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In its 2018 cost of living survey, US firm Mercer ranked Lomé as the 134th most expensive city in the world, rising from 144th position in the previous edition.
Though it regressed in the rankings, Togo’s capital is still less expensive than most neighboring metropoles namely, Abidjan (24th most expensive city), Lagos (42nd), Accra (63rd), Abuja (99th) and Cotonou (111th)
Luanda is no more...
The board of the West African Development Bank (BOAD) approved on June 27 a CFA10 billion financing for Kara’s agropole, a statement released on the bank’s website indicates.
The money will be used to build roads, drill boreholes, electrify 14 villages, etc.
Kara’s agropole which will require more than CFA63 billion of investments is the first of nine projects that Togo’s government...
Emaar Hospitality Group and Kalyan Hospitality signed on June 27, in Dubaï, an agreement that makes the Emirati firm the manager of the 2 février hotel, a five-star hotel situated in Lomé. Through the move, the hotel will fall under the Address brand and hence be renamed Address Hotel 2 Février.
It is Emaar’s first hotel in sub-Saharan Africa. According to the firm’s executives,...
Between 2015 and 2017, Togo’s poverty index receded according to the national institute of statistics, economic and demographic studies (INSEED) in a report entitled 2017 Poverty cartography, published on June 26, 2018.
In detail, poverty rate slumped from 55.1% in 2015 to 53.5% last year.
The figures are derived from two distinct studies namely the unified questionnaire on well-being...
Togo’s efforts to achieve universal access to power by 2030 are supported by many countries and institutions.
For example, on behalf of France with whom India founded the International Solar Agency (ISA), Former French minister of ecology, Ségolène Royal, met with President Faure Gnassingbé on June 26 prior to a roundtable to discuss ways to mobilize funds to implement Togo’s new...
Togo wants to achieve 50%, 75% and 100% electrification by 2020, 2025 and 2030 respectively.
A vision backed by a new strategy that is currently being discussed with various lenders and major energy firms, at a roundtable held in Lomé. While the strategy is estimated to cost CFA1000 billion, the government wishes to initially raise CFA180 billion from potential investors. 50% of the total sum...
During a roundtable it is holding June 27 and 28, Togo’s government hopes to raise CFA180 billion for its electrification strategy.
This amount which is the first tranche of a 1,000 billion CFA goal to raise by 2030, will help initiate the strategy’s first phase, the demonstration phase.
This phase will begin this year and end in 2020. Under the government’s plans, it will help Togo...
As part of the Eighteenth Replenishment of the International Development Association (IDA18), Togo should benefit from a greater financial support from the World Bank’s arm.
Indeed, under its new country partnership framework (CPF) with Togo, World Bank should provide the African nation between $200 million and $230 million for 2018, 2019 and 2020.
However, the funds’ disbursement...
Yesterday, President Faure Gnassingbé officially launched the agricultural financing incentive mechanism (MIFA) at the Centre Togolais des Expositions et Foires (Togo 2000) in Lomé.
The scheme aims to boost the performance of the agricultural sector which actually contributes 40% of Togo’s GDP. How? By helping farmers easily secure loans from banks and other financing institutions as the...
With the support of International Finance Corporation (IFC), Togo’s government has adopted a national electrification plan. The initiative falls in line with the country’s goal to achieve SDG 7: providing reliable and cheap energy to all Togolese.
The initiative will require a global investment of 1,000 billion according to the Togolese minister of energy and mines, Marc Ably-Bidamon. These...
Togolese deputies adopted June 22 the 2018 amending finance law. “The amending finance law translates the government’s will to improve its public finances,” declared Togo’s minister of finance, Sani Yaya.
In detail, forecast for tax revenues under the 2018 budget was scaled down from CFA660.3 billion to 616.6 billion. As a result overall projected budget revenues were lowered by 21...
The European Commission got approval and instructions from its council last Friday to start talks regarding a new partnership with African, Caribbean and Pacific countries (ACP). This was tweeted by the institution’s representation in Togo.
The greenlight comes three weeks after the 107th session of the ACP ministers’ council and the 43rd session of the ACP-EU ministers’ council in...
Last Friday, Togo’s parliament adopted the law amending the n°2016-005 law of March 14, 2016, regarding regulation of credit information offices (BIC).
BIC’s role is to gather data from financial institutions, public entities and large utilities such as the power and water utilities as well as phone companies. The data looks at credit and payment histories of customers, to draw solvability...
As announced earlier on, TogoCom revised its tariffs last Friday. According to Affoh Atcha-Dedji who heads the firm, the revision aims at providing customers better offers in the voice and data segments.
With the initiative, TogoCom users with a classic or youth profile can now reload a CFA200 voucher.
Now also, a Togocel-Togocel minute call costs CFA79, as compared to CFA80...
Over the past four years, the portfolio provided to Togo by World Bank recorded a high disbursement rate, the new 2017-20 partnership framework revealed. The document indicates that the disbursement rate was 34.9% during the 2014 fiscal year and then stood at 30% in 2015, before jumping to 40% in 2016 and already reached 27% at the end of the first quarter 2017.
According to the Bank, this...
Over the next ten years, Togo aims to reach 100% electricity coverage and achieve the universal service access latest by 2030.
To this end, the country plans to leverage financing mechanisms particularly the Public-Private Partnership (PPP). It also sets support mechanisms aimed at connecting communities living without electricity. In this framework, Lomé will host next June 27-28, a round...