Togo: 4,503 businesses officially registered in Q1 2024, down 3% YoY

Economic governance
Thursday, 04 April 2024 17:59
Togo: 4,503 businesses officially registered in Q1 2024, down 3% YoY

(Togo First) - A total of 4,503 businesses were officially registered in Togo over the past quarter. The figure, compiled by the country’s Center for Business Formalities (CFE) and obtained by Togo First, is 3% less than the number of businesses registered over the same period last year – 4,655.

In detail, CFE data indicates that 1,546 businesses were registered in January 2024, compared to 1,636 in 2023. The next month, 1,470 new businesses were registered, up from 1,420 in February 2023. And last month, the CFE recorded 1,487 new registrations, down from 1,599 in the same month last year.

Of the 4,503 companies launched, 3,810 (85%) were registered by Togolese citizens, compared to 693 registered by foreigners. Additionally, 1,372 or 30% of the businesses registered in Q1 2024 are women-owned.

While the number of newly registered businesses fell slightly over the reviewed period, Togo offers a favorable business climate fostered by several reforms introduced by the government. These reforms include reducing the time and cost of business creation, as well as digitizing formalization procedures, among others.

Esaïe Edoh

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