A US Trade Hub Finances Agbanga Karite Alaffia

Economic governance

Thursday, 11 March 2021 14:21

A US Trade Hub Finances Agbanga Karite Alaffia

(Togo First) - Agbanga Karité Alaffia, the shea nut processing firm owned by the Togolese Olowo-N’djo Tchala, will receive financing from the West Africa Trade & Investment Hub. The latter is a trade hub financed by USAID. It supports private businesses in West Africa, regarding sustainable development issues.

The investment will be used to “purchase shea nut supplies and others worth $299,000, as well as to produce shea butter which will be exported to the US and other countries in 2021.”

For Alaffia, the financing will help it meet its increasing costs, amid restrictions induced by Covid-19. “With the nuts bought using the money received from the Trade Hub alone, $2 million worth of shea butter and soaps should be exported from Togo to the US, by February 2022.”

Regarding jobs, the announced investment is expected to preserve the job of 303 people working for Alaffia Togo, create 20 new ones for youths and women, and create income for more than 6,300 women who collect shea nuts.

“This partnership with the Trade Hub is a major deal advancing Alaffia’s economic empowerment in Togo. It fosters sustainable development, job creation for women and youths, in addition to making the private sector more competitive,” said Olowo-n’djo Tchala.

In response, Michael Clements, project director at the Trade Hub said: “The Trade Hub is glad to help Alaffia create jobs, empower women, cut operating costs, and improve its sustainability. We believe this collaboration has great potential.”

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)

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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.