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The Togolese Ministry of Housing and Urban Planning introduced a standard contract for residential leases and rentals, which is aimed at harmonizing the rent caution and guarantee fees across the country. The move aligns with the new housing contract regulation in place in the Grand Lomé region.
The new contract was presented and adopted on July 5, 2022, during a meeting organized by the...
Over the past year, the Togolese State received CFA14.7 billion in dividends from the companies it owns fully. That is 22.6% less than it did in 2020, according to the 2023-2025 Multi-year Budgetary and Economic Programming Document (DPBEP), which was examined by the parliament on June 30.
Thus, the decline started in 2019 continues. Indeed, dividends collected that year stood at CFA25.5...
The International Development Association, the World Bank’s financing arm, set aside $60 million for Togo to implement one of its projects: the Gulf of Guinea Northern Regions Social Cohesion project (COSO). This was recently disclosed by the Togolese government.
Togo is not the only country in the region that is covered by the project. It extends to Benin, Côte d’Ivoire, and...
Asky and Ethiopian Airlines want to open an aviation school in Lomé. The news was reported by several media, including Ecofin Agency, which quoted Ethiopian Airlines’s manager, Mesay Shiferaw.
The school will train pilots, aircraft maintenance technicians, and flight attendants who are much sought after in Africa.
According to the source, talks are already underway between the...
The Public Procurement Regulator of Togo (ARMP) is introducing public agents in charge of procurement to standards governing these contracts. It started a 10-day workshop to this end last Tuesday, July 5.
In detail, the workers will learn quality standards that are applicable in Togo. According to the ARMP, the standards cover the planning, provision, and execution of procurement.
The...
Togo inaugurated last Tuesday a risk-assessment cell in Lomé.
The cell will collect data on terrorist threats that other countries face. Then, resident experts will analyze this information towards taking adequate steps to eliminate or mitigate a given threat. "These data allow us to know the nature of the threats, which will help experts in Togo to propose better responses," said Akseli...
IB Bank Togo (former BTCI) and Togo’s National Council of Employers (CNP-Togo) inked last Friday a partnership agreement that will help local SMEs and SMIs readily secure financing. The agreement was signed by the bank’s MD, Nabil Tahari, and Laurent Tamegno, who heads the CNP.
“The goal is to review the offer provided to these types of clients,” said Tahari before adding that “IB Bank...
The World Food Program, WFP, greenlit Togo’s 2022-2026 food security strategy last month in Roma. The $17 million plan aims to help around 260,000 people who face food insecurity in the West African country. Also, it aligns with the ambitions falling under the government’s 2020-2025 roadmap.
Concretely, the WFP will provide food and cash to those facing multi-dimensional crises in...
The Togolese government will indemnify the families of soldiers killed during military operations carried out inside the country. The grief-stricken will get CFA10 million.
Both agreeing on the amount, the minister of economy, Sani Yaya, and the minister of security, General Yark Damehane, disclosed it in a joint decree.
According to the decree, the sum, “chargeable to the State...
Togo plans to digitize 75% of its administrative processes, via the dematerialization of 20 public services, by 2025. The country will spend no less than CFA8 billion on this massive project.
“When we speak of digitization, our goal is to make life easier for citizens and get them closer to the administration. As for the administration, this digitization will make it more efficient....
At the last quarterly meeting of the National Credit Council (CNC) held on July 1, Sani Yaya, the Togolese minister of economy, brought back agricultural financing to the table.
"At our previous meeting, I suggested the organization of a national workshop to reflect on the financing of the agricultural and housing sectors. But, to be more pragmatic and efficient, I asked instead to put the issue...
Due to the war in Ukraine, Togo scaled down its growth forecasts for the year. From 6.1% the figure was reduced to 5.9% by the ministry of finance.
Sani Yaya, who heads this ministry, disclosed the information last Friday, at the National Credit Council of Togo (CNC), a meeting that gathered the country's bank and finance actors.
"As you know, since the end of February, the world...
With over 5.4% of rapid cash transfers made within the WAMU, the Togo-Benin corridor is the fourth most dynamic in the region, according to data from the BCEAO. Transactions between residents of these two countries were more significant than those between Mali and Senegal.
Meanwhile, traditional corridors, which include Burkina Faso, Côte d'Ivoire, and Mali remain the most...
Coris Bank International Togo launched its e-money service, Coris Money, last Friday, July 1. Through the move, the lender wants to boost financial inclusion in the country.
“Beyond its innovative aspect, launching this tool today is CIB Togo’s contribution to the financial inclusion policy of Togolese authorities,” said Alassane Kaboré, Managing Director, CIB Togo.
Coris Money...
Togo launched a new simultaneous recovery bond issue last Friday. With this operation, which follows a similar one that Lomé successfully carried out on June 24, the country’s treasury aims to raise CFA30 billion on the UMOA securities market.
The new issue will close on July 8. The bonds have a nominal value of CFA10,000, maturities of five and 10 years, and interest rates of 5.8% and...
Togolese authorities have forbidden the sale of petroleum products – super unleaded and diesel, especially - in jerrycans. The measure was disclosed via a statement co-signed by the ministers of trade and security, Kodjo Adedze and Yark Damehame. The document was issued on June 28, 2022.
"We noticed that some gas stations have been selling petroleum products, especially super unleaded...