For the 2021 calendar year, Togo reduced its legal interest rate to 4.2391%. This was disclosed during the meeting of the council of ministers that was convened on Feb. 10, in Pya (in the Kozah prefecture). 

Last year, the rate was 4.5000%, the same as in many countries of the West African Economic and Monetary Union (WAEMU), according to data from the Central Bank of West African States (BCEAO).

It should be remembered that the legal interest rate, set by the public authority, increases any sum owed by a debtor to his creditor, following a court decision, and in the event of late payment. This figure is used in particular to calculate interest on sums to be paid in the event of a late debt settlement ordered by a court decision, and on a loan, in the absence of an effective interest rate provided for in the contract.

Ayi Renaud Dossavi

Diwa Industries made an investment of CFA7.5 billion that should generate 180 permanent jobs in Togo. 

The cooking gas company sells Sodigaz and Enora gas bottles in the country with an annual production capacity of 500,000 cylinders (and 1,200 cylinders per day for requalification). Through this project, Diwa Industries wishes to "position itself as a strategic actor in the African Continental Free Trade Area, AfCFTA". The news was announced by the Togolese Ministry of Trade during a visit by the minister, Kodjo Adedze at the firm’s headquarters in Blitta. 

Steel Cube Togo announced it would soon create over 1,000 direct jobs, in line with the government's ambition to massively create jobs for the Togolese people. The Kara-based steel producer intends to double its initial projections (400 direct jobs and 800 indirect jobs). 

The plant, which runs on  40,000 t of raw material per year, was recently visited by the minister of trade, industry, and local consumption during a tour in the Northern region.

The steel plant was commissioned about two years ago by President Faure Gnassingbé, “in line with a strategy of the National Development Plan (PND) that prioritizes processing and industrialization. The establishment of the SCT in the free-trade area materializes the great vision we share”, said Kodjo Adedze. 

Indian capital reported that more than CFA4 billion was mobilized for its development. At the time it was launched, the facility aimed to produce every day 30,000 t of iron rods and sticks, using 150 tonnes of scraps.

Séna Akoda

The construction of Kara market which started in September 2016, has reached a completion rate of 86.67%. 

The progress was observed last Monday by the Minister of trade, industry, and local consumption, Kodzo Adedze. The official visited the project’s site for this purpose. 

According to the Minister, companies in charge of “building the market should speed up works to deliver the market within a short and reasonable period, given that it will greatly contribute to the recovery of the Togolese economy”. 

The market, a three-story building (ground floor and two upper floors), will cost CFA4 billion to build. 

It is worthy to note that the construction of the Kara market is part of the Kara and Lome Markets Reconstruction and Traders Support Project (PARMCO). The latter, financed by the AfDB, aims at helping traders who suffered losses amidst the fires that hit the markets of Lomé and Kara in 2013. 

Klétus Situ (intern)

On February 8, a 10-day workshop was launched in Kara for the elaboration of the 2021 citizen budget. Experts from the ministry of economy and finance, representatives of civil society organizations, and sectoral ministries are gathered at the event. 

The citizen budget is a tool that will shed light on data related to key sectors, which will be made available to the public. The sectors in scope include ; health, education, agriculture, transport and grassroots development. 

“Every citizen, who contributes to the financing of the State budget, must be informed of what is being done, of the mobilization of resources at the level of the public utilities...and it is this information that we plan on primarily providing them”, said Djamena Atama, Coordinator of the Economic Governance Support Project (PAGE). The World Bank-financed project backs the ongoing workshop. 

In line with these developmemnts, participants will discuss resources the State plans to mobilize this year, and how they will distributed, especially within the framework of the National Development Plan (PND). 

The initiative should, in the long run, enhance the management of public resources, the mobilization of internal revenues, and boost officials’ responsibility. 

It is worthy of note, that this is the second edition of the Citizen Budget Initiative. The maiden edition was held in 2020. 

All those settled illegally along the Togolese shores have until March 3rd, 2021, to vacate the public domain. This is the latest warning of the government after the one issued last August. 

It came from the Ministers of Territorial Administration, Security, Maritime Economy and Urbanism, in a joint statement. At the set date, “legislative measures and regulations against violations will be strictly applied”, the officials said 

Let’s recall that in Togo, the maritime public domain includes the sea, lagoons, salt ponds, rivers, navigable rivers. No third party is eligible to hold a deed or own the space. In the actual case, illegal occupants must vacate the land which will host some projects, such as the program tackling coastal erosion and sea pollution. 

In this regard, some, notably taxi-drivers associations, have initiated talks with public authorities to remain on part of the area concerned. The drivers use the space as terminal.

Last week, the construction of a new mall in Lomé, Togo’s capital, began. The project is led by the French company, Duvall. 

It is presently in the preliminary phase which includes earthworks and scraping. It is going to take three weeks. 

The new mall is located not far from the new administrative center which is up north of Lomé’s downtown. It will contain a hypermarket where the public can buy groceries, stores, restaurants, and a business center. 

For 25 years now, the Duval group has been designing urban projects. It claims a turnover of €700 million. 

Individuals falsely claiming to be staff of Togo water utility have been extorting from customers, promising to connect them to the firm’s network.

In a recently issued statement, the TdE warned the public saying the fraudsters’ “operating mode is to call clients waiting to get connected with different phone numbers, asking them to contact their Secretariat on another number. Once this is done, this secretariat ask them to pay their connection fees or transportation fees for agents in charge of connecting them, on a Tmoney mobile money account”.

However, “all connection fees are to be paid at the register of the agency overseeing the applicant’s request. A receipt is then provided and there is no fee for the transportation for technicians on field”, said the TdE adding it will “not be held responsible” for the actions of the fraudsters and any consequence associated. 

Séna Akoda