Togolese owners of secondary residences will now be required to pay property tax, the revenue office, OTR, recently reminded in a note seen by TogoFirst. This change, effective since January 1st, 2024, aims to strengthen tax collection and improve the management of financial resources for Togo's development.
Previously, secondary homes – those not considered a person's primary residence – were exempt from the Property Tax on Built Properties (TFPB). However, under the new regulations, "the exemption from the TFPB now only applies to a single primary residence throughout Togolese territory," clarified the OTR.
This means all secondary properties, regardless of rental status or occupant relation to the owner, will be subject to the TFPB. The tax itself is calculated at 15% of the net cadastral income, which is the annual rental value minus 50%. It applies to built properties like houses, buildings, and offices.
Esaïe Edoh
The Constitutional Court of Togo welcomed two new members, Payadowa Boukpessi and Kwame Meyisso, on Saturday, April 20. They were sworn in during a ceremony attended by President Faure Gnassingbé.
"You will be joining the distinguished members of the Constitutional Court at a crucial time in our nation's life, where our country is making major choices that are decisive for the future of democracy and the rule of law", Gnassingbé told the new members at the swearing-in ceremony.
Payadowa Boukpessi, a former Minister of Territorial Administration, and Kwame Meyisso, the former President of the ECOWAS Court of Auditors, are among nine members of the Constitutional Court.
According to Article 100 of the Togolese Constitution, the Court consists of nine members with good reputations, appointed for a non-renewable six-year term. The Court has the power to resolve disputes related to presidential, legislative, and senatorial elections, as well as referendums, ensuring the Constitution's provisions are upheld.
Esaïe Edoh
After a second reading, the Togolese Assembly approved a new Constitution on April 19, 2024. The vote was decisive, with 87 members backing the proposal, surpassing the required four-fifths majority.
This transition from the Fourth to the Fifth Republic marks a pivotal moment in Togo's political landscape. The initial draft of the new Constitution sparked intense debates nationwide, prompting President Faure Gnassingbé to call for a second review by Parliament. After extensive national consultations, the revised text was endorsed, incorporating some adjustments.
A four-year Presidential term
Key changes include a shift from a semi-presidential to a parliamentary system, with clearer guidelines for presidential candidacy and the establishment of distinct legal jurisdictions. Notably, the presidential term will now be four years, with the possibility of one re-election, and the President will take an oath before Congress.
Furthermore, the new Constitution defines the candidacy process for the President of the Council, outlines the status of former presidents, and introduces a Council of State and a tribunal of conflicts as regular courts.
This evolution underscores the heightened role of the National Assembly and the Senate in Togo's governance, signaling a more participatory approach to decision-making.
Before becoming official, the new Constitution requires approval from the current head of state. Its adoption precedes the upcoming legislative and regional elections scheduled for April 29.
Ayi Renaud Dossavi
The West African Economic and Monetary Union's central bank, BCEAO, reported a robust triple-digit increase in revenue from its external assets, reflecting its effective resource management. However, despite this surge, the gains fell short of the potential returns had the funds been invested in the accounts of the French Treasury.
In its latest financial report, BCEAO revealed that its external assets yielded CFA177 billion ($287.3 million) for the fiscal year 2023, marking a significant 112% increase from the previous year.
This marks the second consecutive year since BCEAO started to manage its entire foreign currency reserves outside the French Treasury's accounts. The hike in revenue was fueled by various factors, including improved returns from assets denominated in currencies other than those of the International Monetary Fund (IMF), witnessing a notable uptick of 139%. Furthermore, interest income surged by 74%, while a considerable portion of reserves, totaling CFA3,660.5 billion, was strategically invested in state-issued securities.
Despite this performance, the institution acknowledged that the gains realized were lower compared to the potential returns from investing in the French Treasury. An analysis by Ecofin Agency suggested that the majority of WAEMU countries’ reserves garnered an average yield of 0.94%. This lower return underscores a notable discrepancy, especially when contrasted with the 4.75% marginal lending facility rate offered by the European Central Bank. Currently, this rate remunerates foreign currency assets held in accounts by the Cemac countries and the Comoros, still operating under the former monetary cooperation framework with France.
Despite the institution's good fiscal performance, some areas remain opaque. The BCEAO's financial report did not provide sufficient insight into the management of the WAEMU's foreign exchange reserves, particularly regarding investment strategies. However, it is known that a significant portion of external assets was provided by the IMF, generating the highest foreign exchange revenues, totaling CFA85.13 billion, marking a significant increase of 133%.
At the end of the fiscal year, BCEAO's net profit was CFA315.6 billion. Apart from revenues generated by foreign currency assets, the institution benefited significantly from heightened refinancing demand by commercial banks. This demand resulted in a substantial increase in interest income, amounting to CFA329.4 billion, up 112%.
In Togo, the SEA Foundation, founded by Togolese football legend Sheyi Emmanuel Adebayor, recently launched the second cohort of its agribusiness incubation and professional integration project for youth in Lavié, located 140 km from Lomé. This new wave includes 30 young Togolese individuals.
Ils sont 30 bénéficiaires dont 7?de la 2ème cohorte du projet #incubation et insertion professionnelle des jeunes #Togolais à l'agribusiness. Durant 6 semaines, ils/elles seront formé-e-s, placé-e-s en stage & bénéficieront d'un coaching pour le montage de leur plan d'affaires. pic.twitter.com/ZBQMN3Eu9Y
— Pnud Togo (@PnudTogo) April 19, 2024
These beneficiaries will participate in a 6-week training program in entrepreneurship within the agricultural sector, followed by internships and coaching on developing their business plans. The initiative, which utilizes agriculture as a means of creating employment opportunities for young people, is led by the former Togolese international footballer and supported by the Togo office of the United Nations Development Programme (UNDP). It may also receive support from Togolese authorities.
Myriam Dossou-d'Almeida, Minister in charge of grassroots development and youth employment, attended the launch of the new cohort. On the occasion, she declared: "I am delighted to see a diversity of profiles in this cohort. Your dreams and projects deserve to be carried as far as possible, and we are here to accompany you on this journey."
The SEA Foundation's project, which consists of three components—training, the creation of a pool of leading agri-entrepreneurs, and support for the establishment of agribusinesses—aims to train 1,050 young people over three years. For the first cohort launched in January 2023, around 50 young people were trained.
Esaïe Edoh
The 2 Février Hotel, a prominent player in Togo's hospitality sector, has again been nominated for the esteemed World Travel Awards 2024, a prestigious event in the global tourism industry. This luxurious five-star hotel located in Lomé has secured nominations in three significant categories: "Africa's Leading Hotel 2024," "Africa's Leading Hotel Residences 2024," and "Togo's Leading Hotel 2024."
Serges Messan, the Sales and Marketing Director of the 2 Février Hotel, shared his thoughts on the sidelines of this announcement in Lomé: "The 2 Février Hotel aims to compete with other top hotels worldwide, and for that, visibility is crucial. This year, we aim to showcase the hotel internationally by competing with other hotel establishments globally, demonstrating that this hotel has everything it takes in terms of hosting capabilities and expertise. We aim to be the leading hotel in the African market, especially in the field of residences."
The hotel's top management urges people to vote for the 2 Février, to help place the complex one of the most famous in the region. Voting will close on September 8th.
Since its inception in 1993, the World Travel Awards have been dedicated to acknowledging, rewarding, and celebrating excellence in the travel, tourism, and hospitality sectors. Today, these awards are widely recognized as a hallmark of industry excellence.
Ayi Renaud Dossavi
The Higher Authority of Audiovisual and Communication of Togo (HAAC) has temporarily suspended the issuance of accreditations for foreign media correspondents covering the legislative and regional elections on April 29, 2024.
This decision follows the apprehension and expulsion of journalist Thomas Pierre Dietrich, a special envoy from Africa XXI Channel, who, according to Togolese authorities, illegally entered the country and acted as an activist.
Despite the suspension of new accreditations, the Togolese media regulator urges foreign media correspondents already present to continue covering the electoral campaign.
HAAC's decision is also motivated by "serious shortcomings" it claims to have identified in the recent coverage of Togolese news by the RFI and France 24 media groups.
Esaïe Edoh
Northern African countries will also take part in the next Pan-African Congress. The forum will take place at the end of this year in Lomé.
In preparation for the conference, the Northern African countries held on April 18 a hybrid ministerial conference. The Togolese and Moroccan Ministers of Foreign Affairs, Robert Dussey and Nasser Bourita, co-chaired the meeting.
Focused on the theme "Pan-Africanism and Migration," the meeting resulted in the Rabat Declaration, aimed at strengthening the role of Regional Economic Communities in the actions of the African diaspora on the continent.
In practical terms, through the declaration, the North African region calls for "mobilizing migrants and Afro-descendants as part of the renewal of Pan-Africanism around the reform of multilateral institutions and better representation of Africa in global governance."
Through this declaration, North African countries aim to align their national migration management strategies with the Sustainable Development Goals (SDGs) and the African Union's Agenda 2063.
This declaration will be submitted to the 9th Pan-African Congress scheduled in Lomé from October 29th to November 2nd, bringing together Africans from the continent, the diaspora, and Afro-descendants around the theme: "Revitalizing Pan-Africanism and Africa's Role in Multilateral Institutions Reform: Mobilizing Resources and Reinventing Ourselves to Act.”
Esaïe Edoh
In Togo, the CENI has introduced a toll-free number, 1010, to help voters find their polling stations for the April 29th legislative and regional elections. This move follows the CENI's adjustments to voter registration and polling centers, aiming to reduce congestion at voting sites.
By limiting the number of voters per polling station to 350, the CENI seeks to speed up the voting process and reduce queues. However, this measure has led to the creation of additional polling stations, which may confuse voters.
"The voting takes place in the Voter Registration and Polling Centers (CRVs) used during the electoral registration from April 29, 2023, to June 14, 2023. However, CRVs with insufficient classroom space to accommodate the created PVs must be redirected to nearby CRVs as suggested to the CENI," the CENI states in a note addressed to CELI presidents.
The 1010 hotline addresses these challenges, enabling voters to receive precise information about their CRV and PV by sending their voter ID number via SMS (free of charge) to 1010.
Ayi Renaud Dossavi
The Adétikopé Industrial Platform (PIA) in Togo has experienced a surge in investor interest in recent months, reflecting its increasing importance in the country's industrial sector.
The Adétikopé Industrial Platform (PIA) in Togo has experienced a surge in investor interest in recent months, reflecting its increasing importance in the country's industrial sector.
The PIA, jointly owned by the state (35%) and Arise IIP (65%), has recently welcomed nearly a dozen new investors, as announced by the institution's communication department on April 17, 2024. These newcomers include Brilante Industrie Togo, entering the shoe manufacturing sector, and General & DOP Park Industries, focusing on plastic bag production.
New Huasha Company Limited will introduce plastic tableware manufacturing, while One Dollar International Limited (ODIL) will specialize in beverage production. Smarcoft Recycle Tech will engage in cotton recycling, ST2A in agro-food processing, and Viavce Group in aluminum and plastic pipe manufacturing.
These companies join existing players such as Togo Soja and Nutrisource, already in production, and Dongaco (bottling Coca-Cola products) and others, who are still building their facilities on the platform.
The PIA currently hosts 21 investors, with 13 already in operation or in the process of setting up. The platform has vast growth potential, with approximately 150 hectares of unoccupied land available for lease. This land reserve represents a tangible opportunity for future investors to join an industrial infrastructure ready to accommodate various manufacturing and commercial activities.
"We welcome companies that are either under the Free Zone code or under the Investment code," said Esther Kampor, marketing assistant at the PIA. She emphasized that depending on the chosen status, setting up a business in this zone allows for tax incentives, including reductions in corporate taxes and exemptions on equipment imports.
Local Investors
The PIA is also actively courting local investors, with several Togolese companies already among the investors. These include the Bawason Group, dedicated to biofuel production, and ST2A in the agro-food sector.
To further encourage local investment, the PIA has implemented incentive measures, including a reduction in the land lease price to CFA2,500 per square meter per year. This policy aims to make the platform even more accessible to local businesses, supporting endogenous economic growth.
Fiacre E. Kakpo