In 2023, Togo set a record with 15,654 new businesses, marking a 13% increase compared to 2022. This growth can be attributed to reforms aimed at improving the business environment, such as reducing creation timelines and costs, as well as the digitalization of procedures.
Formalized local businesses increased by 12%, rising from 11,659 to 13,032, while those owned by foreigners grew by 20% (from 2,176 to 2,622). More than half of the new businesses were established in the first semester, with 8,283 registrations, representing a 14% increase. In the second semester, 7,371 businesses were launched, a slight uptick of 0.2% compared to 2022.
