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Banks in Togo had their net foreign assets standing at 1,487.8 billion FCFA in 2022. According to the BCEAO, WAEMU’s Central Bank, which disclosed the figure, it is 32.8% higher than that recorded in 2021.
Banks’ net foreign assets reflect the value of claims on non-residents and obligations to non-residents, as well as claims on the Central Bank.
The upward trend started in 2020....
The Waste Management and Decentralization Project (GEDEC) was officially launched in Lomé, on June 13, 2023.
The European Union (EU) backs the 3-year project with €4.7 million and it will be steered by Expertise France. The French firm will help municipal stakeholders set up a sustainable household waste management system.
"The goal is to create a realistic and...
The Togolese Ministry of Grassroots, Youth, and Employment, launched earlier this week a tender for backing youth-led micro-projects. The call was launched on World Youth Day.
According to the ministry’s announcement, each project could receive up to CFA500,000 (about $830). Through the move, the government wants to give a boost to youth associations, all over Togo, that are looking for...
Togo greenlit four new investment projects in Q1 2023. According to a report recently released by Lomé, they are worth a total of CFA19 billion.
Three of the projects, valued at CFA18 billion, were approved under the investment code (CI). The last one was approved under Free-Trade Zone status. The projects, the report further indicates, are mainly focused on the sectors of...
The members of the Consular Electoral Commission (CEC) were sworn in on June 8, 2023, in Lomé. The ceremony took place at the Court of Appeal.
This 8-person commission will coordinate the consular electoral process, including the preparation and proclamation of provisional results. It will also be responsible for receiving applications from economic operators and registering them on the...
France will provide Togo €78 million to help it open up its rural areas. The financing agreement was signed last week, by Sani Yaya, Togo’s Minister of Finance, and the French Ambassador to Togo, Augustin Favereau.
The funds will be used to build bridges–thus enabling local populations to easily access basic socioeconomic infrastructures, acquire equipment and services, and bolster...
Several civil protection officials of the ECOWAS member States are meeting in Lomé this week to discuss assistance mechanisms for the victims of floods that hit the region in 2022, as well as the regional food and nutrition crisis.
The officials are looking at an effective way to support and help the people affected recover, according to ECOWAS.
The heavy rains that hit several ECOWAS...
Togo’s capital expenditures stood at CFA610.8 billion in 2022, up 60% from CFA379.8 billion in 2021. The BCEAO, WAEMU’s Central Bank, recently released the estimates.
The funds were spent by ministries on various projects–infrastructure, energy, and transportation projects, among others–and public grants. The increase in capital expenditures translates Lomé’s commitment to...
Last year, Togo’s trade deficit widened by 24% year-on-year, with the figure standing at CFA514 billion. This unprecedented increase happened despite exports going up, and a stronger dollar against the euro.
Togo recorded a trade deficit of CFA514 billion in 2022. That is 24% more than the previous year. The gap increase was strongly driven by a rise in goods imports. The latter soared from...
Togo’s food production rose slightly in 2022 compared with the previous year, according to a report by the Central Bank of West African States (BCEAO).
Production of corn, the country’s most grown and consumed cereal, stood at 977,300 t in 2022. This is 5% more than 2021’s 929.000 t (and 885,000 t in 2020). Production of other cereals, like millet and sorghum, rose as well, though less...
Togo plans to proceed to another issue on the WAEMU stock market on June 16. The country intends to raise, again, CFA30 billion through a simultaneous issue of fungible treasury bonds and fungible treasury bills.
Lomé hopes to get CFA10 billion with the bills and the rest with the bonds. The former securities have a face value of CFA1 million, a multiple interest rate, and will mature...
Nearly 2 million saplings were planted in Togo, on June 1, National Tree Day. The same day, the country kicked off its new national reforestation campaign.
Precisely, the number of saplings planted was 1,915,204. The figure, disclosed by the Minister of Environment and Forest Resources, Foli-Bazi Katari, is 35% higher than that recorded the year before –1.4 million saplings.
Lomé...
Togo officially joined the Global Coalition to Defeat Daesh/ISIS last Thursday, June 8. This was during a ministerial meeting in Riyadh, Saudi Arabia–a meeting attended by Togolese Foreign Minister Robert Dussey and US Secretary of State Anthony Blinken.
A big thanks to the Global coalition against Daesh who give a warm welcome to the Republic of Togo this day as a new member. Together we...
The Togolese President, Faure Gnassingbé, laid the first stone for the Kpalimé Regional Agricultural Mechanization Center (CRMA) in Tové, on June 9, 2023. Kpalimé is the second town, after Kara, where such a facility is being built. Construction works for Kara’s began last April.
Equipped with modern tools and equipment, the CRMA of Kpalimé will streamline agricultural production...
Between January and December 2020, Togo earned 17.53 billion FCFA from its extractive industries. The figure was disclosed in the ITIE 2020 report for Togo, which was released just a few days ago.
The funds were levied mainly from big mining companies. They contributed CFA14.68 billion, while underground water operators contributed CFA1.19 billion, and construction material producers...
Togo’s phosphate industry recorded substantial growth –production and sales– in 2022. The surge was driven by soaring global prices for the commodity and several initiatives that Lomé launched to dynamize Togolese agriculture.
Phosphate production grew by 5.9% in 2022, reaching 1,541,772 tons. Sales rose from 1,386,811 tons to 1,583,180 tons, thus up 14%. The figures were released by the...