The new World Bank report was the subject of a presentation workshop, this Monday, October 7 in Lomé, to various stakeholders, notably the private sector and technical and financial partners. Business Ready now replaces Doing Business and, according to the financial institution, offers a more transparent and balanced approach to assessing the business and investment climate. According to the report, Togo is establishing itself as a key player in Africa in creating a favorable business environment.
The first B-READY 2024 report, this new flagship project of the World Bank, assesses the economic environment for businesses, and is structured around three pillars, namely the regulatory framework, public services and operational efficiency.
The B-READY assessment focuses on 10 essential indicators linked to the life cycle of businesses: business creation, business location, public utilities, workforce, financial services , international trade, taxation, dispute resolution, market competition and corporate insolvency.
Togo outclasses the giants
Thanks to the efforts and the effectiveness of the reforms carried out in recent years by the government under the leadership of the President of the Republic, His Excellency, Mr. Faure Essozimna GNASSINGBE, Togo has strongly distinguished itself in the ranking of international evaluations in particularly on issues relating to economic governance, among others, the Doing Business report, the National Policies and Institutions Assessment for Africa (CPIA), and the Women Business and Law report.
Thus, in line with its performance in international evaluations, Togo was selected in the prestigious list of 50 pilot countries for the first edition of the World Bank’s B-READY report. A total of 14 sub-Saharan African countries including five West African countries (Ivory Coast, Gambia, Ghana, Sierra Leone and Togo) were selected.
Thanks to the implementation of bold reforms under the leadership of the Head of State, Togo has achieved remarkable performances, raising our country to first place in West Africa, and third place in sub-Saharan Africa.
Togo also stands out in the ranking of the best scores in sub-Saharan Africa on the three pillars of B-READY 2024, in particular the “regulatory framework” pillar, where our country stands out, occupying 2nd place out of 14 countries, just behind Rwanda, confirming the efforts made to provide a conducive framework for business.
Key areas
Analysis of the various indicators reveals that Togo particularly excels in the areas of business creation, dispute resolution, business location, public utility services and international trade. In the above areas, foreign companies do not face restrictions on market entry. In addition, Togo provides in law substantial legal guarantees in terms of mediation and implements good practices in its land dispute resolution mechanism.
This performance illustrates the Togolese government’s commitment to making the private sector a partner of choice in the implementation of its development strategy in general and the Government Roadmap 2020-2025 in particular. However, it does not obscure the equally important challenges, for which the action plan presented will make it possible to respond to the various concerns identified in the B-READY report.
To do this, the government under the leadership of the President of the Republic remains resolutely committed to maintaining the course of reforms to ensure the attractiveness of the economy and fully release the potential of the private sector in Togo.
Remember that following this first pilot edition of the B-READY report, two other pilot editions will be published in fall 2025 and fall 2026, with the inclusion of new countries in order to refine the methodology.
Marie Dorothée
2024-10-08 16:24:00
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