Togo First
Togo: Inflation should reach 1.2% in 2018
After recording a negative inflation (-0.8%) in 2017, level of prices should rise in 2018, according to data obtained by Togo First from institutions like BCEAO, World Bank and Ecobank.
Indeed, this level should increase by 1.2%, Ecobank’s experts said.
As for BCEAO, it states that inflation rate was -0.1% at end-January 2018, year-to-year, and -1.6% in December 2017 (year-to-year still).
On a year-to-year basis, average in the region was 0.9% at end-January 2018; Burkina Faso and Niger recorded the highest rates. Throughout the rest of the year, inflation should rise but still remain low, in line with WAEMU’s convergence criteria, to better stimulate local demand.
Fiacre E. Kakpo
Togo : Delay for property transfer procedure reduced to 9 days
Nine days. That is how many days, on average, was needed to complete property transfer in January 2018. Abbi Toyi, director of cadaster and domain affairs (DADC) said in an interview with Togo First on Friday March 9.
According to a document provided by his office, transfer requests are processed in 1-21 days, but much more between 3-8 days.
The feat can be attributed to the reinforcement of technicalities and staff, rising digitization and association of DADC and OTR.
“Today, we have enough manpower”, Toyi said, promising to keep the average delay under 15 days this year, from 20 days last year.
Besides these achievements which should further improve in days to come, the official attributes the shortening of transfer delay to authorities’ will to improve business climate in order to attract more investments.
Regarding the latter, he added that by 2020, if reforms are pursued, Togo could beat nations like Rwanda in terms of property transfer. Rwanda, according to the Doing Business, is the number two in Africa in this ranking.
Fiacre E. Kakpo
Togo : New appointments at ministry of economy and finances
Under the restructuring process started January 11, 2018, the government of Togo, during a ministers’ council held on 7 March 2018, proceeded to six new appointments within the ministry of economy and finances.
Agbenoxevi Kofi Paniah and Ayélé Datti, both finance administrators, were respectively appointed national head of financial control and head of public debt and financing.
Lida Amen Adzoa-Sika Fiawoo Edorh was named as Receiver General for the State.
Kondi Ikpindi Sonhaye Napo, originally central inspector of Treasury, was named paymaster general of the State.
Yao Oniankitan Donko Gbadje, previously general central inspector of Treasury is now General Treasurer of the State.
Last is Kudzo Eva Ametonou who was named general accountant of the State. He was also general central inspector of Treasury.
Karité Togo label launched under aegis of Ministry of Agriculture
On March 7, 2018, the Karité Togo label was launched under the aegis of the Ministry of Agriculture and Husbandry in partnership with SOIF Togo Foundation and Société Togolaise de Karité (STK).
This project aims at reviving the shea butter sector by betting on its processing into various derivatives, and in the long run exporting.
It also falls under the government’s strategy to reduce poverty and create jobs in rural areas. In fact, 300 women in the Central regions, Kara and Savanna areas have already been trained in shea butter processing.
Let’s recall that from 8th to 10th August last year, Lomé held the 16th African Growth and Opportunity Act (AGOA) annual forum. The act to which Togo has been elligible since 2008, eases access to US for sub-Saharan African products. At the end of the meeting, Togolese authorities reiterated its determination to establish an adequate framework to support economic operators in order to fully profit from AGOA. Actually, a monitoring cell was, on the sidelines of the event, put in place to boost and diversify Togolese exports to US.
Togo : GDP could exceed, for the first time, $5 billion in 2018
While growth forecast is estimated at 5.3% this year, real gross domestic product (GDP) of Togo should reach $5.3 billion, against $4.8 billion in 2017.
Comparing with data we obtained, this would mean that Togo’s economy has doubled over 10 years. Indeed, back in 2007 the economy weighed about $2.53 billion, according to data from African Development Bank (AfDB).
Also, GDP per capita has improved significantly over the years and should in 2018 reach $660 (against $615 in 2017) according to Ecobank’s experts.
The improvements are attributable to a rise in economic activities over the past five years, marked by greater public investments, in infrastructures notably, and diversification. There is also the fact that demographic growth is far less significant than economic growth.
Togo is actually implementing many reforms, let’s recall, to improve its business climate. Yet, there is still room for improvement according to Doing Business and Heritage Foundation.
Fiacre E. Kakpo
Togo engages land reforms to reduce related conflicts
During the recent ministers’ council held on March 7, 2018, a bill for a new land and State property code was adopted. This is as previous laws were outdated causing a rise in the number of land-related conflicts.
The new bill should thus help “handle the consequences of strong land pressures caused by a rapid growth of population”. In addition, it will also allow to “satisfy requirements of sustainable growth in Togo, without tearing the country’s social fabric” and even “tackle shortcomings of land governance in order to promote social peace and make the economy more attractive”.
Knowing that land management is one of the major challenges to Togo’s emergence and the implementation of an efficient construction policy for social housing, the upcoming reform is quite opportune.
It will also facilitate the implementation of a national agricultural strategy that will foster the development of agriculture which is the economy’s main driving force.
In the long run, it will improve land management making it more efficient and sustainable, in line with objectives announced in 2009 by African Union’s Heads of States.
BIDC and others to inject $60M in the creation of a regional maritime company
ECOWAS’ Investment and Development Bank (BIDC), along with some other financial institutions, soon plan to inject $60 million to establish a regional maritime company. Sealink will be its name.
Overall cost for the project, backed by ECOWAS’ federation of West African chambers of commerce and industry (FEWACCI), is $100,000,000. Out of this, Togo is to invest $500,000.
The new company would ease movement of people and goods by sea, within ECOWAS. According to projections, Sealink should help boost by 10-25% regional trade.
Besides boosting regional trade, the project will result in lower transportation costs, according to Togo’s minister of infrastructure and transport, Ninsao Gnofam.
Germain Mèba, President of Togolese Chamber of Commerce and Industry, said for his part that it should enable the creation, progressively, of a common market in ECOWAS.
Togo : FAIEJ spent CFA500 million last year on 300 projects steered by the youth
In 2017, overall, 200 young entrepreneurs were trained on management and 300 projects were funded by the Support Fund for Youth’s Economic Insertion (FAIEJ). Reporting this figure, local website Republic of Togo added that the fund spent CFA500 million to this end, creating by the way nearly 1000 jobs.
Launched in 2012 to tackle youth unemployment and promote entrepreneurship, FAIEJ exists to facilitate youths’ socio-professional insertion. In this framework, many schemes, including financial and technical support, were initiated.
Six years after its establishment, in partnership with national agency for employment (ANPE), the fund has backed many youngsters and created more than 4,000 direct permanent jobs, according to the website.
Fiacre E. Kakpo
In Togo, the ECOWAS Brown Card for insurance is now compulsory
During a council of ministers held on March 7, a decree was signed to make ECOWAS insurance brown cards immediate and compulsory for every person with a motor liability insurance.
This is to better protect drivers within the community. Indeed, in case of accidents, Togolese nationals will be compensated rapidly and fairly for damages caused by non-resident drivers from other ECOWAS countries.
The recently adopted decree plans for the restructuring of the National Bureau for ECOWAS’ insurance brown card. The institution, let’s recall, has to “implement in Togo the use of the ECOWAS brown card for motor liability”.
Placed under the authority of the ministry of economy and finances, the entity involves the State as a major actor as well as certified motor insurance firms, on a subsidiary basis.
Let’s recall that the ECOWAS Brown Card was established by a protocol signed in 1982, in Cotonou, to ease settlement of claims arousing from accidents incurred by Brown card holders.
Fiacre E. Kakpo
Togo: Presidential forum for youth to be held next month
At the begining of January 2018, Togo’s President, Faure Essozimna Gnassingbé, had announced in his New Year’s address, a forum with the youth to know their expectations and suggestions regarding solutions to their challenges.
This meeting should be held in the first half of April 2018, according to a press release from the Presidency’s communication department.
Presentation of specifications for the event occured last Monday, at the Presidential Palace, in the presence of Victoire Tomegah-Dogbé, cabinet director at the presidency and Prof. Komi Dodzi Kokoroko, president of the forum’s organization committee.
Tomega-Dogbé on that occasion declared: “This forum which was initiated by the President attests of his will to put in place a platform to exchange with youth”.
She then urged Togolese youths to “take this opportunity to identify and suggest the best solutions to their issues”.
For his part, the president of the organization committee reiterated how important it is that this event succeeds. A press conference should be given this week to provide details about the forum.