Togo First
Togo: Lomé to host third edition of the national internal auditors forum next month
From September 25 to 27, 2019, Lomé will host the 3rd edition of the national forum for internal audit. For this edition, the event has been placed under the theme: “Internal audit at the service of concerned parties.”
Organized by the Institute of Internal Auditors – Togo (IIA-Togo), the forum will focus on future challenges of internal auditors, collaboration between public governance actors and internal auditors, as well as establish a framework for training and exchanges between professionals of the sector, public administrators and decision-makers.
Let’s recall that IIA-Togo, created in 2010, is affiliated to the Institute of Internal Auditors (IIA Global), which is present in over 170 countries and territories.
WAEMU : Public debt rose in 2018 despite efforts to contain it
Compared to 2017, public debt across the West African Economic and Monetary Union (WAEMU) soared in 2018. This was disclosed at the last council of ministers of the Union.
“Despite efforts of the Union’s member States regarding public finance management, to reduce budget deficit, this figure remains high,” with a debt that increased to 48.7% in 2018, up 3.2% more than in 2017, reads an information note of the Central Bank of West African States (BCEAO) for the second quarter of this year.
“Public debt’s share in public revenues keeps growing and now makes up more than a third of all revenues collected across five member States,” adds the council.
To reverse the situation which impairs investment capacity of the Union’s States, the council suggested that all eight member States of the Union reinforce measures aimed at increasing collection of tax revenues, as well as to resort to “innovative financing, such as private-public partnerships, while ensuring public debt’s sustainability.”
Ayi Renaud Dossavi
In 2017, Togo imported about $32.5 million worth of goods from the US (UN Comtrade)
In 2017, bilateral trade between Togo and the US amounted to $38.7 million, according to the UN international trade database Comtrade.
In detail, the US exported to Togo about $32.5 million worth of goods while Togo exported only $6.2 million to the United States.
Regardless of the significant volume US exported to Togo, it should be noted that during the year reviewed, it was the African nation’s 23rd export market (0.8% of its exports and its 13th import partner.
While it exported mostly raw materials and unprocessed products, such as minerals, fruits, grains and oils, to the US in 2017, Togo’s imports that year included mainly plastic products and derivatives ($8.1 million) ; oil and gas, mineral fuels, oils, distillation products ($5.4 million) ; engines and heavy machinery ($5.4 million) ; cereals ($5.1 million) and vehicles ($2.8 million).
Let it be recalled that back in 2010, Togo recorded its highest exports to the US, $11.7 million of goods according to Comtrade.
Ayi Renaud Dossavi
Togo records second highest budget revenue increase within WAEMU in 2018
In 2018, Togo’s budget revenues soared by 13.4% compared to the year before. This was disclosed by the Central Bank of West African States in its latest annual report.
This is the second highest increase within the West African and Monetary Union (WAEMU). The country comes after Niger (+23.5%) and before Burkina Faso (+12.3%), the other two nations whose budget revenues grew the most over the past year.
In detail, the union collected XOF12,832.7 billion (18.4% of GDP) at end-2018, up XOF1,094 billion (+9.3%), over the period reviewed.
“Despite this improvement, fiscal pressure rate remained low standing at 15.7% in 2018, thus below the 20% minimum standard set for 2019 across the union,” indicates the apex bank.
This year, the Togo Revenue Offie (OTR) set a target of XOF669 billion of taxes to be collected. The country, according to the entity, has already collected 48.8% of this amount during the first quarter of 2019.
Ayi Renaud Dossavi
Togo: 300 breeders to get up to XOF1.5 billion under PASA’s additional phase
Under its additional phase, the Agricultural Sector Support Project (PASA) backed 300 more breeders, providing them each XOF3.5 million. This follows an initial phase where 170 breeders benefited from the scheme’s support.
The subsidy, capped at XOF1.5 billion, aims at helping actors of this sector better sell their products.
According to the ministry of animal production, PASA, in its additional phase, aims at “enabling small-scale breeders grow to become semi-modern breeders,” while in the long term, “these farmers should become real entrepreneurs, able to supply markets with their livestock (local poultry and small ruminants).”
The ministry also indicated that distribution of the subsidy has already begun. Actually, Out of 260 new beneficiaries who are to be backed by the scheme, 251 have already received the first tranche of the subsidy and have effectively started their activity.
Séna Akoda
AWA, ASKY and Ethiopian Airlines sign interline agreement
Last week in Kumasi (Ghana), three airlines, namely Africa World Airlines (AWA), Lomé-based Asky Airlines, and Ethiopian Airlines signed an interline agreement, according to Ecofin Agency.
Under the agreement, a first of a kind, passengers travelling on two or the three airlines on a single trip will no more need to have their luggage checked through to their final destination.
Moreover, the passengers get to keep their allowable two 23kg bags under the new deal.
According to the source, “passengers of Asky and AWA can now travel to over 140 international destinations operated by Ethiopian Airlines with ease.”
The new agreement should boost connectivity and customer experience for passengers travelling on the three airlines on the same itinerary.
Séna Akoda
Microfinance: Volumes of deposits in Togo up 16% in Q1 2019, compared to the quarter before
In Togo, deposits at microfinance institutions and decentralized financial systems grew by 16% during the first quarter of this year. This was disclosed by the Central Bank of West African States in its latest report on microfinance within the West African Economic and Monetary Union (WAEMU).
This is the second highest growth in the union, after Mali (+20%), and before Côte d’Ivoire (+15.1%), Senegal (+10.3%), Benin (+9.9%), Burkina Faso (+3.7%) and Niger (+0.5%).
While the progress is to be lauded, Togo, it should be recalled, recorded the highest amount of deposits across the Union in 2018.
On a year-to-year basis, the volume of deposits recorded in the WAEMU was XOF1,390.8 billion in Q1 2019, up 11.4% compared to Q1 2018 (XOF1,248.7 billion). Also, the percentage of people who had access to microfinance institutions soared by 10.4% year-to-year.
Ayi Renaud Dossavi
Mississippi Governor shows interest in Togo’s agribusiness industry
Phil Bryant, Mississippi Governor, “expressed the will to contribute to Togo’s development by mobilizing American investors in our agribusiness sector,” President Faure Gnassingbé tweeted August on 12.
The tweet came a while after a work meeting between the governor, the Togolese leader and some of his government members. The governor was followed by representatives of the US private sector.
During the meeting, emphasis was put on progress made in the Togolese business environment and opportunities the country holds. Regarding the former, the country is among the top 10 countries to have implemented the most reforms recently, according to the Doing Business 2019.
“We can only attract investments and promote financing, which we need for the national development plan, in an attractive environment,” said Sandra Johnson, head of Togo’s business climate coordination unit.
Bryant, according to the Togolese presidency’s communication cell, after the meeting, invited the Togolese leader to his State promising a connection with agribusiness firms.
Séna Akoda
From 2012 to 2017, Togo mobilized XOF92 billion for its national strategy for grassroot development
From 2012 to 2017, XOF92 billion was mobilized for the national strategy for grassroot development (PNDB) in Togo. The figure was disclosed last Friday at the review session for the programme chaired by the minister for grassroot development, Victoire Tomégah-Dogbé.
In detail, over the period reviewed, the monies raised were used to establish more than 300 agricultural processing units, develop more than 1,300 micro-projects, as well as restructure and reinforce more than 5,530 grassroot development committees.
Also, more than 2,600 basic socio-community infrastructures (classrooms, health centres, markets, wells…) were built under the PNDB.
Let’s also note that, still under the strategy, 30,000 women received funds and more than 27,000 temporary jobs. More than 29 million meals were also served in more than 300 schools all over the nation.
The PNDB includes many government-financed projects which benefit from technical and financial support of partners. Among the latter is the World Bank, the African Development Bank, the West African Development Bank and the United Nations Development Programme.
Ayi Renaud Dossavi
Togo: Authorities in the process of making the construction sector more professional
In Togo, a mechanism to qualify and classify businesses, consulting agencies and laboratories operating in the construction sector could soon be adopted. Sources close to the public procurement regulator (ARMP) said the document recently got technical validation, and final validation by all actors of the sector should follow rapidly.
The mechanism aims at making the sector more professional by ensuring all construction firms that operate in the country are qualified to do so. Once the mechanism is effective, “some businesses and organizations will no longer be qualified for some public contracts,” the sources indicate.
In effect, the classification will be based on various criteria including, size, technical ability, staff’s size, skills level, financial capacity, and experience with carrying out or monitoring of public projects. Regarding the mechanism’s final validation, it befalls the ministry of construction, the ARMP, construction firms, consulting firms, construction laboratories and actors of the civil society. These, depending on their concerns and observations, could amend the document or make recommendations prior to its validation.
Séna Akoda