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Last Friday, Togo raised CFA82.5 billion on the regional market. This is 41.6% of the overall subscription (valued at CFA198 billion) the country recorded for the operation.
Togo, which was seeking CFA75 billion, proceeded to three simultaneous issues of fungible treasury bonds. The respective maturity periods of these issues were five (5), seven (7), and 10 years.
In detail, the...
A total of $25 million was spent to build Manumetal, the iron-recycling plant based in Davié (30 km from Lomé). The plant was visited last week, April 15, by the minister of trade, Kodjo Adedze.
According to the ministry of trade, the plant, which started production in January 2020, employs more than 200 people, including 150 Togolese. It makes concrete iron, metal pipes, and...
Togo only needs about CFA2 billion more to close the budget mobilization for its Fifth General Housing and Population Census (5ème Recensement Général de la Population et de l’Habitat, RGPH-5).
So far, the country has collected CFA7 billion out of the 8.6 billion it needs in this framework. The available funds will be used to finance primary activities scheduled as part of the program.
Out...
Togo’s budget deficit reached 6.12% in 2020, due to greater spending in response to the Covid-19 health crisis. From CFA856 billion in 2019, this deficit soared to CFA1,132 billion in 2020, thus nearly 31% more.
Meanwhile, budget income grew only by 5.72%, from CFA822 billion to CFA869 billion, including CF652 billion in tax revenues.
“The Covid-19 pandemic put the country...
In 2020, loans provided by banks and microfinance institutions active in Togo stood at CFA770 billion. This was disclosed by the minister of finance, Sani Yaya, at the last meeting of the national council for credit (CNC), held on April 16.
In detail, loans given by banks slumped by about 11%, amidst the Covid-19 pandemic. Indeed, last year, they amounted to CFA590 billion, against CFA662...
Started less than a year ago, the construction of Cimenterie de la Côte ouest-africaine (CimCo) is about 70% complete. As initially scheduled, the works should be over by September this year.
This was disclosed by the ministry of trade and industry on April 15. The announcement was made after Kodzo Adedze, minister of trade and industry, visited the construction site.
A total of...
In Togo, 10 new toll booths will be automated soon. This was announced by Societe Autonome de Financement de l’Entretien Routier (SAFER) which launched a tender in this framework.
The concerned toll booths are those of Sanguera, Vogan, Dzemenyi, Adeta Badou, Sotouboua, Alédjo, Défalé, Mango and Ponio. Just like the toll stations of Davié, (Zio prefecture) Vodougbé (Lacs), and...
Last Wednesday, the Council of Ministers adopted a draft law that gives magistrates of the Court of Audit a special status that takes into account their peers from regional courts.
The new law provides for annual assessment mechanisms that will enable the Court to comply with the best standards relative to the control of public finances and accounts. With it, the government wants to boost...
Togo’s economic growth rate at the end of 2020 was 1.8%. While the figure is way below the 5.5% forecasted at the beginning of the year, it stands above subsequent projections, respectively 1.3% and 0.7%, that took into account the Covid-19’s impact on the economy.
The actual growth rate was disclosed by Sani Yaya, minister of finance, on April 15 while he was presenting the...
South African group Novus Holdings, which specializes in industrial printing, plans to expand in Togo. In this framework, representatives from the firm met last Monday with the Togolese minister of trade and industry, Kodzo Adedze.
Present in 14 African countries, including Ghana and Nigeria, the Cape Town-based group wants to take advantage of the AfCFTA’s establishment to develop its...
A national strategy to promote local consumption to soon be submitted to the government for approval
Validated earlier this year by various actors of the public and private sectors, the national strategy for the promotion of local consumption will soon be submitted to the government for assessment and approval.
According to minutes from the latest council of ministers which contains the information, the strategy specifically aims to boost Togo’s goods and services supply, but also facilitate...
In Q2 2021, Togo plans to raise CFA165 billion in the regional market, according to the provisional bond issue program published on April 14 by the UMOA-Securities agency.
The funds, which will be mobilized mainly by issuing fungible treasury bonds, will help meet the country’s national budget needs.
On April 16, three fungible Treasury bonds will be issued, simultaneously....
Starting from June 30, 2021, heavy-duty vehicles that have their bodyworks modified and also increased the number of axles they have, without the required permissions, will no longer be allowed to transit the Togolese territory.
Those who fail to comply with this measure will be sanctioned according to law. The warning was issued in a joint statement signed by Gal Damehane Yark, minister of...
Last Tuesday in Lomé, Togo’s Prime Minister, Victoire Tomégah-Dogbé, commissioned the Higher Council for Youth Employment. The new entity should consolidate the government’s efforts to boost employment (for the youth especially) in the country. It is an initiative of the National Coalition for Youth Employment (CNEJ).
“The Higher Council for Youth Employment, which is under...
Together, Orabank and Ecobank claim slightly over 42% of the Togolese banking assets. This is according to the latest data published by the Central Bank of West African States, BCEAO (2019).
This puts the two lenders among WAMU’s banks with systemic importance, which means that if any of them were to go bankrupt, Togo could plunge into a major financial crisis. Besides Orabank and...
The Regional Fund for Mortgage Refinancing of the WAEMU (CRRH-UEMOA) increased its capital to CFA9.888 billion, from CFA9.688 billion.
To this end, the Lomé-based institution-issued 20,000 new shares having a nominal value of CFA10,000 each.
By increasing its capital, the CRRH-UEMOA hopes to have more leeway to make new investments or develop its mortgage funding segment....