Togo’s national social security fund launches CFA91 billion housing project

Investments

Monday, 23 April 2018 15:29

Togo’s national social security fund launches CFA91 billion housing project

(Togo First) - National Social Security Fund (CNSS) just launched in Lomé, the Résidence Renaissance project to build housings. Estimated cost for the project is CFA91 billion and it aims at providing medium and high standing housings, such as villas and family apartments to populations.

The project will be developed on an area of 55ha and lead to the construction of 599 housing units, knowingly 205 apartments and 394 villas, a mall, commercial buildings with offices, stores and apartment hotels.

“This project will lead to the construction, sale and use of medium and high standing housing units,” declared Ingrid Awadé, Managing Director CNSS. The project’s site is located 5km from insurance firm GTA. “It aligns with government’s plan for housing, while helping generate needed revenues for social security’s financial stability,” she added.

Let’s recall that in Togo, there is a deficit of 500,000 housing units, of which 100,000 recorded in the capital city. The project should thus help bridge this gap and attract much investment opportunities.

Séna Akoda

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REFORMS OVERVIEW

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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 .

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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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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.