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From CFA14.6 billion in 2021, Togo's State financial holdings grew by 6% in 2022, reaching CFA15.5 billion. The figure, which was disclosed in a report obtained by Togo First, ends the downward dynamic that started in 2018. That year, the country’s financial holdings were estimated at CFA27 billion.
Despite the recent increase, the State’s dividends still fall short of the government’s...
Earlier this week, the East-Mono 1 municipality adopted its preliminary budget for the year 2023. The budget amounts to 145.36 million FCFA. The announcement was made on the sidelines of the works of the third 2023 municipal council session, which opened on Monday, July 10, in Elavagnon.
The overall budget breaks down into 58.85 million FCFA (40.48%) as the operating budget and CFA85.51...
The USA has disbursed a $3 million humanitarian aid package for people affected by the terrorist attacks in Northern Togo, and those who had to move because of them. The announcement, made on July 10, 2023, notes that the package is supplied by USAID.
Mainly, the funds will support over 460,000 people facing food distress.
"Thanks to this financial contribution, the USAID’s...
The Reinsurance Company of the Member States of the Inter-African Conference of Insurance Markets (CICA-RE), based in Lomé, recorded a turnover of over FCFA 106 billion for the 2022 financial year. Year on year, the figure grew by 10.4%, with a result of CFA8 billion. These results were presented to the public and shareholders at the Company’s 41st Ordinary General Assembly held in Lomé on...
Pierre Antoine Legagneur is TogoCom’s new boss. He took over from Tarik Boudiaf, who had been acting as interim CEO since Paulin Alazard's resignation in August 2022. The rumor was confirmed last Friday by the Axian Group, which holds 51% of TogoCom.
"I am pleased to announce the appointment of Pierre-Antoine Legagneur as CEO of TogoCom. I am convinced that he will bring real added value to...
Factoring financing almost tripled in Togo between March 2022 and March 2023, from CFA7 billion to CFA19 billion. The figure was recently reported by Minister of Finance, Sani Yaya, at the National Credit Council.
The official also noted that leasing credits stood at CFA23 billion at the end of March 2023, nearly twice the amount recorded at the end of March 2022.
By comparison, the...
Launched in 2018 in Togo, the WACA Resip program has invested a total of 431 million FCFA in community forest management, according to data consulted by Togo First. These funds were poured into five sub-projects that aim to help Togo better preserve and manage its forest resources.
Five sub-projects
The investments break down into 89 million FCFA for the conservation and sustainable management...
At the end of May 2023, Togo had an inflation rate of 5.8%, compared to 8% a year earlier. According to the National Credit Council (CNC), which disclosed the figure, the improvement was driven mainly by two factors.
The first is "the good results of the previous agricultural campaign (2022)”. Reporting a better agricultural output, the CNC said it “has allowed for favorable market...
Over the first half of the year, Togo raised CFA414 billion on the WAEMU market. That is 72% of the country’s target for the year–CFA574 billion.
In detail, Lomé raised CFA211 billion on the regional stock via Treasury Bills (BAT), following 13 public securities issuances. The remaining CFA203 billion were obtained via 24 issuances of Treasury Bonds (OAT).
In Q1 2023, Togo...
"Togo is a rapidly transforming country, with the aim of becoming a key regional transit center for West Africa, a regional hub for air transport, with ASKY Airlines as a major player, a regional hub for maritime transport and logistics, with the port of Lomé now a key transit port." This ambitious vision was hailed on July 3 by Akinwumi Adesina, President of the African Development Bank (AfDB),...
Matthias Veltin, Germany’s Ambassador to Togo, has ended his four-year mandate in the African country. On July 5, the European diplomat paid a farewell visit to Togo’s Prime Minister, Victoire Tomégah-Dogbé.
"I would like, on this occasion, to express my gratitude to all the Togolese men and women for the warm welcome and excellent relations I have been able to enjoy here. We had a long...
Seventeen (17) institutions, including Togo’s Lottery (LONATO) and its Social Security Fund (CNSS), wish to join the shareholding of Africa50’s Infrastructure Acceleration Fund (IAF). They voiced the ambition on July 3 in Lomé. The IAF fund, which is currently mobilizing $500 million, aims to bridge the infrastructure deficit in Africa.
"Our main objective is to help bridge the...
A delegation of French business leaders was recently in Togo to explore its economic opportunities and establish partnerships. Led by the Club d'Entreprises Bordeaux Afrique (CBSOA), the delegation was received by the Ministry of investment promotion from July 3 to 5. It was hosted by the Agence de Promotion des Investissements du Togo (API-ZF), with the support of the Togo Embassy in...
The Arab Bank for Economic Development in Africa (BADEA) would like to boost its investment portfolio in Togo. On July 4th, the Togolese President, Faure Gnassingbé, covered the topic with BADEA’s Director-General, Sidi Ould Tah.
The two men had the meeting in Lomé, on the sidelines of the first Infra for Africa Forum dedicated to mobilizing investments in infrastructure. Together,...
To boost its solar energy production and attract private investments, Togo wants to bolster its partnership with the International Solar Alliance (ISA). President Gnassingbé of Togo discussed the matter with ISA’s Director General, Ajay Mathur, on July 4th.
"We discussed ongoing projects, such as the mini-grid project which aims to provide affordable solar energy to populations, create...
There are only 30 women on the official roster of the National Order of Engineers of Togo (ONIT), out of 527 engineers in total, including nine interns who have been licensed to practice in the country. The ONIT reported the figures on July 1, 2023.
In detail, the 527 engineers include 309 civil engineers, 100 electrical and electronic engineers, 40 mechanical and industrial engineers, 15...