In 2017, the extractive sector generated CFA13 billion for the State

Tuesday, 01 December 2020 17:47
In 2017, the extractive sector generated CFA13 billion for the State

(Togo First) - In 2017, all 23 companies active in Togo’s extractive industry generated around CFA13.2 billion for the State. 86% of the sum came from mines (around 75%) and quarries (12%) and were allocated to the national budget. The rest (around 14%) came from the exploitation of groundwaters (6.7%), gold sales (6.5%), and artisanal mining (which represented 0.1% of budget revenues.  

The figures were disclosed in the presentation of the report on Togo’s initiative for transparency in extractive industries (ITIE-Togo) in 2017. The document, which is being validated, was presented on November 30, 2020, during the 35th ordinary meeting of the committee steering the initiative. 

On this occasion, the committee concluded that “overall, Togo has made significant progress in the implementation of the ITIE Norm.” 

“Mining contracts have been published in Togo, as well as the operating permits of mining companies, which are available on the websites of the General Directorate of Mines and Geology (...). Generally speaking, the companies have declared their real shareholders, said Didier Kokou Agbemadon, national coordinator of ITIE-Togo.  

Moreover, “companies have published their financial statements, especially crown corporations.” 

The report was presented to the minister of energy and mines, Mila Aziable, who opened the meeting. She used the opportunity to reiterate the government’s commitment to clean up the sector and “ensure together that the ITIE becomes a model for the good management of the extractive sector, and the management of the State’s finances.”

Ayi Renaud Dossavi

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.