Togo launches its first issuance on the UMOA-securities market for Q4 2019

Economic governance

Wednesday, 25 September 2019 17:27

Togo launches its first issuance on the UMOA-securities market for Q4 2019

(Togo First) - After calling off its latest operation on the regional debt market without giving any details, Togo just launched a new tender for treasury bonds with a 3-year maturity period.

Indeed, the country's public treasury seeks XOF20 billion to fund part of its State budget. The annual interest rate for the present issuance is 6.25%.

Results for the bond issuance will be released on October 4, 2019. It will be the first for the year's last quarter; a quarter during which Togo aims to raise XOF65 billion, broken down into 45 billion through the issuance of fungible treasury bonds and the remaining 20 billion with fungible treasury bills.

Bright perspectives for Lomé

Over 2019's first three quarters, Togo recorded satisfactory performances for its various operations on the UMOA-securities market. In addition to these, for the upcoming issuance, the country benefits also from positive short and medium-term forecasts by the IMF.

Indeed, for the second consecutive time this year, the Bretton Woods institution scaled up Togo's growth forecast. The positive projections were spurred by improvements in public finances and public debt. The country should even, by the end of this year, meet all WAEMU convergence criteria, in spite of a recent increase in its budget.

Lomé indeed had to revise its budget in the past two years, slashing its public expenditures. At the same time, the country was preparing to launch its 2018-2022 national development plan.

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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.