Togo’s Chamber of Commerce and Industry of Togo (CCIT) has declared that about 88% of business turnover in the republic of Togo is generated by only 6% of companies declared in the country
6% of companies registered in Togo earn more than CFA500 million while accounting for 88% of the total turnover declared in the country.
The CCIT made this submission on September 21. These are the preliminary results of a study the Chamber conducted, with the support of INSEED – the national statistics institute.
Most of the companies that generate the most money in the country are part of the Big Enterprises Association of Togo (AGET). They include subsidiaries of multinationals like NSIA-Insurances, Ecobank, Eiffage, Cfao Technologies, Contour Global, Orabank, Scan-Togo, Atlantique Telecom Togo (Moov), Canal +, and Maersk. But there are also Togolese actors like Zener.
Two years ago in its bid to accelerate ease of doing business, Togo has sped up its company registration process making it possible to register a new entity within eight hours.
The research also found that over 90% of Togolese companies are modest-sized and 113,607 out of the 123,48 registered earn less than CFA60 million annually. These SMEs make up the bulk of the productive fabric in the country.