In the first three months of this year, 4,503 new businesses were registered at the Business Formalities Center (CFE).
4,503 new businesses mark a 3% decrease from the 4,655 companies formalized in the first quarter of 2023. Of the 4,503 companies launched, 3,810, or 85% of the total, were founded by Togolese nationals compared to 693 by foreigners. Women accounted for 30% of these, equivalent to 1,372 businesses.
According to CFE statistics, in January 2024, 1,546 businesses were established compared to 1,636 in 2023. In February, 1,470 were declared and 1,487 in March, against 1,420 and 1,599 respectively in the previous year.
Given the observed decline in business creation, Togolese authorities have initiated reforms to improve the business environment, including reducing the time and cost involved in setting up businesses and digitalizing the formalization procedures. Experts agree that digitalization could particularly transform the entrepreneurial landscape. By allowing future entrepreneurs to complete their procedures online, the government hopes not only to speed up the creation process but also to make it more accessible, especially in regions far from urban centers where administrative services are less available.
Furthermore, the focus on increasing female participation in business creation is also a strategic move to boost economic diversity. Specific initiatives to support female entrepreneurs, such as mentorship programs or targeted grants, are currently under discussion. These measures could help sustain the positive momentum seen in women’s engagement in the entrepreneurial sector. However, it is known that unfortunate political interferences could sometimes counteract common sense.
