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In total, 22 community sub-projects were completed in Togo by the end of 2023 under the West African Coastal Zone Resilience Investment Project (WACA ResIP). This is half the number of projects that are being implemented in the country as part of the larger program. WACA ResIP is financed by the World Bank Group.
"Of these 22 sub-projects, we have sub-projects on which activities have been 100%...
The International Finance Corporation (IFC) will provide a €55 million (CFA36 billion) loan to the Togolese mobile operator TOGOCOM. The two sides inked the agreement on January 11, at the 13 February Hotel in Lomé, the capital.
Togocom will use the funds to modernize its infrastructure, expand its 4G network, and its fiber optic network, and improve the quality and speed of its internet...
Togo plans to raise CFA607 billion on the WAEMU securities market this year. This is 5.7% more than last year’s target (CFA574 billion).
The new target represents 28% of the country’s annual budget, which stands at CFA2,179 billion.
As usual, Togo will raise the funds by issuing fungible bonds and bills (ed. Note: respectively OATs and BATs in French).
An issue is open...
The tax office of Togo, OTR, plans to collect CFA1,042 billion this year. This is 14% more than its 2023 target, which was CFA912 billion. The new goal was set under the country’s 2024 finance bill.
The targeted amount is nearly half of Togo’s budget for 2024 which is close to CFA2,179 billion (or $3.6 billion).
This year, budget revenues are expected to reach CFA1,279 billion. Tax...
Myriam Adotevi passed the baton to Benito Fado as managing director of SUNU Bank Togo.
Adotevi has been the bank’s managing director since 2018 and under her leadership, SUNU Bank Togo transformed remarkably.
Over the five years she led the company, its total resources have doubled and its total balance sheet has quadrupled. Also, the bank rose to become the country’s top eight bank, out of...
After a 10-year break, Togo will host the Black Divinities Festival again. The ninth edition will be held in Aneho and Glidji from January 12 to 14.
According to its organizers, The Black Divinities Festival aims to promote endogenous religions and celebrate cultural diversity in Togo. The coming edition is under the theme “Togo: Land of our ancestors, unknown land”.
Also, like...
Over the past year, 15,654 businesses were created in Togo. Togo First obtained the data from the country’s Center for Business Formalities (Centre de Formalités des Entreprises, CFE).
The figure, a new record, is up 13% compared to 2022 when the CFE registered 13,835 new businesses.
The local-to-foreigner ratio shows that Togolese nationals officially set up 13,032 businesses in 2023,...
Lomé will host the Odoo Roadshow, a conference on business digitalization, next month. Initiated by Odoo, an open-source management software developer based in Belgium and the US, the event is scheduled for February 22.
On this occasion, the developer will present Odoo 17, the latest version of its software.
Last year, many Togolese firms adopted the Odoo platform to speed up their...
Idrissou Ahabou is the new director of Togo’s National Agency for Civil Aviation (ANAC). He replaces Gnama Latta.
Ahabou was appointed in line with a presidential decree that Togo First obtained.
As the ANAC’s new boss, Lieutenant Colonel Ahabou will advance the agency’s agenda, which is to make the Togolese aviation safe and efficient.
A State company, the ANAC organizes,...
The Togolese National Lottery (LONATO) contributed CFA6.04 billion to the national budget in 2022. This was recently disclosed by the country’s tax office, OTR.
The figure, generated via corporate income tax, contrasts with CFA5.5 billion and CFA4.6 billion in 2021 and 2020, respectively (thus marking a 9% and 30% increase).
According to the OTR, the LONATO's contribution at the end of...
In Togo, the recently-adopted 2024 finance bill incorporates a major tax reform on the taxation of mobile money transfers.
In line with the reform, these transactions will be subject to only one tax from now on–the Tax on Financial Transactions (Taxe sur les activités financières or TAF).
Before the reform, mobile money transactions were also subjected to the Value Added Tax (VAT)....
Togo will kickstart the first phase of its regional university construction program next year. In this phase, the country will start building a university in Datcha, Plateaux region, and continue delocalizing the University of Kara. The news was announced last week, December 22, by Sani Yaya, Minister of Economy and Finances.
“The first phase of the project to build new universities in each...
The Togolese parliament adopted the 2024 finance bill last week, on December 22. The budget stands at CFA2,179 billion–expenditures and revenues–making it the first time the figure ever exceeds CFA2 billion.
The new budget is up 10.3% compared to the 2023 rectifying budget which stood at CFA1,975 billion.
Next year, 48% of the budget will be devoted to promoting inclusion, against...
New water and sanitation facilities were inaugurated last week in Togo’s Savanes region. Provided by Japan and UNICEF, the facilities were inaugurated on December 21.
They include 61 mixed (solar and hand-powered) water pumps and 38 toilets for schools and rural communities. According to UNICEF, they should improve the lives of the people of the region which currently faces terrorist...
Chinese and Korean companies active in Togo’s free-trade area weighed about CFA64 billion at the end of 2022. The evaluation was made by the Investment Promotion Agency and Free Zone (API-ZF) and relayed by the Minister of Investment Promotion, Manuella Santos, on December 21, 2022, in Lomé. Alongside the figure, Santos reported that the Asian firms created over 3,000 local jobs. She spoke...
The Togolese government is considering taxing boreholes, in a bid to better manage water resources nationwide. The project was discussed on December 20 at the Council of Ministers. On the occasion, the Minister of Water made a presentation on the Integrated Water Resources Management Fund (Fonds de Gestion Intégrée des Ressources en Eau - Fonds-GIRE).
"The Head of State has instructed the...