Maximilien Kaffo said talks between the two sides would continue in all serenity.

Let’s recall that last June, the Togolese side kickstarted negotiations with the Bretton Woods institution to “finalize agreements for a new Extended Credit Facility (ECF).”

Esaïe Edoh

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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.