Togo First
Emmanuel Macron promises Togo €3 million for its Covid-19 response plan
France will back Togo’s Covid-19 response with €3 million. The funds should be part of the European nation’s support to Africa, relative to the pandemic’s impacts on health, people, economies, and even debt.
The news was announced by President Emmanuel Macron himself along with congratulations to his Togolese counterpart, Faure Gnassingbé, on the sidelines of the 60th independence day anniversary of Togo.
The money promised will, among others, help Togo acquire lab equipment and better monitor and take care of the Covid-19 patients.
According to Macron, “the French Development Agency (AFD) and other operators will remain focused on other priorities falling under the Togo-France partnership, concerning basic social services especially.”
Séna Akoda
Agriculture: Togo launches emergency plan to support the sector amidst the Coronavirus crisis
Togo has launched the Covid-19 agricultural response plan. This includes various emergency measures aimed at boosting food and nutritional security, as well as improving farmers' earnings.
In effect, emergency loans, agricultural equipment, and irrigation kits will be provided to the producers. Also, the plan will promote job placement agencies.
Moreover, the scheme targets production of 225,000 tons of cotton, about 2 million tons of corn, about 140,000 tons of soybeans, and over 330,000 tons of rice. These should help increase production revenues by around XOF228 billion.
In this framework, the State urges all local producers to get registered to benefit from the emergency measures. The farmers must do so at their head association (for example the NSCT for cotton farmers, and SME/SMIs that operate in high added-value sectors such as soybeans), or at any remote office of the ministry of agriculture.
Information needed for the registration includes a voter's ID number, an active phone number with an attached e-wallet.
Agriculture contributes more than 40% of Togo's GDP and employs nearly 65% of the country's active population.
Ayi Renaud Dossavi
Togo gains five places in Press Freedom Index
In the latest World Press Freedom index, Togo gained five places...
The report released by Reporters Sans Frontières (RSF) places Togo at the 71st position (against 76th last year). While the country's rank is better this year, it should be noted that between 2018 and 2019 it gained 10 places in the ranking.
In Africa, Togo holds the 14th position, far behind the top three which are Namibia (23rd in the world), Cape Verde (25th), and Ghana (30th).
Worldwide, Norway, Finland, and Denmark top the ranking while Eritrea, Turkmenistan, and North Korea occupy the last seats.
Ayi Renaud Dossavi
ECOWAS members commit, again, to allocating 15% of their respective budget to the health sector
The ECOWAS States have agreed on allocating at least 15% of their annual budget to their health system.
Yesterday, during a videoconference, Heads of State of the community decided to immediately put the measure in effect as the Covid-19 pandemic keeps threatening lives and economies in the region. The virus has so far infected 6,083 people in the ECOWAS. Out of these, 158 died, 1,793 recovered and the remaining 4,232 are being treated.
Concerning the decision to allocate 15% of the budget to the health sector, it had been suggested in 2014 in Accra amidst the Ebola crisis but was ignored at the time.
Togo joins the African Trade Insurance Agency, with the support of the European Investment Bank
Togo has joined the African Trade Insurance Agency (ATI). It is a pan-African financial institution that provides credit and political risk insurance products to support African investments.
The adhesion of Togo was backed by the European Investment Bank (EIB) through a $12.5 million concessional loan. This was disclosed by the government of the West African country.
The move was accelerated due to the coronavirus pandemic, which African countries believe will put pressure on their capacities to insure investment and commercial risks.
“As we are preparing to handle the economic impacts of the Coronavirus, African governments are trying to curb its short and long term effects,” said Togo’s minister of finance. “We believe that joining the ATI is necessary for us to reinforce our economy and face this storm.”
Other West African nations that are already part of the ATI are Ghana, Niger, and Nigeria. They completed their adhesion in the past nine months.
Ayi Renaud Dossavi
Togo: Requests for land transfers can now be submitted on the e-foncier platform
In Togo, it is now possible to request land transfers online through the e-foncier platform specifically designed for this purpose.
Citizens, notaries and economic operators can pay fees for land transfers, ask questions, and submit copies of descriptive statements on the platform.
The initiative falls under the will of the Togolese Revenue Office (OTR) to “dematerialize land deed archives and save time in processing land transfer requests,” according to the institution’s head commissioner, Philippe Kokou Tchodié.
The OTR has so far dematerialized 99.32% of its land deeds. This is against 45% five years ago.
Séna Akoda
Ecobank and AUDA-NEPAD team up to help African MSMEs face social and economic difficulties resulting from Covid-19 pandemic
Ecobank and AUDA-NEPAD will establish together a continental framework to support micro and small-medium African enterprises (MSMEs) in overcoming social and economic challenges posed by the Coronavirus pandemic.
In effect, the two organizations will create a one-stop platform that will address businesses’ needs and issues during and after the pandemic. The platform should be “an all-encompassing, flexible, and comprehensive one-size-fits-all tool for MSMEs in the formal and informal sectors across the continent.”
“AUDA-NEPAD and Ecobank Group intend to jointly build a continental platform based on our initial ‘100,000 SMEs by 2020’ campaign which will provide an immediate response to the potential impact of COVID-19 on SMEs and job creation on the continent,” said AUDA-NEPAD’s Chief Executive Officer Dr. Ibrahim Assane Mayaki
Moreover, the two partners will identify opportunities and new ways to support and protect MSMEs (operating in the agribusiness, technology, health sectors, and also those operating along with supply chain operations).
AUDA-NEPAD was established in 2010 to integrate the NEPAD in the African Union’s processes and structures. The new framework aims at ensuring that more attention is given to MSMEs across Africa while prioritizing short, medium, and long term responses to the Covid-19 pandemic.
WAEMU States will issue Covid-19 bonds to curb the economic impacts of the pandemic
To curb the negative impacts of the Covid-19 pandemic, all eight WAEMU States will issue treasury bonds baptized Covid-19 bonds, with the support of the Central Bank of West African States (BCEAO).
According to a statement dated April 21, 2020, the bonds will have a maturity period of three months and will be issued on the regional financial market. Funds raised will take care of immediate spending related to the pandemic in the various countries concerned.
Besides the BCEAO, the UMOA securities agency will support the issuing States. In detail, a special desk will be opened at the apex bank to allow banks to refinance the bonds for three months. Lenders will be able to get cash from the issuing institution at a fixed rate of 2.50%.
The Covid-19 bonds can be refinanced from the day they are issued and no later than one month after their acquisition for the remaining term of the security.
This mechanism is one of many deployed by the BCEAO to help its member States fight against the Coronavirus, and mainly reduce its economic impacts which could be worse than those related to health.
Ayi Renaud Dossavi
Coronavirus: More medical workers quarantined in Lomé after being in contact with an infected individual
A few days after part of the medical staff of the Sylvanus Olympio hospital were quarantined, about 12 medical workers from the Bè hospital (in Lomé) have just been isolated.
The quarantine was decided after the detection of Covid-19 infected patients at the two medical facilities.
Let it be recalled that all medical staff were required to wear face masks since the first quarantine.
To date, Togo has reported 86 cases of Covid-19. Out of this, 56 have recovered. This is the highest rate of recovery in West Africa, just ahead of Senegal, according to recent data from WHO.
Ayi Renaud Dossavi
The government puts in place various tax relief measures for businesses amid Coronavirus pandemic
Togo just adopted a battery of fiscal measures to support businesses as they grapple with the Coronavirus pandemic.
Among others, the tax rate for the hospitality and catering sectors that are severely impacted by the outbreak has been reduced to 10%. Also, authorities have suspended ongoing tax audits and have limited the inspection to corporate citizenship.
Moreover, penalties for the late payment of taxes due in the second quarter of the year have been suspended as well. In parallel, penalties were revised for companies that have been audited.
Authorities will also provide support to one-man businesses that could not submit financial statements before March 31, 2020, and to corporations that will not be able to pay their taxes by April 30, 2020.
SMEs and SMIs will benefit from a special treatment which consists in allowing them to pay taxes in tranches and enjoy more flexibility in regard to outstanding taxes (this measure applies to all taxpayers in general).
Séna Akoda