Togo First
Taxation: Togolese Commissioner Adoyi urges African tax administrations to exchange data for better tax collection
“Today, no administration can operate alone.” These were words recently spoken by Essowavana Adoyi, Tax commissioner at the Togolese Tax Office (OTR), to emphasize the need for cooperation between African tax authorities.
This was during the third reunion of competent authorities of the African Forum for Tax Administrations (ATAF), in Lomé.
Adoyi explained that tax administrations need to cooperate relating information in order to boost their respective earnings, in a context where States’ spending needs keep rising. Actually, a platform reviewed during the reunion has been put in place by the ATAF for its member-States in this regard.
Concretely, sharing best practices for data exchange aims at not letting any tax imposable go uncollected.
“Unless exonerated, no revenue should slip away from the tax office but if tax administrations don’t exchange as much data as possible, they could fail to collect taxes efficiently,” declared the commissioner.
Séna Akoda
UMOA-securities market: Togo will try to raise XOF20 billion next Friday
Next Friday, Aug 9, Togo will once more seek to raise XOF20 billion by issuing fungible treasury bonds.
The unit nominal value of the bonds is XOF10,000 with a maturity period of 36 months and an interest rate of 6.25% per annum, starting from the first year.
Securities subscribed will generate returns between August 12, 2019, and July 15, 2022. Repayment will commence on the first business day following the date of maturity.
This will be the third time Togo goes to the WAEMU regional market this quarter. First two issuances, both successful, were on July 12 and 16.
Séna Akoda
Togo : Ecobank goes green
Lomé-based pan-African lender Ecobank has recently installed solar panels to meet part of its power demand.
The move is in line with the Togolese government’s current energy strategy under which authorities want renewables to make up 50% of the local energy mix by 2030.
The lender however is not the first to walk down this path. Indeed it was preceded by Orabank-Togo which set up at its Tsévié branch (36km from Lomé) a 20 kW PV system and plans another of 400 kW at its headquarters in the capital.
Séna Akoda
Togo: FNFI seeks a firm to provide and set up new software for its portfolio management
To manage its portfolio more efficiently, Togo’s national inclusive finance fund (FNFI) plans to start using, very soon, the SOLARWINDS management software.
A tender was launched to hire the firm that will ensure the software’s acquisition and installation. The call to offer actually targets qualified young entrepreneurs, men and women, registered on the database of the national office for public procurement control (DNCMP).
This procedure aligns with President Gnassingbe’s decision to set aside 25% of public procurements to young entrepreneurs in the country.
Séna Akoda
Pan-African incubator Energy Generation launches business school dedicated to energy, technological innovation and entrepreneurship, in Lomé
Pan-African incubator Energy Generation will open, next October, in Lomé and Accra a business school dedicated to energy, technological innovation and entrepreneurship.
Named Business & Energy School, this school will offer three programs: Bachelor I in Management of Sales Administration and Business Relationship ; Bachelor III in Business Management and an MBA. The school’s graduates also have the possibility, via the Energy Generation Seed Fund, to be financed during the launch and operationalization of their projects.
In this framework, the incubator will be backed by Ascencia Business School, a French business school, member of Collège de Paris.
Classes will be given in French at the campus of Lomé, Togo, and in English at that of Accra, Ghana.
The courses will extend over two years, broken down into 16 months of class and four months of internship.
Pre-registration for the next academic year, set to begin 7 October 2019, is ongoing and will close Aug 31st.
Togo considers establishing national quality management policy
On July 31, Kodjo Adedze, minister of trade, industry and private sector development, presented a note relative to the National Quality Policy (PNQ), during the ministers’ council held that day.
The move is good news for the policy’s adoption. The latter, let’s indicate, aims at “establishing an appropriate framework for the development and functioning of a reliable, pertinent and efficient quality system that will contribute to the successful achievement of goals set under the national development plan (PND).”
In effect, the projected policy should help assess, standardize and test various quality management strategies, in addition to evaluating standards relative to quality of products circulating in the country, their certification and accreditation. These would ensure access of local products to both the international and regional markets, as well as improve on their competitiveness.
Séna Akoda
Togo: A 30MW PV solar plant to soon be established in Blitta
A 30 MW solar power plant will be established in Blitta, about 267km from Lomé. The project was announced last Wednesday during a ministers’ council.
The infrastructure will help reduce our country’s power dependency and therefore help in achieving our national development plan (PND),” the statement from the council indicates.
“The ‘declaration d’utilité publique’ for the project is a prerequisite,” said the authorities, while highlighting “the importance of both the project and the need to proceed to the fair and compensated expropriation of residents on the concerned site.”
Once built, this plant would be the second with a capacity of 30MW to be constructed in Togo. The first will be built in Dapaong and is financed by the Abu Dhabi Fund and AMEA POWER.
Let’s recall that under its 2030 universal power coverage plan, Togo plans to build four PV solar power plants with a respective capacity of 30MW.
Séna Akoda
PUDC-Togo: 2,000 light poles set so far under the project
Since 2016 when the community development emergency program (PUDC-Togo) was launched, 2,000 solar light poles were installed in the five Togolese economic regions.
The poles benefit schools, markets, health centres and other various public places by providing them access to power.
This is a new milestone in Togo’s ambition to achieve power coverage by 2030, with 50% of the energy mix by then being renewables.
Among various projects that will help achieve these goals is the CIZO presidential project under which four 30MW solar plants and 300 mini grids are to be set.
Séna Akoda
Fintech startup Semoa launches Whatsapp banking service, a first in Togo and Africa
French-Togo fintech startup Semoa has developed a WhatsApp banking services for bank customers in Togo.
This was reported by website Tech en Afrique and is said to be a first in French-speaking Africa. “With artificial intelligence (AI) we developed a banking chatbot,” says the firm founded by Edem Adjamagbo (photo).
With the new banking service, users can check their balance, account history, transfer money from their account to another, pay for goods and services, etc.
In 2018, Semoa won two major awards namely, the startup of the year Africa and fintech Africa. Soon, it plans to expand across the French-speaking African region; this is after having launched its pilot stage.
Séna Akoda
Togo: Kara Fund to invest XOF5 billion in the agribusiness sector
The Kara Investment Fund will invest XOF5 billion in the agribusiness sector, in Togo. This was revealed last Friday by the fund’s head, Armand Guy Zounguéré-Sokambi, during a meeting with Prime Minister, Komi Sélom Klassou.
According to Aristide Agbossoumonde, head of the agricultural financing incentive mechanism (MIFA), the move was spurred by the improvement of the local business climate. “There are many forums that do not yield results ; but…the improvement of the business climate sent a great signal to investment funds like us.”
This new partnership should pave the way for good perspectives for Togolese agribusiness which falls under the second axis of the national development plan (PND 2018-2022).
Besides agribusiness, the Kara Fund eyes the infrastructure and renewables sectors.
Séna Akoda