Togo First
Ecobank topped the Lagos stock market by turnover, in H1 2019
Lomé-based Ecobank Transnational Incorporated (ETI) was the first bank listed on the Lagos stock exchange by turnover in the first half of 2019.
According to Ecofin Agency which relayed the information, ETI declared a gross income of N405.2 billion (XOF673.67 billion) for the period. The group thus outstripped Zenith Bank (N331.5 billion) and Access Bank (N35.5 billion).
ETI's performance is attributed to its presence in multiple African economies (36 exactly) whereas its rivals mostly operate in Nigeria.
Ayi Renaud Dossavi
Togo: Kpalimé hosts a workshop to improve collaboration between authorizing officers and accountants of public institutions
Authorizing officers and accountants of public entities are currently attending a workshop in Kpalimé to better collaborate toward the effective implementation of reforms aimed at improving public finance management. The workshop was launched yesterday by Kossi Toio, cabinet director of the minister of finance.
In detail, it (the workshop) is dedicated to the public accounting and treasury general directorate (DGTCP) and should enable participants to assess the legal framework regulating financial management in public institutions. Also, they will assess their responsibilities and limitations associated with their respective positions.
This workshop follows another organized four months ago focused on accountability in public institutions. Both shared the same objective, namely improving transparency relative to the management of public funds.
Séna Akoda
Wigs and weaves company Nina expected to resume operations next month, after a 16-year break
Nina, a firm which makes wigs, weaves and hair extensions will re-open next month after nearly 17 years. The information was disclosed by a credible source.
While this is not the first time the company is supposedly re-opening, this time, it has, according to the source, started hiring 200 employees.
The reopening aligns with the second axis of the 2018-2022 national development plan which is dedicated to the creation of agroprocessing, manufacturing poles and extractive industries.
Nina, it should be recalled, temporarily shut down in 2003 due to non-payment of taxes and fully exited the economic circuit in 2015, sometime after the Togolese Revenue Office (OTR) opened.
Séna Akoda
Through a XOF6bn project, mangrove ecosystems will be reinforced in seven West African countries, Togo included
Seven West African countries (Senegal, Gambia, Guinea Conakry, Sierra Leone, Liberia, Ghana, Benin, and Togo) will benefit from a XOF6 billion project to reinforce mangrove ecosystems. According to Agence de Presse Sénégalaise which disclosed the information, the regional project was launched at the end of last week by the EU representation in Senegal.
This is a 4-year project that will be executed by the International Union for the Conservation of Nature (IUCN) and Wetlands International, an NGO that restores humid zones. These two actors will support civil society organizations engaged in the preservation of mangroves (especially in relation to the green economy and participative governance) in the seven above-mentioned countries.
The European Union is fully committed to fostering the fight against climate change on all fronts, said Irène Mingasson, EU ambassador in Senegal.
The new project was launched during the European week of climate diplomacy. In Togo, the event was marked by the provision of a XOF20 million financing to Africa Global Recycling for its "Moi jeu tri project".
Ayi Renaud Dossavi
Togo expects over XOF770 billion of tax revenues by 2022
Togolese authorities hope to collect up to XOF773.5 billion of tax revenues by 2022.
In detail, the country aims to "reach XOF678.4 billion, 723.3 billion and 773.5 billion in 2020, 2021, and 2022 respectively." The average growth over the period should thus be 6.8%. To achieve these numbers, the government plans to implement various tax reform programs.
The increase in tax revenues of the country, which has recently scaled up its budget, should lean on domestic taxes. Indeed, under the forecasts which were made by the ministry of finance, these taxes (domestic) should amount to XOF356.2 billion in 2020, and respectively 380.8 billion and 408.1 billion in 2021 and 2022. Meanwhile, custom duties are expected to stand at 322.2 billion, 342.5 billion, and 365.4 billion in the same years.
According to forecasts, tax and customs revenues should respectively record an average increase of 7% and 6.5% between 2020 and 2022 (incidentally the year in which the PND will be completed).
Let's note that the Togolese revenue office aims to collect this year XOF669 billion of tax and customs revenues and has already mobilized 48.8% of this amount in the first half of 2019.
Ayi Renaud Dossavi
Doing Business 2020: Togo is among top 20 improvers (shortlist)
Togo is one of the top countries to have improved its business climate the most in the past 12 months. Indeed, the country is featured with four other African countries on a shortlist, released by the World Bank, ranking the 20 economies that have improved their business climate most in the past 12 months.
The list was released yesterday, ahead of the Doing Business 2020 which will be officially launched next October 24th. It should be emphasized that the final list will be disclosed at the time of the Doing Business 2020 launch and will feature only 10 economies.
Besides Togo, the four other African nations present on the shortlist are Nigeria, Kenya, Djibouti, and Zimbabwe.
According to the Bretton Woods institution, Togo owes its place in the shortlist to reforms implemented across five areas. Among these is "the elimination of a requirement that limited liability companies have their articles of association drafted by a notary." Also, "Transparency in the construction permitting process was improved after Togo issued a circular mandating that the required documents, pre-approval and fees be made available online. Getting electricity became less costly following a decision by the electricity company to reduce the cost of new connection works. The property transfer registration process was streamlined—the submission of land transfer documents and payment of the registration fee are now completed in one step at the same office. Togo improved access to credit information by expanding the coverage of the credit bureau, Creditinfo Volo, and distribution of data from utility companies."
Let's note that Togo was one of the top 10 reforming countries in the previous Doing Business in which it rose by 19 places. In the long run, the country, according to Sandra Johnson, Presidential Minister-Counsellor, in charge of Business Climate, aims to be among the top 100 countries in terms of ease of doing business.
Fiacre E. Kakpo
Togo's cotton sales to the EU in 2018 up by more than 50% compared to 2017
Togo sold $11.3 million of cotton to the European Union last year, according to the UN Comtrade database. This is a notable increase (+50%) compared to 2017 where the West African nation exported about $7.5 million of the crop to the EU.
Inversely, Togo imported less cotton-based products from the EU over the period ($29.7 million in 2018 against $29.8M in 2017). This helped slightly reduce Togo's trade deficit with the European Union, putting it at $18.5 million last year.
While the EU purchased far more cotton from Togo last year, it should be emphasized that these sales represent only about 0.3% of all the EU's cotton purchases over the period.
Togo intends to asphalt 60% of its roads by 2022
By 2022, the Togolese government wishes to have asphalted 60% of its roads.
The goal was disclosed by Sani Yaya, minister of finance, as the government was signing with the West African Development Bank (BOAD) a financing agreement of XOF20 billion to construct and asphalt the Katchamba-Sabori road.
If the goal is achieved, road traffick should be more fluid as various axes will be unclogged. Moreover, this should improve access to some remote areas, subsequently boosting economic activities, both at the national and regional levels.
Besides increasing the percentage of asphalted roads, authorities want, at the same time, to "reduce travel time for trucks between Lomé and Cinkassé, from 48 hours in 2016 to 24 hours in 2022." This will be done by doubling the N°1 national road (which is one of the flagship projects of the country's 2018-2022 national development plan).
Ayi Renaud Dossavi
Togo: A special entity will be established to take over the implementation of the MCA Threshold program
The US recently signed with Togo a grant agreement for $35 million under the Millenium Challenge Account (MCA-Togo) program.
Togo which has validated its Threshold program should use the monies to finance reforms in ICT and agriculture, with a focus on land.
Instead of the MCA-Togo cell which had been executing the Threshold program until its validation, a special entity named "Millenium Challenge Account Execution Execution Unit" (UEMCA-Togo) will be established for this purpose.
In this regard even, the MCA-Togo cell has issued invitation letters to recruit staff for UEMCA-Togo.
Séna Akoda
Lomé should host the first African Diaspora Economic Forum on November 28-29, 2019
Togo's Minister of Foreign Affairs launched Yesterday with the Africa, Carribean-Pacific countries (ACP) the first African Diaspora Economic Forum.
The event will take place on November 28-29, 2019, in Lomé, under the theme: Contribution and role of African Diaspora to the continent's economic development
On this occasion, members of the African diaspora will be encouraged to get more engaged in Africa's development.
Séna Akoda