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Banks in Togo must deal with five major issues for lending to increase in the country. At least, according to the National Credit Council (CNC), which met on March 31, 2022.
The first challenge, the council said on that day, is that banks should review the cost of credit downwards. "The average lending rate of banks was 7.6% in 2021, after 7.7% in 2020. This rate is still high compared to the...
Talking about the current inflation in the local and international markets, Togo's Minister of Economy and Finance, Sani Yaya, said on March 31, 2022, that things should be back to normal this year. The official spoke during the first meeting of the National Credit Council (CNC),
"In 2022, the general price level should return to its pre-pandemic levels in most countries, given the economic...
Last Thursday, Togo’s High Authority for the Prevention and Fight against Corruption and Related Offences (Haplucia) opened a workshop to technically validate the draft of the country's new strategy to fight corruption and related offenses.
The meeting gathered experts and other actors involved to review and improve the document which assesses, partially, corruption in Togo, before...
French group Bolloré will sell its logistics operations in Africa to the Mediterranean Shipping Company (MSC) for € 5.7 billion (nearly 3,740 billion FCFA). The amount was disclosed last Thursday in a statement released by Bolloré Transport & Logistics, at the end of negotiations between the two big companies (negotiations started last year).
"At the end of the exclusive...
The World Bank will disburse $450 million (about CFAF 265 billion) to build resilience in the northern regions of Togo and three other Gulf of Guinea countries (Benin, Côte d'Ivoire, and Ghana). The funding was approved by the Board of Executive Directors of the Washington-based institution last Thursday. It is part of the Social Cohesion Project for the northern regions of the Gulf of...
The World Bank’s International Development Association (IDA) has recently allocated Togo $100 million (CFA59 billion) financing. Disclosed by the Bretton Woods institution last Thursday, the facility should help the country support its inclusive growth program and tax reforms.
In addition, the disbursement–the second in a series of programmatic development policy support operations–...
The government should soon lower the Tax on Motor Vehicles (TVM) on vehicles used to transport people and goods. The information comes from the recent meeting organized by the ministers of communication, trade, and transport with the media, in the wake of the increase in the price of petroleum products at the pump.
"The TVM will be scaled downwards for the transport of people and goods during...
Between 2015 and 2020, the under-five mortality rate fell from 51% to 35% in northern Togo, according to Integrate Health (an international NGO), which conducted the study "Exploring Maternal and Child Health Services in Northern Togo" in collaboration with the Ministry of Health.
One hundred and thirty-seven (137) teachers were excluded this Wednesday, March 30, 2022, from the framework of civil servants in education by the Minister of Public Service, Labor and Social Dialogue, Gilbert Bawara (photo), who signed a decree in this regard.
The excluded teachers are now available to the general administration, said the government member who, on his Twitter account, said that...
The fifth Air Navigation Service Provider (ANSP) meeting is taking place in Lomé and will end tomorrow. Started last Monday, the event is themed: "Resuming coordination and cooperation activities among ANSPs after the emergence of the COVID-19 pandemic."
The meeting is co-organized by Togo’s National Civil Aviation Agency (ANAC), the International Civil Aviation Organization (ICAO), and the...
Last Tuesday, Lomé hosted the first consultation meeting between the State and the private sector, in the framework of the African Continental Free Trade Area (AfCFTA). On this occasion, Victoire Tomégah-Dogbé, Togo’s PM reassured the private sector actors present that her government would support their projects to conquer the African market.
Dogbé told them the government was working to...
Ecobank, the Lomé-based pan-African banking group, has announced a pre-tax profit of $478 million for 2021, an increase of $304 million, or 174%, compared to 2020. This is according to the financial results released by the group on Tuesday, March 29.
"The bank made significant progress in achieving its strategic priorities and delivered strong business and financial returns,"...
In response to the increase in fuel prices at the pump this Tuesday, March 29, 2022, the Togolese government will take a series of measures to sustain the purchasing power of Togolese citizens. This was revealed by Kodjo Adedze, Minister of trade and local consumption, during an inter-ministerial press briefing held on Tuesday also, in trio with Akodah Ayewouadan and Atcha-Dedji Affoh,...
Togo plans to fiberize all its power lines, now that it is connected to Google's Equiano submarine cable, which will be operational in the fourth quarter of this year.
“Our cost-effective strategy is to deploy fiber infrastructure on power lines. One of the costs of deploying fiber is digging the ground and burying the cable deep. Instead of doing that, we will deploy the cables on poles that...
Sandra Johnson, Togo’s Minister, Secretary-General of the Presidency of the Republic, pleaded on Sunday for the reallocation of Special Drawing Rights (SDR) to African states. This was during the ministerial meeting of the eighth Tokyo International Conference on African Development (TICAD 8) held from March 26 to 27, where she represented Togo by video conference.
Participants mainly...
Ivorian fintech CinetPay has recently deployed a new payment gateway to secure operators on its online transaction platform.
According to the start-up, this payment gateway is equipped with a special protocol called CSP (CinetPay Secure Payment) for securing all payments via Mobile Money, Bank Cards, and Wallets. It helps increase revenue for businesses...
The new interface also...