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Togo will keep introducing business-friendly reforms regardless of the discontinuation of the World Bank’s Doing Business report. Sandra Ablamba Johnson, minister secretary-general in charge of business climate, made the statement on Sept. 28 in an interview.
“The report’s discontinuation won’t have any impact on the reforms’ dynamic,” she said. Johnson explained further saying the...
Togo First presents the 2020 ranking of banks operating in Togo, by assets, deposits, and loans.
With a total balance sheet of CFA710 billion, Orabank kept its position as the leading bank in Togo in 2020. It came far ahead of the runner-up Ecobank (CFA462 billion).
Orabank, which is headed by the Cameroonian Guy Awona, is also the country’s first lender, with outstanding loans valued...
Pan-African Airlines Asky announced it will, starting next Oct. 1, increase flights to most of its destinations. This is part of the company’s efforts to improve its connectivity across the continent.
Asky, which is based in Lomé, will fly every day to Abuja, Bamako, Conakry, Monrovia, and N’djamena. It will serve Accra on Mondays, Wednesdays, Fridays, and Sundays.
According to the...
Wave International, a mobile money operator, will soon start operating in Togo. The firm, to this end, recently launched a tender to recruit staff in Togo and other countries.
In 2019, a delegation from the operator had met in South Africa with Togolese President Faure Gnassingbé. On that occasion, the firm told the leader it wanted to set up offices in Togo.
Gilles Assouline, MD Wave...
Tourist arrivals in Togo were down by 49.1% last year, compared to 2019. The drop was reported by the minister of tourism, Kossi Lamadokou, today, the 42nd World Tourism Day.
In detail, the arrivals plunged from 946,376 to 481,706 due to Covid-19 (health restrictions and the shutdown of the airport). This pulled down tourism revenues by 64% - from CFA53 billion to CFA19 billion.
According to...
The Islamic Development Bank (ISDB) will spend $20.5 million (CFA11.3 billion) to advance rural electricity projects in Togo. The news was announced by the Bank on Sept. 26, after its board met.
The projects - which involve mini solar panels - aim to “improve human development by providing a sustainable supply of electricity to rural people in Togo who live in dense and sparsely...
“This is a bipartite agreement between our group Sanlam and the NSIA group,” commented Simon Pierre Gouem, MD Sanlam Togo, after the group sold some of its insurance units to the Ivorian NSIA.
“Sanlam sold its life insurance units in Togo and Gabon, its non-life units in Congo and Guinea to the NSIA group. At the same time it acquired NSIA’s life and non-life units in...
The African Solidarity Fund (ASF) will help COFINA -an Ivorian meso-finance group- raise CFA5 billion for its expansion in West Africa, and Togo especially.
The two signed a guarantee agreement in this framework on Sept. 22. In line with the agreement, the funds will be raised by COFINA’s holding, Compagnie Transnationale d’Investissement (CTI), from Sunu Participations Holding...
Société Générale de Micro et Méso finance or Sogemef said it has loaned over CFA15 billion to its customers in Togo, between 2017 and now.
The lender, which focuses on small businesses (SMEs, SMIs, TPMEs, TPMIs) emphasize that the funds went to sectors like agriculture, crafts, trade, hospitality, tourism, and construction. It also offered "more flexible guarantees as well as adapted...
Only 6% of companies registered in Togo earn more than CFA500 million. However, they account for 88% of the total turnover declared in the country.
The figures were disclosed by the Chamber of Commerce and Industry of Togo (CCIT) on Sept. 21. These are the preliminary results of a study the Chamber conducted, with the support of INSEED - the national statistics institute.
Most of the companies...
The Togolese government launched a call for applications to recruit an internal auditor to assess the West Africa Coastal Areas Resilience Investment Project (WACA ResIP) which is being implemented in the country.
Auditors interested have until October 1 to submit their offer. The winning applicant will verify that procedures related to general administration, program management,...
The committee in charge of "Basic Health Services of Quality for Universal Health Coverage in Togo” adopted yesterday a work plan to initiate the scheme. The document was adopted during the second session of the committee; the meeting was chaired by Togo’s PM, Victoire Tomegah Dogbe. The plan covers the period from July 2021 to December 2022.
Conceived by the government and financed by...
NSIA - the Ivorian Insurer - has acquired four Sanlam subsidiaries, including its Life Insurance unit in Togo. The three others are Sanlam's Life Insurance unit in Gabon, Non-Life Insurance in Congo, and Non-Life in Guinea, a statement read.
“For 26 years, the NSIA Group has been undertaking a controlled development strategy for its activities. This has enabled us to establish ourselves in...
Togo shares its post-covid recovery strategy during a forum that regrouped least developed countries
Togo presented its post-Covid-19 recovery strategy to the international actors of the LDC (Least Developed Countries) Group, during a ministerial meeting last weekend. The country was represented by Sandra Ablamba Johnson, Minister Secretary-General of the Togolese Presidency.
“The Covid-19 crisis is unprecedented in both scope and suddenness. Estimates show it cut the GDP by 4 percentage...
So far into the month, Togolese financial institutions asked and obtained CFA610 billion from the Central Bank of West African States (BCEAO).
In detail, the entities secured CFA425 billion on Sept. 6. The funds were collected separately - CFA243 billion at the monthly window and CFA182 billion (for the interbank market) at the weekly window.
The remaining CFA185 billion were raised on...
Togolese businesses that want to attend World Expo 2020 in Dubaï have until October 31 to register. The deadline was recalled today by the country’s ministry of trade.
According to the ministry, participating in the event will enable Togo to “show the world the Togolese innovation and genius,” by showcasing some local inventions and products.
The event will not host only exhibitions....