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The BOAD and MIFA’s coordination team will “in the coming days” sign partnership agreements, sources close to the MIFA indicate.
The deals fall in line with support provided by BOAD to the Togolese scheme. In effect, the regional bank should invest €100 million in this project.
In this framework, a guarantee line should be put in place to facilitate farmers’ access to...
At end-September 2018, the number of people that benefited from the services of microfinance structures in Togo stood at 2,483,190, according to data from the Central Bank of West African States (BCEAO). This is 9.5% more compared to the previous year.
Meanwhile, the number of structures operating in the sub-sector was 75 at the end of Q3 2018.
Over the same period, the number of service...
Lomé committed with the IMF to reduce its budget deficit, grants included, to 1.5%. This was revealed in a letter of intention dated November 20, 2018, from Minister Sani Yaya.
“The government has adopted the 2019 finance law which aligns with the global purpose of the ECF-backed program. The new law eyes a maximum budget deficit of 1.5% of GDP, far below the 3% set within the WAEMU,” Sani...
For its second issuance of securities on the UMOA-Titres regional financial market, Togo raised CFA36 billion, over an initial target of CFA20 billion.
Subscription rate for the operation was 180% and the country kept CFA22 billion.
In detail, investors living in Togo subscribed at a level of CFA18 billion (CFA14 billion retained), attesting that the country regained the trust of the local...
Yaovi Sedjro, the young Togolese agripreneur, won last Friday the award of the Best young entrepreneur of 2019 and will represent Togo at the coming CONFEJES’ (Conference of ministers of youth and sports from Francophonie countries) young entrepreneur international contest, next March in Morocco.
The award was given by the ministry of youth, to the best young entrepreneur backed by the Program...
Togo’s port traffic increased by 25% between January and June 2018, a note from the International Monetary Fund (IMF) revealed.
According to the Fund, the increase, paired with good results in the sectors of agriculture (cotton) and mining (phosphate), helped stabilize the country’s economic activity. The latter actually grew 4.7% in 2018.
The Bretton Woods organization expects the...
Togo will, on next February 17, proceed to the semester payment of profits and partially reimburse capital associated to its “2016-2026 6.50% State Sukuk”, BRVM revealed in a statement.
While no detail filtered about the amount of this first partial payment, the notice released by the Joint Fund for Receivables Securization upon the sukuk’s issuance for its part indicates that a...
On Wednesday 23 January, Togo’s Supreme Court started processing all its pending cases. The procedure is to use six months to process 500 cases overall.
These cases cover the 1994-2010 period. The Court will process the cases during extraordinary audiences. This will satisfy tens of complainants who have been waiting for many years for the justice to deliberate on their cases.
While land...
This year, the International Monetary Fund (IMF) could provide Togo three new financing facilities valued at about $35 million each. However, the funds’ disbursement is conditioned by results of ECF-backed three-year program approved in May 2017 for the country, for an amount of nearly $241.5 million, when the agreement was signed.
This program was reviewed three times, enabling...
For the first time in Togo’s history, the national assembly will be presided by a woman: Yawa Tsegan Djigbodi is the new president of this assembly.
She is replacing Dama Dramani, president of the former mandate during which she was the first quaestor.
The ex-tax inspector who has also been the chief of staff of the ministry of transport will have the huge task of leading the...
Togo Revenue Authority (OTR) announced it has just established an electronic database for land titles. The move aligns with a set of reforms deployed to reassure populations and investors, particularly with regard to land tenure in the country.
According to OTR, this tool makes it possible to know, in real time and chronological order, the nature of transaction/operation carried out on a land...
South Korean foundation Saemaul Undong will inject CFA2.7 billion in the agropoles project in Togo. In addition, the Asian foundation will provide technical training to local agricultural actors.
A support convention was recently signed between the foundation and Togo. In this famework, Korean experts started a reference mission this week, going around all 10 agrofood-processing centres of the...
Togo’s Revenue Office (OTR) just launched an online platform where it is possible to file complaints related to land issues.
The platform receives and processes any complaint related to land and cadaster. In effect, complainants fill a form, adding the object of the complaint, phone number, place of residence, etc. OTR’s audit directorate then responds to the complaints within 48...
Orascom, the group owned by Egyptian business mogul Naguib Sawiris, Africa’s richest person according to Forbes, plans to invest in many sub-Saharan African countries including Togo.
To this end, the group intends to use a $170 million financing it obtained from the Africa Export Import Bank (AfreximBank).
Besides Togo, other countries the group plans to expand to include Rwanda,...
During the second half of 2018, Burkina Faso, Benin and India were Togo’s main customers. This is revealed in an economic, financial and social report released by Togo recently.
Data from the report indicates that Togo’s exports to Burkina Faso represented 39.5% of all its exports across the West African Economic and Monetary Union (WAEMU). Exports to Burkina Faso comprised mainly “clinker...
From December 13, 2018, to January 15, 2019, average delay for property transfer in Togo was seven days, from nine days previously, a note from the tax commissioner office reveals.
The delay period starts from submission of transfer demand.
The improvement aligns with the country’s efforts to better its business environment. Actually, other reforms implemented in this framework include:...