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Like many others, Oragroup’s finances took a hit from the pandemic. According to an activity report published by Abidjan’s stock exchange, the lender’s net result in Q3 2020 was almost halved (44%).
Quarterly profits stood at CFA5.093 billion at the end of September 2020, against CFA9.094 billion last year around the same time. The decrease is among others due to a surge in the...
New decent housing units will soon be built in the Golfe 3 Bè municipality, situated in Lomé, Togo’s capital. The municipality entered a partnership with the Togolese real estate federation (FTI) in this regard.
The partnership was sealed during a meeting between Mayor Kamal Adjayi and Dr. Alexandre de Souza, president of the FTI. The two discussed the details of the collaboration...
From CFA87 billion at the end of 2019, the total amount of loans granted by the National Fund for Inclusive Finance jumped to nearly CFA97 billion as of October 23, 2020. This represents a surge of 11.5% over the period.
The FNFI says it has met the financing needs of more than 1 million, 760 thousand people since it was launched, adding that beneficiaries, by meeting their commitments,...
Togo will not issue any more covid-19 bonds on the regional financial market before December 2020.
Indeed, the country will not take part in the third phase of the issues scheduled to take place between October 27 and November 1, unlike Ivory Coast (which will proceed to two issues), Senegal, Mali, Benin, and Niger.
No reason was given to explain the decision of Lomé in a context...
In the first half of 2020, the number of Moov users stood at 3.108 million. This is 500,000 users less than the telecom operator had last year over the same period.
The drop was reported in the half-year figures released by Moov Togo’s parent company and majority shareholder, Maroc Telecom.
During the past semester, Maroc Telecom paid the last tranche for the 4G license in Togo: 107...
After being on standby since 2015, the phosphate fertilizer plant project should resume. According to Mila Mawunyo Aziable, minister delegate to the President in charge of energy and mines, it is one of the priorities of the country’s new five-year roadmap.
It should be recalled that the Israeli group Elenilto had secured the permit to carry out this project and exploit carbonates...
Despite the major pressure the pandemic has put on the country’s economy and finances, Lomé’s provisional budget for 2021 slightly differs from this year’s.
In detail, the country expects budget revenues to stand at CFA842.9 billion next year, down 2.7% compared to 2020. In 2022 and 2023, the authorities expect a better mobilization of internal and external revenues.
To meet...
Last week, Togo raised over CFA94 billion for its first issuance on the regional financial market this quarter. The amount is substantial given that the country was initially seeking CFA25 billion.
The operation was a simultaneous issue of fungible treasury bonds, with a maturity of five years and seven years respectively. The bonds with a lower maturity garnered over CFA56 billion and...
In Togo, covid-19 cases are concentrated in the capital, Lomé, and outbreaks inside the country are under control. This was revealed during the latest update session of the entity managing the response to the pandemic, the CNGR.
According to Col. Djibril Mohaman who heads the CNGR, most new cases are in Lomé, and no surge in cases was recently recorded.
In detail, the most affected part...
With the Ecowas’ help, Togo will adopt a strategy to promote the use of cooking gas. This aligns with Ecowas' regional strategy to improve the regulation of cooking gas usage, cut its prices, and reinforce its distribution system, among others.
The regional body initiated under its 2020 budget the process for the selection of a consultant to elaborate the document.
In the...
Michel Yaovi Galley is the new director-general of the telecommunications and posts regulatory authority, the ARCEP. The decree appointing him was released on October 15.
Before that, Yaovi Galley was the technical advisor for digital transition projects at the ministry of posts, digital economy, and technological innovations.
As director-general of the ARCEP, his mission consists...
Togo’s power utility, Compagnie Energie Electrique du Togo (CEET), is carrying out a promotional campaign in the Plateaux regions. Under the promotion, which will end on 30 March 2021, fees to get connected to the grid can be paid in installments.
In detail, the people of Agou, Ogou Anié, Est-Mono, and Haho will be able to get a prepaid meter (Lafia 2 fils 5 A) with an advance payment of...
The second edition of the FERIN fair, an event that is aimed at improving trade and investments in Togo, began yesterday. Due to the Covid-19, it is held online this year.
The theme of the fair is Man at the heart of economic and sustainable growth.
Organized by the Terreau Fertile Association, the two-day meeting will gather many panelists, notably the Togolese economist Kako...
Cofina, Compagnie Financière Africaine, has selected AG Partners to be its strategic communication advisor for its opening in Togo.
Cofina enters Togo with AG Partners! We have the pleasure to announce that AG Partners is the agency that won the bid to help Cofina launch its activities in Togo, the commercial leasing and finance firm declared.
Togo is the ninth market that Cofina...
After its growth forecasts for 2020 were hampered by the pandemic, Togo foresees a recovery in the next two years with a projected growth of 4.7% in 2021.
Farther ahead, Lomé hopes to see its real GDP grow by 5.8% growth in 2023, in the best-case scenario. Similarly, the inflation rate would shift from 1.7% next year to 2% in 2022 and 1.9% in 2023.
Budget resources slightly...
On Wednesday, Oct. 21, Serge Ekue, president of the Banque Ouest Africaine de Développement (BOAD), signed with the Development Bank of Austria, OeEB, a convention to inject €30 million into the WAEMU’s private sector. The signing took place in Vienna, the Austrian capital.
The same day this credit line was secured, the OPEC Fund for International Development announced that it...