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The African Guarantee Fund (AGF) plans to bolster its action in Togo, especially in terms of financing SMEs/SMIs and promoting green finance. Felix Bikpo, chairman of the Fund’s board of directors exposed the ambition to President Gnassingbe on Jan 10.
During his audience with the Head of State, Bikpo emphasized that the AGF’s plans align with Togo’s new socio-economic development policy...
Togo’s government recently adopted a bill to boost digital and technological innovation. The bill was passed on January 11, during the council of ministers.
A “Tech” labeling mechanism
The bill aims to foster the innovation ecosystem in Togo, by creating a labeling mechanism for startups and companies in the Tech industry. According to the authorities, this labeling will be done...
Between August 2021 and December 2022, the government of Togo poured around CFA 2 billion into the WEZOU program, against a forecast of CFA3 billion for the scheme’s first year of operation. Mamissilé Akla Agba Assih, Minister Delegate in charge of Universal Access to Health Care, presented the assessment to the Council of Ministers on, January 11, 2023.
The money covered the healthcare...
In Q3 2022, Togo’s exports generated CFA140.8 billion for the country. This is 4.3% lower than during the same quarter the previous year, and 12.4% lower than in Q2 2022. The figures were disclosed by Togo’s institute of statistics, INSEED.
Phosphates ("Natural calcium phosphates, natural alumino-calcium phosphates, and phosphate chalk") made up 16.9% of the exports over the...
This year, Togo expects to collect CFA912 in tax and customs revenues, according to its 2023 finance bill. This is 12% more than the CFA814 billion expected in 2022.
In detail, the Tax Office should mobilize CFA472 billion and the Customs and Excise Office, CFA440 billion.
To help these offices achieve their goal, the government will maintain its tax base expansion policy, strengthen...
Lomé will host next week a major conference of financing, under the patronage of Togolese President, His excellency Faure Gnassingbe. The event, the International Conference of Lomé on Financing (CILF), will take place on Jan 19-20 at the 2 Février Hotel. Organized by the Ayeva & Associates firm, it will focus on the financing of businesses and major projects in...
Togo produced more grains last year than the year before, 2% more to be exact, thus sustaining the sector’s growth dynamic that started in 2018.
Indeed, recent data from the Central Bank of West African States (BCEAO) puts the country’s grain output in 2022-2023 at 1.433 million metric tons, against 1.404 million metric tons in 2021-2022.
In 2018, 2019, and 2020, respectively, Togo...
For its first issue on the UEMOA market this year, which will close on January 13, Togo will seek CFA30 billion.
The corresponding operation is a simultaneous issue of fungible treasury bonds. The securities have a nominal value of CFA10,000, respective maturities of 3 and 7 years, and interest rates of 5.3% and 5.9%.
According to the terms and conditions of the issue, the...
India was Togo’s biggest buyer in Q3 2022. The Asian giant absorbed nearly a fifth (19.4%) of the West African country’s exports over that quarter, according to data from the Togolese Institute of Statistics, Economic and Demographic Studies (INSEED).
Togo exported 161,050 tons of goods to India in the third quarter of 2022, with an estimated value of CFA27.38 billion.
Behind...
Togo, Chad, Liberia, and Sierra Leone will receive $311 million from the World Bank as part of the Regional Emergency Solar Power Intervention Project (RESPITE). The latter was approved on December 20, 2022, by the Bank’s fund for the poorest, the International Development Association (IDA).
The RESPITE aims mainly to “rapidly increase grid-connected renewable energy capacity and...
This year, Togo intends to borrow CFA557 billion from the regional money market to finance its annual budget (of about CFA2,000 billion).
This is less than the amount expected in the 2022 rectifying finance bill, knowingly CFA663 billion.
Also, data from the UMOA-securities agency indicates that Togo, last year, raised 473 billion from regional investors, thus 71% of its annual...
Togo’s new press code will come into force on January 7, 2023. It was adopted in 2020 but its implementation was delayed to give press actors enough time to adapt to the changes it brings.
These changes include, notably, the conditions to be recognized as a journalist in Togo, the creation of "press companies" instead of "organs" of the press, the decriminalization of press offenses, and the...
The Togolese government and its social partners (central trade unions and professional employers' organizations) recently agreed to raise the country’s minimum wage to CFA52,500 from CFA35,000 (since 2012).
Announced last Friday, the change came into effect on January 1, 2023.
In his end-of-year address to the Nation, President Faure Gnassingbé welcomed the change saying: "I would like...
A total of 24 new investment projects were approved in Togo in Q3 2022. Valued at CFA107.1 billion, according to the Ministry of Investment Promotion, these include 10 projects approved under the Free Zone regime and 14 under the Investment Code. All of them should generate 2,000 permanent local jobs.
Regarding investment sources, there are 14 foreign direct investment (FDI) projects,...
Togo received last Monday, another white rice shipment from Japan, the third this year, as part of the 2021 Kennedy Round (KR). This shipment (2,748 tons) is worth about CFA1.7 billion (350 million yen).
A delegation from the Togolese ministry of agriculture, led by Konlani Dindiogue, head of the ministry’s cabinet, received the shipment at the Autonomous Port of Lomé (PAL).
Under the...
For the third consecutive year, The Banker, a specialized magazine, ranked Ecobank Togo the Bank of the Year. It was revealed during the media’s annual Banks of the Year Awards.
This year, Ecobank was able to keep its crown in Togo by launching new bancassurance products and improving its customer care.
“Togo’s Bank of the Year award for 2022 goes to Ecobank, whose highlights...