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Togo successfully closed an issue of fungible Treasury bonds on the WAMU-securities market last Friday. The country retained CFA37 billion via the operation which matures over seven (7) years and has an interest rate of 5.80%.
Lomé was looking for CFA35 billion but mobilized a total of CFA84 billion, through 29 subscriptions from investors based in Côte d'Ivoire, Benin, Senegal, Niger,...
Togo expects CFA814 billion of tax earnings this year. The target, set in the 2022 budget law passed at the end of December 2021, will be used to finance its expenditures.
Compared to 2021 when CFA780 billion was raised, earnings that the country’s tax authority hopes to mobilize in 2022 are 4.5% higher.
Out of the CFA814 billion expected, CFA420 billion should be mobilized by the Tax Office,...
In Togo, any person, business people especially, who wants to withdraw an important sum of money at the bank or similar financial institution can request a police escort, free of charge. Yark Damehane, minister for security and civil protection, said this on the TVT, a public TV station, last Wednesday - a day after a new heist had occurred in Lomé.
Requesting a police escort had always been...
Under the 2022 Finance Law, the import of agricultural equipment in Togo is exempt from duties and taxes. “From January 1 to December 31, 2022, the import of agricultural equipment is exempt from duties and taxes, with the exception of community levies," reads the bill forecasting revenue and expenditure for the year.
Introduced in 2020, as the pandemic broke out, the measure has been renewed...
Togolese civil servants should be paid about 253 billion CFA this year, the same as the amount forecast in 2021. The projection was set in the 2022 Finance Law. Voted on December 29, 2021, the latter totals CFA1,779 billion CFA.
Wages for public workers will thus stand below 20% of the budget for 2022, in a context where the government plans to recruit 2,725 new agents throughout the...
Togo moved up two places in the latest Human Freedom Index 2021, a report that measures the level of individual, civil, and economic freedom in 165 jurisdictions and states around the world. The ranking was released in December 2021.
The seventh edition of this assessment, produced by American and Canadian think tanks, Cato Institute and Fraser Institute, rates countries on 82 separate...
The Urban Center for Business and Entrepreneurship (CUBE), an innovative business incubator based in Lomé, recently launched its private equity fund "KI U-INVEST" with the support of E-agribusiness, an agro-technology company.
The CFA10 million fund will finance Togolese and African SMEs. Projects backed must have passed the pilot phase and have been rolled out for at least six months. They...
Togolese authorities are working on a project to make municipalities, especially in the outskirts of Grand Lomé, more attractive and modern. The project, Local Urbanism Plan (PLU), was launched last Friday in Noépé, the chief town of the Avé 2 municipality.
Backed by the World Bank and steered by the ministry of urban planning, housing, and land reform, the project specifically aims to...
Togo will host the first edition of the Interprofessional Dialogue on Taxation (DIF) on January 20-21, 2022. According to the commissioner-general of the tax authority (OTR), Philippe Tchodié, who announced the event, it will focus on the means and ways to improve local governance with enough tax resources. The theme for the upcoming dialogue is “decentralization and local...
Operations at the dry port of the Adetikopé industrial platform (PIA) began on January 16, 2022. According to the maritime economy ministry which revealed the news, the port which spans 20 ha can host 12,500 containers and serve as a relay-point for containers, pending their delivery to landlocked countries.
The infrastructure should help free space at Lomé’s main port. It will be used for...
Togo will carry out its second issue on the UMAO-securities market on January 21, 2021. The country will seek CFA35 billion by issuing fungible treasury bonds. With a nominal value of CFA10,000 per unit and an interest rate of 5.8%, the bonds will mature over 84 months (7 years).
The upcoming issue follows that carried out on January 7th. The first issue of 2022 helped Lomé raise CFA27.5...
Togo plans to repay, this month, CFA29 billion to clear part of its debt on the UMOA-securities market. The information was disclosed in the cumulative balance sheet of this market.
The payment breaks down into CFA22 billion as principal and CFA6.99 billion as interest.
It should be noted that throughout 2021 the country reimbursed nearly 60% of the funds it borrowed on the regional...
Between 2014 and 2021, taxes collected by the Togolese tax office (OTR) surged by 70% - from 458.2 billion to 780 billion CFA, respectively. This represents an average increase of 6.87% per annum.
Overall, though there was an increase in 2017 and 2018, the OTR performed less. The institution collected CFA563.2 billion in 2017 (around 5 billion less than it did in 2016) and 560.5 billion the...
This year, Africa must make financial inclusion a priority. Mazamesso Assih, Togo’s minister for financial inclusion and the informal sector, claimed in a recent statement.
According to the official, there are three main reasons African nations must focus on financial inclusion. First, making financial services more accessible fosters the empowerment of the most vulnerable people, women...
The Artisanal fishing port of Lomé (POPEL) caught over 4,000 tons of fish in 2021, up around 18% from 3,450 t in 2020. The figure was recently disclosed by the Ministry of Maritime Economy and Fisheries.
"The growth can be explained by the attractiveness of the new port, inaugurated in 2019, which offers a modern framework to the actors of the fishery," said the Minister in charge, Edem Kokou...
Over the past year, 13,770 new businesses were established. The figure, a new record, is up 9% compared to 12,500 businesses created in 2020, according to data from the Centre de formalités des Entreprises or CFE (Center for Business Formalities) compiled by Togo First.
In detail, in Q1 2021, 4,087 companies were created against 3,224 in Q2, 3,495 in Q3, and 2,964 in Q4. January was the...