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On November 21, 2018, Hungary’s new ambassador to Togo, Andras Szabo, presented his credentials to President Faure Gnassingbé. On this occasion, the European official affirmed that his nation wishes to build a strong relationship with Togo.
Comforted by its recent experience in Ghana where it opened an embassy two years ago, Hungary now wants to invest in Togo, in sectors such as energy,...
Yesterday, Nov. 21, Togo’s President, Faure Gnassingbé received UK’s former Prime Minister, Tony Blair, head of the Tony Blair Institute for Global Change.
Blair during the meeting lauded Togo’s business environment indicating that it is favorable to foreign investments. “Now, investors can be attracted here”, said the former minister whose institution supports the implementation of...
After reaching out to Chinese investors, the Togolese government now turns to Europeans to invest in its five-year national development plan (2018-2022 PND).
Indeed, last Tuesday, on the sidelines of the 19th session of Togo-EU political dialogue, both parties decided to organize in the second quarter of 2019 a Togo-EU business forum, similar to the one recently held in China.
The...
The following are the top ten banking groups operating within the WAMU, according to the Central Bank of West African States.
1- Ecobank
With 14% share of the market in 2017, Ecobank, whose headquarters is in Lomé, is the most important banking group operating within the WAMU. Present in every country of the union, it has 9.2% of the desks, 18.5% of the automated tellers and 15.2% of the...
On November 20, 2018, Togo’s minister of infrastructures and transports, Ninsao Gnofam, and Chinese ambassador, Chao Weidong, toured various project sites in the country. These include construction sites for phase 2 of Lomé’s major bypass and Lomé’s administrative center.
According to the minsiter, works for the major bypass project have reached a completion rate of 67.2%. They should be...
From 2000 to 2015, BOAD poured CFA300 billion into Togo’s development. The figure was disclosed by Patrice Gbaguidi, Head of Project Assessment at BOAD, during a country portfolio assessment session.
According to Gbaguidi, the session was the occasion to take a look at all projects financed by the bank over the period reviewed, taking into consideration the following five aspects:...
Matteo della Volta, Project Developer at Siemens in French-Speaking Africa, attended the forum on clean energy organized by BOAD last week. On that occasion, he answered some of Togo First’s questions relating to the Kekeli gas-fired power plant project, among others. Siemens, let’s recall, is engaged in the Kekeli project with Eranove and Spanish developer TSK.
Togo First: Siemens recently...
Togo’s services exports have since 2007 almost tripled in their value from CFA115 billion to CFA323 billion, at the end of 2017.
The growth is far above the one recorded by goods exports which, over the same period, stood at 36%.
In detail, the performance of services is to be attributed to transport services exports which almost tripled from 50 billion, ten years ago, to CFA140 billion...
Internet Services Provider (ISP) Teolis SA revealed in a statement released recently that it signed a partnership with Microsoft to distribute and support the tech giant’s products in Togo.
Teolis which entered the Togolese market after securing its operating licence, initiated six months ago a process to certify equipment needed to deploy and support Microsoft’s services in the...
Yesterday, a five-day workshop to reinforce capacities of commerce chambers’ magistrates regarding the OHADA legislation started.
This meeting is expected to help the magistrates know more about the OHADA uniform act organizing securities and the other organizing simplified recovery procedures and measures of execution.
Adding to OHADA’s other legislations, these laws are safe tools to...
Initially positioned on the 4G (FH/LTE) market, Teolis, one of the new internet services providers in Togo, has just added fiber optics to its offers. Henceforth, fiber optics internet options are available for Teolis’ clients, the company which was launched in February 2018 announces.
In that regard, an agreement has recently been made with Compagnie d’Energie Electrique du Togo...
Foufoumix SA, subsidiary of Logou Concept Togo (LCT) which holds operating licence for foufou-making machine Foufoumix, recently announced the opening of its capital to private investors.
Overall, 48,200 shares with a nominal value of CFA10,000 will be issued for CFA482 million, thus nearly 36% of the startup’s restructured capital which will now be raised to CFA1.4 billion.
Following the...
Togolese government has just kicked off the Infrastructure and Urban Development Project (PIDU), we learnt. Financed up to CFA16 billion by the World Bank, the project is expected to improve access to basic urban infrastructure. It covers the towns of Lomé, Kara and Dapaong.
In detail, this project set to end in 2023 includes the construction/rehabilitation of road networks, deployment of water...
The forum on clean energy organized by BOAD on the sidelines of its 45th anniversary recently ended. Here, Christian Adovelande, the institution’s head, reviews its actions so far and projections. Togo First : The BOAD is 45-years old. What is your review of its actions so far?
Christian Adovelande : Over the past 45 years, we have financed 1030 projects for CFA5,300 billion...
A hundred thousand direct jobs per year and a million (both direct and indirect) over the next five years. That is the goal aimed at by Togo’s actual government. A laudable objective but is it truly achievable or will this path lead to a white elephant? How do authorities plan to finance this goal? What types of jobs will be generated? Will they be sustainable? Decent? Temporary? These are some...
After Benin, Burkina Faso and Côte d’Ivoire, Togo has also adopted a tax on cashew exports, baptized Cashew Nuts Tax (PNC).
The tax which was established in line with a decree issued on October 3, 2018, amounts to CFA40 per kg of raw nuts and CFA5 for processed nuts.
The fee, perceived by the tax administration, will be transferred to a special account, opened at the Public Treasury, named...