WAEMU Securities: Togo seeks CFA195 billion this quarter

Public finance

Wednesday, 03 April 2024 18:35

WAEMU Securities: Togo seeks CFA195 billion this quarter

(Togo First) - Togo plans to raise CFA195 billion on the WAEMU market this quarter to fund its budget.

In detail, the Togolese treasury scheduled a dual issue for April 12: an issue of fungible treasury bills (BAT) and an issue of fungible treasury bonds (OAT). The former securities mature over three months and the latter over five years. Togo hopes to raise CFA30 billion through the operations, and CFA15 billion respectively.

Two weeks later, on April 26, Lomé plans another simultaneous issue. Again, it will seek CFA30 billion in this operation-CFA15 billion by issuing 1-year BATs and CFA15 billion with 3-year OATs.

The next issue, again a simultaneous issue, is scheduled for May 10, 2024. Lomé will issue 3-month BATs and 3-year OATs. This time, however, the country expects CFA10 billion from the former and CFA15 billion from the latter.

On May 23, Togo plans to auction three securities - a 12-month BAT and two OATs, one for three years and the other for five years, totaling CFA45 billion.

On June 7, the Togolese Treasury will seek CFA35 billion through three auctions. Through the first two, it will issue BATs with respective maturities of six and 12 months. Lomé expects respectively CFA15 billion from these operations. Through the last, the treasury will issue OATs set to mature over seven years, in the hope of raising CFA10 billion.

To close the quarter, the treasury plans to issue, simultaneously, BATs and OATs that mature over six months and five years, respectively. Through the BATs, the country hopes to mobilize CFA15 billion. And through the OATs, it expects CFA15 billion.

It is worth noting that Togo’s public debt has been going up, nearing the 70% threshold set within WAEMU. This is mainly attributable to debt costs rising over the past two years on the regional market.

Over the past quarter, Togo secured CFA194 billion on the WAEMU financial market. This is about 32% of its goal for the year CFA607 billion. The funds raised finance the country’s annual budget.

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REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.