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Last Friday, Togolese PM, Victoire Tomegah-Dogbé met with the IMF's resident representative, Sampawendé Jules Tapsoba. The two discussed the government's new roadmap and its key axes.
According to Tapsoba, the meeting was aimed at enabling the IMF to "learn about the new roadmap and its various priorities, and see how to efficiently support the Togolese government to achieve its goals."
Early...
Last Tuesday, the World Bank approved a $12 billion aid plan to enable developing countries to purchase and distribute potential COVID-19 vaccines.
In effect, the money should be used by the countries to “finance the purchase and distribution of Covid-19 vaccines, tests, and treatments for their citizens.”
According to David Malpass, who heads the institution, this is the...
Instructed by president Faure Gnassingbé, a performance contract was signed by 33 ministers of the Dogbe government, to achieve goals set under the new five year (2020-2025) strategic roadmap.
Under the terms of the contract, the ministers have to report their actions and progress regularly.
The signing marked the end of a seminar started by the government at the beginning of the...
After recording a good performance last quarter, Togo announced it will seek CFA25 billion on the regional financial market next October, 23rd.
The tender notice relative to the first operation of this quarter was published on October 13 by the UMOA Securities agency. The funds will be raised through a simultaneous issuance of fungible treasury bonds.
In detail, these are bonds with...
The partial restriction on imports of frozen chicken is a boon to local poultry sales. This was revealed by the former minister of agriculture, Noel Bataka, in a written message to a deputy.
From May 18, 2020, to July 12, 2020, local poultry sales soared from 3 tons to nearly 7 tons per week.
According to the former minister, the increase is due to an incentive pushing for partial...
In Togo, friends and relatives are the main financial backers of entrepreneurs, slightly behind banks often hesitant to finance them.
According to a survey of 350 very small and medium-sized enterprises published in the government’s 2020-2025 roadmap, up to 28% of business owners surveyed say their relatives and friends are their main sponsors, against 29% who said commercial banks are....
Covid-19 should seriously stymie remittances to Africa, causing a shortcoming of $18 billion according to the UN Economic Commission for Africa (UNECA). The figure was disclosed last week in a report published by the organization and titled Preserving remittances during Covid-19.
In the document, the UN body highlights the severe impact the pandemic has on remittances, due to difficulties...
The unique social regime project is back on the government’s table. This is a project which is aimed at facilitating social inclusion throughout the 2020-2025 period. It was one of the main topics discussed during the government's first seminar held on Monday.
Once concretized, the project should enable “better distribution of social expenditures through a singly window for providing...
Togo’s annual poultry output should triple to 60,000 t by the end of 2023 and that of eggs should reach 250 million units, against around 188 million now. The positive projections mark the continuation of a trend observed since 2010. Indeed, from 2010 to 2019, the country’s poultry output soared from over 8 million heads to more than 26 million heads.
The figures were reported by the...
New directives have been introduced at the airport of Lomé (AIGE) to loosen the noose, a little, regarding Covid-19 screening.
Indeed, starting this week, departing and arriving travelers must present a negative report (PCR covid-19 test) of no more than seven days (against five days previously) before traveling. Any traveler who does not comply with this rule will be denied access...
Despite the pandemic and the pressure it put on Togo’s economic sectors, the country’s cereal production is faring well. Indeed, for the 2019-2020 campaign, grain output was estimated at 1.3 million tons thus 7% above the average for the 2015-2019 period.
Production of corn (which is the most consumed grain in Togo) over the campaign under review stood at 923,000 tons (or 10% more than...
To maximize tax revenues generated by mining in Togo, the Togolese Revenue Authority (OTR) intends to level up the skills of its agents in terms of control of mining output and assessment of mining-related losses.
This, according to the OTR, should reinforce its staff’s capacities in terms of tax control in mining industries.
The decision aligns with the country’s new mining...
In 2019, the World Bank and the European Union (EU) provided the most donations for the national budget, according to recent statistics.
Overall, donations for budget-related programs and projects amounted to CFA122 billion last year, up by 15% against the year before. In detail, CFA62 billion (against CFA20 billion expected) was allocated to programs while 60 billion was disbursed for...
The new government (formed about a week ago) started its first seminar today October 12, 2020, to study current issues and priorities.
During the seminar (Presided by the Head of State Faure Essozimna Gnassingbé), the government’s 2020-2025 roadmap will be thoroughly presented. This roadmap is elaborated around three axes: the reinforcement of social inclusion and harmony, peace...
Canadian companies Rainmaker Worldwide -specialized in clean water technologies- and Carlaw Group, a private equity firm active in Africa, announced a joint venture to provide clean water in Togo and three other African countries.
Under the deal, Rainmaker will deploy its Air-to-Water technology, which runs with a combination of atmospheric humidity, heat, and airflow. The joint venture will...
The High Authority for the Prevention and Fight against Corruption and Related Offenses (Haplucia) will be restructured in line with challenges facing the new Togolese government. This was disclosed by Christian Trimua (Minister of Human Rights, Citizenship Training and Relations with the Institutions of the Republic, and spokesman for the Government).
According to Trimua, this restructuration...