President Gnassingbé announces four key measures to tackle rising cost of living in Togo

Economic governance
Friday, 29 April 2022 11:53
President Gnassingbé announces four key measures to tackle rising cost of living in Togo

(Togo First) - To counter the rising inflation and consequent cost of living in his country, President Faure Gnassingbé, announced four measures during his address to the nation on the 62nd anniversary of Togo’s independence. 

The first measure concerns public servants, parapublic workers, and retirees. From next month to the end of the year, they will be exempted from reimbursing the one-year front payment they received earlier this year.

The second measure concerns informal business owners settled in markets. They will not be required to pay any market ticket tax in the next three months, starting from May. This measure is applicable throughout the country.

Next, the President decided to cap the prices of both local and imported goods. Local products concerned are corn, sorghum, beans, millet, and rice. Vegetable oil, milk, wheat flour, and tomato concentrate, which are all imported, will also have their prices capped, as well as be exempted from value-added tax (VAT).

The fourth and last measure announced to tackle the rising cost of living in Togo concerns beneficiaries of the National Fund for Inclusive Finance (FNFI). Nationwide, they will benefit from a 2-point reduction in interest rate, and in the most vulnerable parts of the country, the interest rate will be reduced by 4 points. 

The new measures add to those taken since March 29, 2022, to mitigate inflation caused by the rise in prices of petroleum products. The measures in question include the suspension of the motor-vehicle tax and the capping of transportation fees for people and goods.

Esaïe Edoh

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