Togo First
The tax office cuts clearance fees for some vehicles by 30%
The Togolese customs office reduced by 30% clearance fees for vehicles that are more than five years old. The measure will be effective from September 1 to December 31, 2022. This was disclosed by Philippe Kokou Tchodié, Commissioner General of the Togolese Tax Office (OTR), in a statement dated August 31, 2022.
This tax relief aims to free up space at car parks, according to the OTR’s boss. In addition, it aims to support buyers as inflation keeps rising, and get new car orders.
Similar rebates were announced last year, over the same period, with a reduction of up to 40%, for used vehicles over 5 years old.
Togo: Ministry of investment promotion launches strategic report to attract investors
Rose Kayi Midevor, Togo’s minister for investment promotion, launched last Tuesday the Yearbook Togo 2022-2023, an economic report that showcases the country’s investment potential.
"The Togo 2022-2023 yearbook was published to make economic data accessible and to provide an overview of the achievements, completed and in progress, in the key sectors of our economy," the minister explained at the launch, which was held at the headquarters of the Société d'Administration de la Zone Franche (SAZOF) and the Agence de Promotion de la Zone Franche (API-ZF). "We also highlighted key projects of the government's roadmap, each sector’s priorities, greenfield projects, and incentives put in place for investors," she added.
The 190-page report was produced by LD Média développement and the ministry for investment promotion. It looks at Togo’s macroeconomic situation, reforms introduced in recent years, key achievements in the various economic sectors, and forecasts.
It will be distributed at embassies, diplomatic representations, and major international meetings. “We don’t target only businesspeople and investors, we also target other actors, such as international organizations, NGOs, national, political, economic, and social organizations, schools, libraries, and individuals,” Midevor said.
The book is prefaced by Togolese President, Faure Gnassingbé. "Our country is pleased to remain a strong pole of attraction for investors. We, therefore, invite you, dear investors, to come to Togo to achieve your ambitions for development and growth," the leader wrote in his introductory note.
Published in French, the Yearbook Togo 2022-2023 will be translated into English and made available digitally on the platform of the API-ZF, the Ministry of Investment Promotion said. It added that the goal is to release the report twice a year.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Togo: Government doubles down efforts to improve the microfinance sector
On the sidelines of the council of ministers held on August 31, 2022, the Togolese officials held a seminar where they mainly discussed ways to improve microfinance in the country.
President Gnassingbe and his ministers drew a strategy to monitor and improve the sector. Actions laid out under the strategy aim to help struggling microfinance firms deal with the increasing number of illegal entities, which have been hurting people who face financial issues.
The new strategy will be tested over three years. It should, according to the government, help the country preserve its achievements in inclusive finance, and boost the sector’s results.
Togo, according to the government, is the third-best in the WAEMU where deposits to decentralized finance institutions (microfinance lenders) increased most in the past year.
Written by: Esaïe Edoh
Translated from French by Schadrac Akinocho
TICAD VIII: Togo calls for solidarity to foster peace and security in Africa
A united front and large-scale actions. Those are the two wishes expressed last Sunday by Togo’s assembly president, Yawa Tsegan, at the 8th Tokyo International Conference on African Development (TICAD VIII) in Tunis.
“We (Togo) urge our States to come together and reiterate our invitation to partners for more coordinated actions for peace and security,” Tsegan told 5,000 participants including 30 African leaders during a panel on peace and stability in Africa.
Let’s note that countries of the Sahel and the Gulf of Guinea, including Togo, currently face “resurgent terrorist attacks and serious criminal acts.” According to the Togolese official, these factors fuel socio-political instability, as well as economic and food insecurity, and impede Africa’s efforts to tackle its economic and social challenges.
To turn the tide, Yawa Tsegan thus advocates for international solidarity and for pro-peace and stability actions.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
WAEMU-securities: Togo will seek CFA30 billion on the regional market this week
Through a simultaneous bond issue scheduled for September 2, 2022, Togo will seek CFA30 billion on the WAEMU market.
The bonds, recovery bonds, have respective maturities of five and seven years. They have a nominal value of CFA10,000 and carry interest rates of 5.75% and 5.90% per annum respectively, from the first year.
The upcoming issue targets socially responsible investors, companies, and individuals. Its goal is to “help cover financing needs of Togo’s State budget, in line with the economic recovery plan aimed at mitigating the impacts of the Covid-19 pandemic and returning to pre-pandemic performances.”
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
In Togo, Plateaux municipalities earn more than CFA650 mln from transhumance
Between 2020 and 2022, the Togolese State earned CFA658 million from transhumance in the Anié 1, Haho 1, and Est-mono 1 municipalities (all located in the Plateaux region). This was disclosed last Thursday, by the Intercommunal Association for Development in the Plateaux (AIDAP), during a meeting with its members.
Respectively, the activity generated CFA225 million and CFA432 million in Anié 1 and Haho1; in Est-Mono 1 they generated CFA1 million over the period reviewed. The money, according to AIDAP, was collected at livestock markets, transhumance corridors, and loading docks.
“This sector has an important impact on the economy of the municipalities, which many people are unaware of,” said Victor Atara Ifaraba, president of the AIDAP.
For his part, Alidou Alassani, president of the livestock and meat sector of Togo, emphasized that “pastoralism is beneficial to the national economy”. He believes, however, that to draw more revenues out of the sector, it is crucial to “work to significantly reduce damages caused by oxen.”
According to an FAO report published in 2017, the livestock sector accounted for 16.5% of Togo’s agricultural GDP and over 6.5% of its national GDP. The report is titled: REVIEW OF THE LIVESTOCK/MEAT AND MILK VALUE CHAINS AND POLICY INFLUENCING THEM IN WEST AFRICA.
While being a highly profitable activity, transhumance, it should be highlighted, is often at the heart of conflicts between Fulanis and local farmers.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Phosphate: Togo records a 10% increase in output in 2020-2021
Togo produced 1.3 million and 1.45 million tons of phosphate in 2020 and 2021, respectively. While still far from its level in the 80s and 90s (+2 million tons), the country has not recorded such performances since 2003.
From 2020 to 2021, the country’s output was up 10%. Sales also shot up to nearly 1.39 million tons last year–the highest since 1999. Both the rise in output and sales are good news for Togo since global prices of phosphate almost doubled between February and December 2021–from $88 to $176.
Also, market conditions are favorable for exports, especially since the price rose from $173 in January 2022 to $287 in June–its highest since 2009.
According to the United Nations database Comtrade, Togo's exports of salt, sulfur, earth, stone, plaster, lime, and cement- which includes phosphate ore- in the international trade nomenclature, generated $205 million in 2021. For Togo, phosphate and clinker are the most important products in this group.
The Trade Map database, which is powered by the World Trade Organization (WTO), provides more details, showing $129 million in phosphate sales for 2021 alone.
Let’s recall that phosphate is one of the main ingredients used to make fertilizers.
Written by:Fiacre E. Kakpo
Translated from French by Schadrac Akinocho
TICAD VIII: Japan commits $30 billion to Africa over the next three years
Japan’s PM, Fumio Kishida, announced last weekend that his country will spend $30 billion on various African projects over the next three years. This was during the Tokyo International Conference on African Development (TICAD VII).
Speaking in a videoconference, the Asian leader said Japan “prioritizes an approach that values human investment and quality growth.”
Togo sent a delegation led by the president of the national assembly, Yawa Djigbodi Tsegan, to attend the event. Other members of this delegation included the Minister of trade and local consumption, Kodjo Adedze, and the Minister in charge of universal access to health care, Dr. Mamissilé Akla Agba-Assih.
Togo-Japan cooperation
Japan, let’s emphasize, supports Togo in many areas, such as logistics, education, health, water, energy, fishing, and agriculture. Let’s also add that Lomé wants to revitalize its cooperation with the Asian country.
Some of the projects that Japan financed in Togo include the fishing port of Gbétsogbé, a project to reinforce its main corridor, and efforts to cope with Covid-19. Tokyo also supports Gnassingbé’s nation through the Kennedy Round.
Before TICAD VIII, Togo pleaded with Japan for the reallocation of special drawing rights (SDRs), to help revitalize African economies.
This year, the TICAD was held in Tunis, on August 27 and 28. It was attended by heads of state and government, institutions, economic operators, Japanese officials, members of the African Union, the UNDP, the World Bank, the African Development Bank (AfDB), and the UN Secretariat for Africa.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Togo will tighten procedures for selecting cybersecurity firms
The government of Togo will tighten procedures to select trusted providers of cybersecurity services. This aligns with the country’s ambition to become a leading cybersecurity hub in Africa.
The move was disclosed last Thursday, during the council of ministers. On the occasion, the authorities adopted a draft decree on trusted cybersecurity firms and the approval of evaluation centers.
By tightening the measures, Lomé aims to “efficiently secure data systems of administrations and operators of essential services," and to make Togo “a model in this area.”
This includes the establishment of rules to qualify a "trusted" provider of cybersecurity and security products, and the approval procedure for evaluation centers of providers.
The news was disclosed a few days after the government signed with UNECA a memorandum of understanding (MoU) to set up the African Cybersecurity Coordination and Research Center, in Togo.
Togo, it should be recalled, aims to dematerialize 75% of its administrative procedures, by 2025.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Togo: Government introduces code of conduct for state representatives heading public and parapublic companies
Some Togolese state representatives will soon respond to a code of conduct that sets standards for integrity, loyalty, and professionalism. Held on August 25, 2022, the council of ministers adopted a draft decree in this framework.
The upcoming code of conduct, the council wrote in a statement, will “help maintain respect for the principles of integrity, loyalty, and professionalism of representatives of ministries within the governance bodies and/or committees." These are representatives working in public companies, committees, private companies with state participation, and national public establishments.
The move aligns with the government’s ambitions to bolster its public-private partnership (PPP) strategy, and secure more foreign investments. To achieve these goals, Lomé has been improving its business climate. The authorities are also strengthening the country’s legal framework for public procurement, regarding PPPs especially.
The Togolese government, it should be recalled, has already put into effect the laws covering the declaration of official-owned assets. The law forces senior officials and civil servants to declare their property and assets as soon as they take office. This is another effort aimed at fostering integrity and transparency in the government.
Written by:Ayi Renaud Dossavi
Translated from French by:Schadrac Akinocho