Cotton: Deputies pass bill to privatize the Nouvelle Société Cotonnière du Togo (NSCT)

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Tuesday, 30 June 2020 14:03
Cotton: Deputies pass bill to privatize the Nouvelle Société Cotonnière du Togo (NSCT)

(Togo First) - Yesterday, June 29, the Togolese parliament greenlit the bill approving the privatization of the Nouvelle Société Cotonnière du Togo (NSCT). 

With this milestone reached, talks with Singapore-based Olam group which eyes the State’s shares should soon begin. The private company could secure up to 51%, if not all, of the State’s 60% stake in the NSCT - the remaining 40% being detained by the National Federation of Cotton Farmers (FNGPC). 

However, the government promised farmers and workers employed at the NSCT will not be laid off as a result of the privatization. “Their interests will be preserved,” said minister of finance Sani Yaya who even added that their income should increase substantially over the next three years.  

Séna Akoda

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