Togo First
Government sets up a committee to oversee reimbursement of funds collected, illegally, by trading entities
Via a decree issued on July 19, 2021, the Togolese minister of finance Sani Yaya established “a committee to monitor the repayment of funds collected by firms that conduct illegal financial and monetary activities.”
The new entity will “hold meetings with the top management of concerned firms, proceed to legitimacy controls, assess their financial situation, and fix modalities to reimburse funds they collected.” It will regroup representatives of the General Directorate of Economic Studies and Analysis, the General Directorate of the Treasury and Public Accounting, the Central Bank of West African States (BCEAO), the General Inspectorate of Finance, the Support and Monitoring Unit for Microfinance, Savings and Credit Institutions (CAS-IMEC), and the Legal Unit of the Ministry of the Economy and Finance
In line with article 3 of the ministerial decree, the committee will be chaired by the secretary-general of the ministry of finance and economy. He will be backed by a technical team.
Yaya’s decision follows the issuing last March 26 of a notice prohibiting high-risk placement activities in Togo. Subsequently, businesses carrying out these activities were shut down.
Esaïe Edoh
AfCFTA: Togo launches national consultations to take stock of women entrepreneurs’ needs
The ministry of trade, industry, and local consumption launched yesterday the National consultation Day on women's involvement in intra-African trade. The launch, which took place in Lomé, aligns with the implementation of the African Continental Free Trade Area (AfCFTA).
The ministry, through the said consultations, plans to provide women with a platform to express their needs and interests, relative to trade in the framework of the AfCFTA. They will “enable women and other key actors to identify potential and existing challenges and opportunities that women who engage in intra-African trade face.”
The consultations will be carried out throughout the country. They are also expected to allow women to know more about issues related to the export and import of goods through African borders.
The decision to launch these sessions follows a battery of workshops organized, last month, for women entrepreneurs.
African countries, let’s recall, have officially started trading under the African Continental Free Trade Area Agreement (AfCFTA).
Esaïe Edoh
Togolese authorities set up estival agenda to boost the diaspora’s contribution to national development
To support its diaspora’s contribution to national development, the Togolese government has drawn an “Estival Agenda for the Diaspora”. In a recent tweet, Robert Dussey, minister of foreign affairs, disclosed the information.
The scheme targets Togolese nationals who have returned home for the summer vacations. It will, in effect, provide technical and administrative support to those who have investment projects likely to advance Togo’s economic development.
To better serve you, we will help you know more about municipalities so that you can develop your respective hometowns if you wish to do so, Dussey wrote.
Still in line with the initiative, a campaign to “identify Togolese living outside the country will be launched and the Single Diaspora Window will be presented,” during “information and welcome days.”
Every year, remittances sent home by the diaspora amount to about $500 million or more than CFA278 billion. Last year, these monies stood at $441 million (CFA283.3 billion), down from $458 million (CFA247 billion) in 2019.
It should be recalled that the government of Togo - still to have the diaspora contribute more to national development - established the High Council for Togolese Abroad (HCTE) and the Single Diaspora Window, among others.
Esaïe Edoh
Translated from French by Schadrac Akinocho
Togo was losing around CFA6 billion on beer and tobacco imports, before the automated branding system arrived
Before the automated branding system was introduced, respectively 80% and 40% of the beer and tobacco products that were imported and sold in Togo evaded control by the tax administration. The information was reported by Africatimes.
The news outlet said Togo lost over CFA3.5 billion and CFA2.5 billion as a result of the products mentioned not being taxed. Combined, this sum makes nearly 41% of the fiscal gap recorded by the country yearly (on consumption goods).
The automated branding system is mainly used by water and drink companies set up in Togo. With this system, the Togolese tax office started, last July 1, checking for branding on imported products, at borders and internal sales points. The system was developed by SICPA, a Swiss firm.
Klétus Situ
Translated from French by Schadrac Akinocho
Togo launches CFA265 million fund to support youth-led businesses
FAIEJ, a fund supporting youth-led businesses, and UNDP-Togo launched last Monday the Togolese Facility for Acceleration and Innovation (FTAI). This is a CFA265 million fund to back local innovative and ambitious entrepreneurs.
The fund, which should bolster business creation and generate more jobs for the youth, will benefit startups and incubators.
“It is a facility that operates as a fund to accelerate businesses especially SMEs which have been established for at least three years. It also focuses on innovation that propels business activity. The goal is to facilitate the financing of innovation which is risky,” said Komi Aokou, chief of exploration at the UNDP SDG acceleration lab.
The UNDP says the facility is the main component of the “Project to support the promotion of entrepreneurship and the private sector for the creation of sustainable jobs.” It should also significantly contribute to achieving the SDG2 and SDG3.
SMEs looking to benefit from the FTAI should meet some criteria. Notably, they should have a turnover that ranges between CFA5 million and CFA1 billion.
Esaïe Edoh
Togo: More than 1,324 tons fishes obtained between January and May 2021
Lomé’s fishing port garnered over 1,324 tons of fish between January and May 2021. The figure, which is up 36% compared to the same period in 2020, was disclosed by the Togolese ministry of maritime economy, fishing, and coast protection.
The ministry attributes the increase to newly-built infrastructures at the port. “This is a significant development for artisanal fishing in Togo,” a video posted on the ministry's Twitter account reveals.
While the increase is to be lauded, it should be noted that the main portion of the annual output will be obtained starting from July and August - that is when the fishing season begins in Togo.
In 2017-2018, the country’s fishing output exceeded 37,000 t. More than 90% of this volume was obtained by the fishing port of Lomé.
The latter, let’s recall, was commissioned in 2019 by the Togolese government, with the aim of achieving a national output of 25,000 t per annum.
Klétus Situ
World Bank to spend $470 mln on Lomé-Ouagadougou-Niamey corridor
The World Bank will disburse $470 million to support the Lomé-Ouagadougou-Niamey (LON) road corridor project. This was reported by Agence nigérienne de presse.
The infrastructure, which spans 1,065 km, will boost trade between Togo, Burkina Faso, and Niger. Moreover, it will accelerate the transportation of export goods passing through the port of Lomé. In detail, trucks will spend 62% less time to move from Togo to Burkina Faso, and 54% less from Burkina Faso to Niger.
In addition, the quality of transport services provided on the concerned axis will improve, as a result of the project; social and economic infrastructures will also be built.
“The LON Corridor is of strategic importance to Burkina Faso, Niger, and Togo, and we are committed to helping these countries unlock their full economic potential,” said Anne-Cecile Souhaid, Senior Transport Specialist at the World Bank and leader of the project team. She added: “This project fosters regional cooperation by combining support for transport and trade networks with institutional reforms and logistics services that will jointly address the common challenges of participating countries.”
It should be recalled that the Lomé-Ouagadougou-Niamey axis concentrates a large proportion of economic activities that make up respectively 28%, 40%, and 72% of Niger, Burkina Faso, and Togo.
Almost every bank in Togo offers digital services
Out of the 13 banks present in Togo, 12 offer digital services. This was disclosed by the minister of economy and finance, Sani Yaya.
The services mentioned - financial and non-financial - help inform, support, and council customers in managing and controlling their transactions.
According to Sani Yaya, two lenders launched Whatsapp-based mobile banking, enabling their customers to “conduct transactions on their bank account 24/7.”
Lauding the move, the official noted that “digitalization in most sectors is one of the top priorities of the government’s five-year roadmap.”
In January 2021, Mazamesso Assih, Togolese minister of financial inclusion, said the country plans to create a digital bank; not only to digitize financial services, but to have a fully digital bank that will support the economy and enable us to cover the whole country because there are digital fractures despite progress made in terms of financial inclusion. The statement was made during a virtual conference organized by the government of Benin. It focused on social response to the spread of Covid-19 in Africa.
Esaïe Edoh
Prices of goods and services still rising in Togo
In Togo, the consumer price index moved from 110.7 in May, to 112.5 in June (+1.6%). This is according to the country’s statistics, economic and demographics institute (INSEED).
The rise was driven by a 3.4% increase in prices of food and non-alcoholic drinks, a 3.4% increase in the cost of transportation, and a 0.8% increase in prices at hotels and restaurants. Moreover, prices of alcoholic drinks, drugs, and tobacco rose by 3.8% over the period.
In detail, the index for bread and cereals rose from 124.2 in May to 128.7 in June, thus up 3.6%. The price index for tubers and plantains rose by 14.5% from 159.4 to 182.5. The report also notes a strong increase in vegetables of 7.6%. It rose to 145.1 from 134.9 a month earlier.
On the other hand, the data shows a decline in the index for housing, water, gas, electricity, and other fuels. It fell from 100 in May to 99.7 in June (-0.3%).
From one quarter to another, the general price level recorded in June rose by 5.4% against March. Year to year, this figure was up 6.2% compared with June 2020, due to an increase of almost all consumption functions.
Esaïe Edoh
AfCFTA: Faure Gnassingbé and others in Accra
Faure Gnassingbé, the President of Togo, and other African leaders are in Accra, to attend the unveiling of a statue celebrating Niger’s former president, Mahamadou Issoufou, for his contribution to the African Continental Free Trade Area (AfCFTA). The statue is at the AfCFTA Secretariat.
After the unveiling, reports Graphic Online- a Ghanaian media, President Nana Akufo Addo should host a presidential dinner.
"We want every member of the continent...when they see the beautiful statue of this champion, to realize that it was not a miracle but men and women who dedicated themselves to, hopefully, a single, centralised, union in the future", said the Principal Communications Advisor, AfCFTA, Mrs. Grace Khoza.
The AfCFTA is set to becoming one of the world’s largest trade markets, with more than 1.2 billion consumers and a GDP of about $3,000 billion.
Klétus Situ