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All eight member-States of the West African Economic and Monetary Union (WAEMU) need exactly XOF5,284.9 billion to combat the Covid-19 pandemic.
The estimate was disclosed on April 27 by the Union’s heads of State council which held a videoconference that day.
The council also noted that the funds will greatly deepen the WAEMU’s overall budget deficit (grants included). The...
The WAEMU convergence criteria for stability, growth, and solidarity has been suspended. The decision was taken yesterday during a videoconference between the Heads of State of the WAEMU.
This aims at enabling the union’s various member-States to have enough room to fight the COVID-19 pandemic more efficiently.
According to the leaders of the economic union, a total of 5,284.9 billion...
Togo’s national council of employers has just released a report assessing the economic impacts of the government’s Covid-19 response. The document also contains some recommendations to revamp the economy.
The report is in effect the results of a survey of 110 companies. The latter reveals that 41% of the surveyed firms have paused their activity while the rest function at a slow pace....
US rating agency Standard & Poor’s maintained its ‘B’ long-term and short-term sovereign credit ratings on Togo. “The significantly adverse effects of the COVID-19 pandemic will take a toll on the Togolese economy and public finances in 2020. Nevertheless, the country's solid economic performance and the fiscal consolidation over past years should contribute to a rapid economic...
Last week, Pan-African lender Ecobank disbursed about $3 million to help African nations fight the Coronavirus pandemic.
The support, which was provided in cash and health equipment, also involves sensitization campaigns and money transfers to the most vulnerable people, via the bank’s digital platform.
In the same framework, Ecobank has canceled some fees on its digital...
France will back Togo’s Covid-19 response with €3 million. The funds should be part of the European nation’s support to Africa, relative to the pandemic’s impacts on health, people, economies, and even debt.
The news was announced by President Emmanuel Macron himself along with congratulations to his Togolese counterpart, Faure Gnassingbé, on the sidelines of the 60th...
Togo has launched the Covid-19 agricultural response plan. This includes various emergency measures aimed at boosting food and nutritional security, as well as improving farmers' earnings.
In effect, emergency loans, agricultural equipment, and irrigation kits will be provided to the producers. Also, the plan will promote job placement agencies.
Moreover, the scheme targets production of...
In the latest World Press Freedom index, Togo gained five places...
The report released by Reporters Sans Frontières (RSF) places Togo at the 71st position (against 76th last year). While the country's rank is better this year, it should be noted that between 2018 and 2019 it gained 10 places in the ranking.
In Africa, Togo holds the 14th position, far behind the top three which...
The ECOWAS States have agreed on allocating at least 15% of their annual budget to their health system.
Yesterday, during a videoconference, Heads of State of the community decided to immediately put the measure in effect as the Covid-19 pandemic keeps threatening lives and economies in the region. The virus has so far infected 6,083 people in the ECOWAS. Out of these, 158 died, 1,793...
Togo has joined the African Trade Insurance Agency (ATI). It is a pan-African financial institution that provides credit and political risk insurance products to support African investments.
The adhesion of Togo was backed by the European Investment Bank (EIB) through a $12.5 million concessional loan. This was disclosed by the government of the West African country.
The move...
In Togo, it is now possible to request land transfers online through the e-foncier platform specifically designed for this purpose.
Citizens, notaries and economic operators can pay fees for land transfers, ask questions, and submit copies of descriptive statements on the platform.
The initiative falls under the will of the Togolese Revenue Office (OTR) to “dematerialize land deed...
Ecobank and AUDA-NEPAD will establish together a continental framework to support micro and small-medium African enterprises (MSMEs) in overcoming social and economic challenges posed by the Coronavirus pandemic.
In effect, the two organizations will create a one-stop platform that will address businesses’ needs and issues during and after the pandemic. The platform should be “an...
To curb the negative impacts of the Covid-19 pandemic, all eight WAEMU States will issue treasury bonds baptized Covid-19 bonds, with the support of the Central Bank of West African States (BCEAO).
According to a statement dated April 21, 2020, the bonds will have a maturity period of three months and will be issued on the regional financial market. Funds raised will take care of immediate...
A few days after part of the medical staff of the Sylvanus Olympio hospital were quarantined, about 12 medical workers from the Bè hospital (in Lomé) have just been isolated.
The quarantine was decided after the detection of Covid-19 infected patients at the two medical facilities.
Let it be recalled that all medical staff were required to wear face masks since the first...
Togo just adopted a battery of fiscal measures to support businesses as they grapple with the Coronavirus pandemic.
Among others, the tax rate for the hospitality and catering sectors that are severely impacted by the outbreak has been reduced to 10%. Also, authorities have suspended ongoing tax audits and have limited the inspection to corporate citizenship.
Moreover, penalties for...
Gozem plans to expand to a new town in Togo, two years after starting operations in Lomé. In this framework, the startup is conducting surveys on social networks to find out the opinion of its clients.
The firm, already present in Benin and Gabon, also eyes the following markets in the next two years: Nigeria, Ghana, Senegal, Côte d’Ivoire, Burkina Faso, Cameroon, DRC and...