Togolese SMEs and SMIs currently need an investment of XOF1,000 billion (Survey)

Tuesday, 04 February 2020 18:15
Togolese SMEs and SMIs currently need an investment of XOF1,000 billion (Survey)

(Togo First) - SMEs and SMIs in Togo currently need XOF1,000 billion of investments. This was revealed by a recent survey carried out in the framework of the creation of an investment-guarantee fund for SMEs and SMIs. The latter was ordered by Togo’s Chamber of Trade and Industry and the European Union delegation. 

Overall, the funds are needed by around 4,000 companies which total a combined turnover of XOF500 billion per year. 

However, these businesses, which are mostly one-man businesses, employ only 2.7% of Togo’s active workforce. 

The fund planned aims at supporting SMEs and SMIs and subsequently boosting employment. 

Meeting with the private sector

The survey’s results were discussed last Monday, by public and private actors ; entrepreneurs, investors, bankers, investment fund executives, local elects, and other development actors. 

The study was led by Béatrice Clotilde Jauffrineau, a French expert in investment. Among strong points that facilitate the creation of the projected fund, she mentioned, are a high rate of business start-ups, the existence of a national loan council, the continuous improvement of the business climate, and other reforms such as the government’s decision to allocate 25% procurement to SMEs owned by youths and women. 

Soon, a financing mechanism for the industry and trade sectors?

During the meeting, Germain Méba, head of CCIT, talked about the “possible creation of an incentive mechanism to finance industry and trade,” inspired by the MIFA which backs the agricultural sector. 

Ayi Renaud Dossavi

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