The Minister of finance meets with banks and BCEAO executives to discuss ways to mitigate the Coronavirus’ impact on the Togolese economy

Economic governance
Thursday, 07 May 2020 16:04
The Minister of finance meets with banks and BCEAO executives to discuss ways to mitigate the Coronavirus’ impact on the Togolese economy

(Togo First) - On May 5, 2020, the ministry of economy and finance met with actors of the Togolese banking industry (the professional association of banks and financial institutions - APBEF), and the Central Bank of West African States (BCEAO). 

The talks were centered on the impacts of the coronavirus on the Togolese economy, and especially on banking services, SMEs and agriculture. 

Also, Sani Yaya, the minister of finance, took the opportunity to recall the various steps initiated by Lomé to help businesses amid the Covid-19 crisis. These include “exempting taxes and duties on agricultural equipment, exempting custom duties and VAT on imported equipment and drugs in the framework of the fight against the Covid-19.” 

Among others, the official mentioned the “suspension of penalties imposed on firms that couldn’t submit their financial statements on time, depending on the activity sector.”  

Let’s recall that President Gnassibgé recently launched a solidarity fund to help SMEs and other businesses cope with the impact of the Covid-19 pandemic. In the same framework, Kossi Tenou, national director of the BCEAO, announced that his institution has taken specific measures that will enable businesses successfully overcome the crisis.

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