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The Green Climate Fund (GCF) has reaccredited the West African Development Bank (BOAD) at the end of its 36th Board of Directors meeting held from July 10 to 13, 2023, in South Korea. The Fund will thus provide the African lender with resources to fight against climate change in line with its 2024-2027 strategic plan.
The reaccreditation includes more financing for environmental and social...
In Togo, non-financial services activities experienced an annual growth of 14.6% in April 2023. This is according to the Economic Situation Report of June 2023 for the West African Economic and Monetary Union (WAEMU).
The report, which was released by the Central Bank of West African States (BCEAO), indicates that Togo posted the highest annual growth for April, just ahead of Senegal...
Togo has just validated a five-year investment plan going from 2024 to 2028 for its pineapple industry. The strategy, conceived in May 2023, is valued at CFA9.5 billion.
Goals set in the plan include doubling the national output, from 44,391 t to 88,782 t by 2028, and boosting local processing from 35% of the production to 75% by 2028.
Funds needed for the project should come from the...
Of all WAEMU countries, Togo was the one that recorded the highest growth for bank credit supply–the amount of credit made available by the country’s banks–in 2022. According to the WAEMU’s Central Bank, the BCEAO, the figure stood at CFA1,265.9 billion, against CFA812.9 billion in 2021, or 55.7% more.
The upward trend was extended to the whole WAEMU region, where the volume of credit...
Togo raised only CFA16 billion on the WAEMU-securities market last Friday, July 14. The country was seeking CFA30 billion through the issue of fungible bills and bonds of the treasury (BATs and OATs in French).
According to the issue’s report, the bonds or OATs generated CFA14 billion. They mature over 3 and 5 years. As for the bills or BATs, they earned Lomé the remaining CFA2 billion....
A new bus station was inaugurated last week, on July 12, in Kara, northern Togo. The ministers of trade and transport, Kodjo Adédzé and Affoh Atcha-Dédji, both attended the inauguration ceremony. Launched in 2017, the project cost CFA1.2 million. Its goal is to modernize transport in Kara.
“The effective and long-term operation of this bus station will, I am sure, contribute to...
Togo celebrated World Population Day, on July 11, by launching the 2023 Global Population Status Report. Adjovi Lolonyo Apédoh-Anakoma, Minister of Social Action, Women's Protection, and Literacy, attended the ceremony. There were other key stakeholders, such as representatives of the United Nations Population Fund (UNFPA) which initiated the report.
Titled "Eight Billion Humans, An Infinite...
Since they partnered two and half years ago, the Togolese Ministry of grassroots development and Ecobank have financed 32 young native entrepreneurs with CFA1.78 billion. This is out of CFA4.72 billion of requested financing.
The figure was recently disclosed by Myriam Dossou-d’Almeilda, the minister of grassroots development. The official spoke during a meeting between Ecobank’s local...
Togo is looking for a third party to hand over its land register digitization project. The country’s Ministry of Economy and Finance recently launched an international tender to hire this party.
According to the tender notice, consulted by Togo First, the successful bidder must complete the task within 3 months, after securing the deal.
The tender should help modernize Togo’s...
Togo should soon have Citizen offices that will facilitate dialogue between municipal authorities and their constituents.
The Minister of Territorial Administration, Decentralization, and Territorial Development, Payadowa Boukpessi, recently issued a decree to establish these structures. They will collect citizens’ expectations, concerns, and suggestions and relay them to mayors, thus...
Togo’s Telecom Watchdog, the ARCEP, earned the State CFA4 billion in 2022, up from 3.94 billion in 2021. This is according to the latest official data.
The regulator has, since 2020 and under the leadership of Michel Yaovi Galley, launched several sanction procedures that yielded three warnings and three major fines.
The operators most affected by the sanctions were Togo Cellulaire,...
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...