Togo's ease of doing business reforms pay off

Togo, a country with a population of 8 million people, has been making significant strides in the ease of doing business, catching the attention of global economic players. The World Bank Group, through its efforts to develop the private sector in emerging markets, has been instrumental in assisting Togo in these reforms since 2005-2006. Ronke Amoni-Ogunsulire, a representative from the institution, commended the Togolese government for its dedication to creating a conducive business environment through the implementation of crucial laws and regulations. She highlighted Togo's recent successes in the global rankings, citing their impressive performance in 2015 and their most recent move up by 19 points. Amoni-Ogunsulire emphasized the importance of not only adopting and operationalizing laws but also measuring their impact on the private sector. The relentless competition among countries to attract investments and foster economic growth adds to the complexity of the task, making Togo's achievements even more commendable. Togo's upward trajectory in the doing business rankings has not gone unnoticed, with the country now sharing the same credit rating as other African nations like Egypt, Ethiopia, Ghana, and Nigeria. This positive development has opened up avenues for Togo to access international financing, potentially through a 500 million euro bond issuance. The increased competitiveness at the private sector level, driven by a better business environment, is expected to draw more investments into the country, further fueling its economic growth. Amoni-Ogunsulire stressed the significance of this improved ranking in attracting financial support and enhancing Togo's global standing. At a recent panel session focused on Togo's economic prospects, experts deliberated on various strategies to propel the country towards greater economic prosperity. The panel comprised individuals with diverse backgrounds, ranging from former IMF executives to regional banking authorities, each offering unique insights into Togo's specific challenges and opportunities. Practical recommendations were discussed, with an emphasis on widening the tax base, addressing population insolvency, and other key areas needing urgent attention. Despite the extensive work ahead, the consensus among panelists was clear: Togo's commitment to reform and development is unwavering, setting a promising course for its future growth. As Togo continues to solidify its position as a favorable destination for business investment, stakeholders remain optimistic about the country's economic trajectory. With a steadfast focus on implementing impactful reforms and attracting international financing, Togo is poised to emerge as a key player in Africa's economic landscape.