Togo First
Togo expects to collect XOF678.4 billion of taxes in 2020
Togo expects to collect XOF678.4 billion of taxes in 2020, up 1.3% compared to the forecasts for this year (XOF669.5 billion). As for non-tax earnings, the country hopes to mobilize XOF75 billion next year (against XOF69.4 billion in 2019).
This was disclosed by the ministry of finance after the parliament passed the 2020 finance act. Forecasted revenues and expenditures under the latter total XOF1,466.2 billion (against 1,430.1 billion in 2019). It should be noted that 46.8% of the budget resources will be invested in social sectors such as education, health, agriculture, and rural electrification. According to the previsions, there should be a budget deficit balance of XOF 67.1 billion, representing 1.9% of the country's GDP (thus below the UEMOA 3% cap).
Let’s recall that over the first three quarters of 2019, Togo’s tax income rose by 22.4%, the second-highest increase behind Mali.
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Togo: About 50% of 2020’s budgetary resources will be injected into social sectors
Nearly half of 2020’s budget (46.8%) will be poured in social sectors, knowingly health, education, agriculture, and rural electrification.
This was disclosed by the ministry of finance after the parliament adopted the initial 2020 finance act.
Health, according to the government’s plans, will get about one-tenth of budgetary resources, while education will get around one quarter.
Moreover, next year, the authorities will focus on “augmenting workers’ and retirees’ purchasing power, by revalorizing their wage index.” Other priorities include curbing the unemployment rate (by hiring in the public sector), rehabilitating and equipping health centers, especially the Sylvanus Olympio University Hospital, building retirement homes, significantly increasing resources of the local communities support Fund, for its effective operationalization.
Part of the remaining budgetary funds will be invested in the mines and energy (5.3%), as well as in infrastructure and transports (18.7%).
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BOAD approves XOF7 billion financing for Blitta power plant
The board of the West African Development Bank (BOAD) held last Wednesday its 115th ordinary session, in Dakar. On this occasion, the bank approved partial financing of many projects submitted by the States and other economic actors of the West African Economic and Monetary Union (WAEMU).
Among these is the project for a 30 MWp solar plant in Blitta, Togo. The project thus secured XOF7 billion from the BOAD.
The infrastructure, which was to be initially built in Dapaong, mobilized the participation of the Abu Dhabi Fund and AMEA POWER.
Funds promised by the BOAD will partly be used for the construction, operation, and maintenance of the plant. The project will be developed under a public-private partnership, with a 25-year concession issued to the operating company. After this period, it will be ceded to the State, specifically power utility, CEET.
Let’s recall that the Blitta plant will be the first of four with the same capacity, planned under the 2018-2030 national electrification strategy.
Séna Akoda
Togo : Tax earnings were up 22.4%, year-on-year, over the first nine months of 2019
Over the first three quarters of this year, Togo’s tax revenues rose by 22.4%, according to data from the Central Bank of West Africa (BCEAO).
In the WAEMU, this is the second-highest rise after Mali (+35.9%) and the same as Senegal (+22.4%). The central bank in this effect lauded “financial governance in the WAEMU, relative to tax collection, mentioning ongoing projects to modernize administration and reinforce public finance management.”
Let’s also indicate Togo’s non-tax earnings stood at XOF46.64 billion for the period reviewed, up 4.18% compared to the year before.
Overall, budget revenues across the community was 11,348.2 billion over the period under review. Last year, over the same period, these revenues grew by 1,757.7 billion (+18.3%).
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The Togolese Minister of Health is the new board chairman of Africa CDC
Moustafa Mijiyawa, Togo’s minister of health, is the new board chairman of the Africa Centre for Disease Control and Prevention (Africa CDC). The Togolese official was elected earlier this month for a three-year term, in Addis Ababa, at the sixth meeting of the organization’s board.
Mijiyawa, professor of Rheumatology, has been active for more than 30 years in the health sector, both in Togo and outside. His new mission at CDC is to improve upon achievements of his predecessors.
Africa CDC is an organization of the African Union (AU). Created in January 2017, it collaborates with all 55 member-States of the Union, preventing the transmission of diseases, putting in place a system for medical surveillance and disease detection, especially epidemics and health threats.
The governing board of Africa CDC gives strategic instructions to the organization’s sécretariat, on all health issues, in line with the AU’s policies and procedures. It has 15 members, including 10 representatives of the African Union’s member-States.
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The first edition of the BRVM AWARDS will be held on February 8, 2020, in Abidjan
The UEMOA’s stock market, Bourse Régionale des Valeurs Mobilières (BRVM), will organize the first edition of the BRVM Awards next Feb. 8, in Abidjan.
“The event aims to foster the development and dynamism of this market,” says Corinne Ormom, BRVM’s chief of communication. Moreover, it should “boost the institution’s credibility, as well as embody excellence in the stock market sector, actors’ dynamism, and the BRVM’s attractiveness.”
Only BRVM-listed firms, bond issuers, investment, and brokerage firm (SGO), and UCITS managers (SGO) will be awarded.
Seven awards will be given: “Best listed firm, best bond issuer, best institutional investor, Best SMEs part of the Elite BRVM Lounge program, the Grand Prix du Jury, Best SGI (SGI), and Best SGO.”
Séna Akoda
Lomé hosts a meeting on special African economic zones
Today, Lomé is hosting a regional meeting on special economic zones. The event’s theme is: Developing the Special Economic Zones in Africa: General Framework and Main Orientations.
According to the organizers, Togo Invest Corporation and Africa Free Zone, “the special economic zones are a major tool for African economies, relative to the augmentation of foreign direct investments (FDIs), job creation, skill, and technology transfer between national enterprises.”
During the meeting, three key topics will be discussed. These are: “Generalities, concept, and definition of economic zones ; Legal, fiscal and institutional framework: best practices ; Fiscal development strategy: how to attract FDIs.”
Top-level panels and debates are scheduled with various experts on the occasion.
Séna Akoda
Togo: PNUD to launch two innovation contests on Dec. 20
On December 20, the PNUD’s office in Togo will launch two innovation contests in Lomé.
They should both promote youth ingeniosity, in terms of “building innovative construction solutions pairing waste recycling and local material use.”
They will also be tasked with developing solutions that will improve deed delivery at local civil status centers.
The contests are sponsored by the ministry of urbanism and that of decentralization.
Regarding the innovative solutions for sustainable construction, the contest will be organized in partnership with Lomé’s Construction Center and Ecole Nationale supérieure d’ingénieurs.
Togo: AfDB injects XOF7.9 billion in the CIZO's social component
The Togolese government and the AfDB initialed on Tuesday, December 17, 2019, an agreement worth about CFAF 7.9 billion as part of the Social Component Support Project of the CIZO Rural Electrification Programme of Togo (PRAVOST).
Related documents were signed by Marie-Laure Akin-Olugbade, Managing director of AfDB for West Africa, and Sani Yaya, the Minister of Economy and Finance. Marc Ably-Bidamon, the Minister of Energy, was also present, with members of a European Union delegation.
According to Yaya, the funds will help provide solar power to 500 rural communities, subsequently making them more resilient.
The minister of finance added that in addition to about 2,000 households getting solar mini-grids under the project, the PRAVOST plans to "provide power to 314 health centers and equip 122 health centers with solar-powered water heaters, set up 400 drinking water supply lines and deploy 600 solar-powered irrigation pumps."
Let it be recalled that the European Union has also invested XOF6.6 billion into the PRAVOST, through the EU-Africa Infrastructure Trust Fund.
Human Development Index : Life expectancy of Togolese people augmented by three years since 2010
From 1990 to 2018, Togo’s human development index (HDI) soared by 26.6%, from 0.405 to 0.513. This is disclosed in the recent Human development report released by the UN Development Program (PNUD).
Over the same period, Togolese people had their life expectancy rise by 4.9 years. In 2010-2017 alone, their life expectancy rose by three years. Meanwhile, GDP per capita improved by 22.4%.
In spite of the improvements, the country still has room for progress. Indeed, compared to the previous edition of the PNUD report, Togo’s rank fell two places. It is this year the 167th over 189 countries.
The country is listed under the category of nations with a “low” HDI, alongside others such as Seychelles, Rwanda, Nigeria, Côte d’Ivoire, and Ethiopia. However, Togo’s HDI is higher than the average in this category (which is 0.507).
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