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A three-day workshop was started last Tuesday by Togolese authorities to develop an anti-drug policy for the 2020-2024 period. If validated, implementing the new strategy should cost $21 million.
The new policy "focuses mainly on reinforcing the system of coordination designed to fight drugs, improve upon related repression and law enforcement operations, as well as any associated legal...
Last Monday, the International Labor Organization (ILO) organized in Lomé a regional forum on the formalization of informal economic operators. The event themed Formalizing the informal economy and ensuring social protection gathered public policies, social partners, and ILO experts to discuss ways to improve the lives of more than two billion people working in the informal sector worldwide.
On...
In line with ongoing land reforms, the Togolese Revenue Office (OTR) will equip next month the single land desk. Two firms, namely CIS AFRICA and HI-TECH INFORMATIQUE, have been picked for this purpose through a tender launched under the Tax Governance Support Project (PAGFI).
The first company will supply IT and office equipment while the second will supply specific equipment for the desk. The...
Last year, Togo's cashew exports generated XOF7 billion, for a volume of 15,000 tons, according to data from the Central Bank of West African States (BCEAO). Compared to 2017 where cashew exports amounted to XOF2.5 billion, this represents an annual growth of 180%.
This, it should be noted, is a trend sustained since 2016 where the exports were valued at XOF0.8 billion, before rising to XOF2.5...
Recently granted an audience by President Faure Gnassingbé, Coralie Gervers, the new chief of operations of World Bank in Togo, Benin, Côte d'Ivoire, and Guinea, discussed with the leader ongoing reforms in Togo and how the World Bank can support their implementation.
Following the meeting, which is Gevers' first as the new chief of operations of the Bretton Woods institution, she commented:...
The third meeting of the joint ministerial commission for cooperation between Togo and Burkina Faso has been concluded today October 9, 2019, in Lomé, Togo. This 2-day meeting was co-presided by Demba Tignokpa (photo, at the right side), Togolese minister of planning and cooperation, and Alpha Barry (photo at the center), Burkina Faso’s minister of foreign affairs and cooperation. During the...
BOAD finances Togo’s Agricultural Development Support Project (PADAT) under which more than 162 km of roads will be built or rehabilitated in the Kara and Savanes regions.
In detail, respectively 84 km of access routes and 78 km of service routes will be built or rehabilitated in the two regions.
The service routes are located in four prefectures, namely Tône, Tandjoare, Kpendjal, and...
Togo’s Chamber of Commerce and Industry (CCIT) has created, with various partners, the Accredited Management Center (CGA) which helps businesses with a turnover of less than XOF100 million to efficiently manage their accountability, taxes, and elaboration of financial statements.
The firms will in turn pay the institution a percentage of their turnover every month.
"Monthly...
In its latest annual report on fighting money laundering and terrorism funding, released last week, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) lauded Togo for its improvements in this area.
The country has "demonstrated more commitment than in the past relative to the implementation of anti-money laundering and terrorism funding policies that...
Standard & Poors has affirmed its B-/B long and short-term issuer credit ratings on Lomé-based Ecobank Transnational Incorporated (ETI) with a stable outlook. The rating agency issued a B/B ratings to the group's Nigerian subsidiary with a stable outlook as well.
According to S&P, the rating takes into account the group's strong presence in Africa, paired with efforts of its new...
For the first half of 2019, the proportion of loans to agriculture by banks represented only 0.2% of the institutions' overall lending to the economy over the period. This is in a context where this sector contributes 40% of Togo's GDP and employs 60% of its population, worried Demba Tignokpa, the minister of development planning.
Banks' lending to agriculture thus is at the same level as...
In Togo, the nine most profitable agricultural sub-sectors for the youth are pineapple, beekeeping, aquaculture, shea, sesame, soybeans, mushrooms, fonio, and vegetables.
This was revealed during a meeting that regrouped representatives of the World Bank, GIZ, NGOs, Togolese authorities and agricultural actors last Thursday. It was a workshop held to validate a preliminary study to...
In Togo, while the growth forecast had been scaled up by the IMF twice this year, the banking sector has contributed very little to this situation. This is one of the reflections that emerged from the recent 3rd national council on credit (CNC).
Further marking the paradox is the country's controlled inflation and budget deficit which meets regional standards.
Though not all gloomy, this...
Last Friday, Togo successfully proceeded to its first issuance on the regional debt market for this quarter. The country which sought XOF20 billion through the operation was able to mobilize more than XOF47 billion, which represents a coverage rate of almost 237%.
However, according to the UMOA-securities agency, Togo's public treasury will retain only XOF22 billion in line with its...
Danish lease firm, African Lease and Trade, obtained last August 16th the approval to operate in Togo.
Last Thursday, during the third national council on credit, Togo's minister of development planning and cooperation indicated that the firm is "allowed to carry out leasing, payment and factoring transactions."
Situated in Lomé, African Lease Togo is tasked with increasing...
From 2014 to 2019, the proportion of Togolese of more than 15 years old having an account at a bank, a microfinance institution and postal services (such as Eco CCP) soared by 24%, from 50% to 74%. This was disclosed last Thursday by Demba Tignokpa, the minister of planning, at the third session of the National Council of Credit (CNC).
The increase was spurred by dynamism in the...