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As of Dec. 31, 2020, the sum of loans granted by the National Fund for Inclusive Finance (FNFI) had exceeded CFA98 billion, according to recently released statistics.
In the months closing the year 2020, the institution had provided more than CFA11 billion via its partnering microfinance institutions.
Let’s recall that in 2019, loans provided by the FNFI amounted to CFA87 billion,...
Between 2017 and 2019, Togo’s pineapple output grew by 11.6%, from 27,000 tons to 30,149 tons. The sector, which employs more than 3,200 producers, generated over CFA6 billion per year over the period reviewed. Out of this sum, the State got more than CFA200 million.
The pineapple industry, mainly oriented towards processing and export, produces more than one million liters of pineapple...
Besides the Covax initiative to ease access to the novel coronavirus vaccine, Togo is seeking other ways to acquire it - notably through a partnership with the U.S firm Pfizer BioNTech. This was disclosed by the national team coordinating the response to the pandemic (CNGR), last Wednesday.
“We will have doses well before the arrival of covax vaccines in June,” said Col. Djibril...
The government will carry out a mixed control and audit of school fees management in all junior and senior high schools in Togo. The news was disclosed by the ministry of education, Dodzi Kokoroko.
The mission will be conducted by external experts and agents of the ministry of education. Also involved in the operation are the regional directorates for education and education inspections,...
For its first issue in 2021, Togo raised CFA27.5 billion (thus 2.5 billion more than the country was seeking) on the WAEMU securities regional market. The sum, secured by issuing fungible treasury bills, will finance the public treasury.
The issue which closed last week, Jan 8, was oversubscribed by WAEMU investors. They generated more than CFA39 billion - a performance that represents a...
Last Wednesday, while meeting with the press, the Togolese Revenue Authority (OTR) disclosed the major tax innovations of the new finance act.
On the occasion, officials from the authority revealed that many changes have been made to the original draft bill. These include broadening the tax base and strengthening measures to control and tackle tax fraud and evasion, reducing the tax...
In Togo, the extension of credit granted to companies and individuals since April 1, 2020, due to the health crisis induced by the Covid-19, amounts to more than 18 billion FCFA.
Let’s recall that, as of September 30th, the Central Bank of West African States (Bceao) instructed credit institutions to grant, without any interest charge or late penalty, three months extension of maturities to...
Kako Nubukpo, the Togolese economist, has been recently appointed economic advisor of the president of the West African Economic and Monetary Union’s economic commission, Abdallah Boureima.
The former minister of planning, and now former dean of the faculty of economic science and management at the University of Lomé, announced on social networks, thus confirming growing rumors regarding his...
Togo recently adopted a national strategy for research and innovation covering the 2020-2030 decade.
The document was validated by the ministry of higher education and scientific research on December 22, during a two-day meeting which gathered researchers, central directors, as well as the country’s technical and financial partners.
Among others, the new strategy is aimed at tackling...
In Togo, a new labor code was unanimously adopted by the parliament on December 29, 2020.
The document, which contains 378 articles, replaces a text in use since 2006. Among others, it aims to “make clearer major regulations in this area (labor), while fostering more investments.”
The adoption of the new regulation embodies a need to achieve balance between the protection of...
Transport startup Gozem recently launched a package delivery and order management service called Gozem Shopping.
In a recent statement, the firm said the new service allows its customers to order goods, from an online catalogue, and be delivered with taxis.
The new service was launched a little after the Uber-like firm acquired in Delivroum, a meal delivery app operational in...
Interest rates of banks operating in Togo are extremely high, in contrast with easing measures introduced this year to support consumers amid the pandemic.
This was revealed by the Minister of Economy and Finance, Sani Yaya, during the last session of the National Credit Council (CNC), which was held on December 24, 2020.
Yaya observed that “interest rates on loans are still at relatively...
The European Union (EU) will spend CFA2.2 billion to improve urban governance and social openness in the Haho prefecture in Togo. In detail, the related project covers the municipalities of Haho 1, Haho 2, Haho 3, and Haho 4.
The EU’s financing represents 85% of the total amount required for the project (CFA2.6 billion). Through the move, the Union reinforces its actions in favor of...
To advance its decentralization process, Togo intends to build 40 new town halls. This was decided at the latest council of ministers.
Besides building the new facilities, Lomé wants to train 1500 municipal counselors across the country, in addition to drawing a development plan for 10 municipalities.
Togo will, in this framework, benefit from the support of Europe (Germany’s...
Next year, the European Union could provide Togo €48 million to fight Covid-19.
The funding announced during the 21st session of the Togo-EU political dialogue should come as budgetary support. During the meeting, the two partners committed to improving their cooperation, especially concerning the pandemic.
It must be noted that in 2020, the EU has been one of the West...
To date, Togo has spent a little more than CFA107.5 billion to fight the Covid-19 pandemic. This was recently reported by the ministry of economy and finances.
This amount breaks into CFA22.8 billion (21%) for measures to tackle the pandemic, CFA32.4 billion (30%) to help populations cope with the crisis, notably through social support projects like the Novissi universal...