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Since it was taken over by Sunu Group in 2018, as it was in an impasse, the BPEC, now Sunu Bank, has been trying as much as possible to get back on its feet.
Indeed, the losses that the lender accumulated since 2008 - the year in which dividends were last paid to its shareholders - were cleared in the past two years. This small win, according to Myriam Adotevi, MD, Sunu Bank Togo, is the...
Marc Ably-Bidamon, Togo’s former minister of mines and energy, has been appointed minister-advisor of the President of the Republic in charge of issues related to the digital sector and digital economy.
Ably-Bidamon has much experience in the telecom and telephony sector. Holder of a Master’s in Telecommunication from the University of Lille in France, a DEA in electronics, and a...
Dematerialization of procedures at the Autonomous Port of Lomé (PAL) will begin on May 3, 2021. The process, let it be recalled, was announced last March, 4th.
The PAL’s top management hence urges businesses, tax commissioners, and others to connect to the digital platform developed to this end (https ://epaltogo.com), provided they have their access details (username and...
MIFA, ProMIFA, and FAO work on strategies to develop poultry, corn, rice, and tomato sectors in Togo
Teams from the Mécanisme Incitatif de Financement Agricole fondé sur le partage de risques (MIFA), the MIFA support project, and Food and Agriculture Organization (FAO) are currently carrying out a data collection campaign to finalize strategies to develop the poultry, corn, rice, and tomato sectors in Togo.
The strategies will, according to delegates from the three bodies, “not...
On Friday, April 23, the Kekeli Efficient Power thermal plant located in the port area will be commissioned. Marc Alberola, Top Manager at Eranove - the concessionaire of the infrastructure- made the announcement.
“The lighting of the first flame will begin the industrial operationalization phase under which the first output of 47MW (open cycle) will be produced” by a Siemens SGT-800...
Togolese authorities have updated the online platform dedicated to the Trade and Housing Credit Registry (RCCM). The new version allows businesses and individuals to carry out operations, notably those related to movable securities, without the support or prior approval of the Registry of Commercial Court of Lomé.
Concretely, any registered RCCM user can open an account and/or...
In line with ambitions to become a digital hub by 2025, Togo greatly leveraged ICTs to handle the Covid-19 health crisis. This, despite experts’ claims that the digital revolution in the country is relatively modest.
Smartphones, a vector of solidarity amidst the pandemic
In the early stages of the pandemic, Togolese authorities launched the Novissi cash transfer scheme, a mobile...
Two weeks into the audit launched by Lomé’s international airport (AIGE) to get its aerodrome certified, experts from the International Civil Aviation Organization (ICAO) said the platform meets 80% of security standards imposed by the organization. This is 20% more than the global average, commented Edem Semenya, aerodrome inspector and chief of the auditing team. According to him, the AIGE...
At the end of Q4 2020, Togo’s debt to GDP ratio was 59%, according to its minister of economy and finance, Sani Yaya.
This is 8% more than the figure recorded at the end of Q3 2020. This was subsequent to the GDP rebasing after which the national GDP was re-evaluated at CFA4,230.6 billion in 2019, from CFA3,216.8 billion (before the rebasing). In debt-to-GDP ratio terms, before...
In Togo, banks have deferred the loan repayment of at least 438 businesses and 1,454 people, in line with the BCEAO’s relief incentive. This was revealed last Thursday by the minister of economy and finance, Sani Yaya. In all, the repayment of CFA28 billion was pushed back to provide more room for businesses and individuals hit by the ongoing health crisis to breathe.
The incentive was...
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...