Togo Joins the First Cohort of 55 Pilot Countries for the World Bank’s Business Ready Program
Togo has become part of the inaugural cohort of pilot countries for the World Bank’s Business Ready program, a mechanism replacing the Doing Business ranking.
After discontinuing the Doing Business ranking in September 2021, the World Bank has now introduced its new business environment assessment system: Business Ready. This innovative mechanism aims to evaluate the business climate in global economies while encouraging economic reforms and the enhancement of the private sector.
Due to its ongoing efforts in economic reforms, Togo has been chosen to be among the 55 pilot countries launching the Business Ready program. Despite the suspension of the Doing Business reports, Togo has remained committed to reforms and the promotion of the private sector. This remarkable momentum has earned the country a spot in the first cohort of 55 pilot countries for Business Ready.
Within the West African Economic and Monetary Union (WAEMU), Togo and Côte d’Ivoire stand out as the only members of this initial group of pilot countries. This underscores the commitment of both nations to improving the business climate and fostering the private sector in the region.
The official launch of Business Ready marks a new era in global business environment assessment. The 55 pilot countries, including Togo, will closely collaborate with the World Bank to refine and implement this new mechanism.
The first publication of the Business Ready report, featuring evaluations of the 55 pilot countries, is expected in the first quarter of 2024. This will provide insights into the impact of this new tool on enhancing the business environment and promoting the private sector worldwide.
