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Diversifying financing tools for small and medium enterprises (SMEs) in order to help them fully contribute to economic growth is one of the main goals of the Togolese government. In this framework, it decided to rely on leasing which is the alternative to traditional loans taken within West African Economic and Monetary Union (WAEMU).
During a ministers’ council held June 13, 2018, a bill...
Government set during the council of ministers held June 13, 2018, the legal interest rate for this year. From 3.5437% in 2017, this rate will thus stand at 4.5% as recommended by Central Bank of West African States (BCEAO).
Report of the ministers’ council states that “the legal interests represent indemnities owed to lenders, for damages or default interests, by a debtor who reimburses...
In 2016, Nov. 4, Togo’s government and Afreximbank signed an adhesion agreement enabling the nation to become the 40th member of the bank. However, the document had not been ratified since. Now, a council of ministers met, June 13, to examine the convention.
After Togo effectively joins Afreximbank, it will be able to benefit from its financial support. This will considerably help the nation...
Togo’s Revenue Office (OTR) wishes to improve taxes it collects from the mining sector. In that order, it is studying with State officials and executives from the private extractive industries, a possibility to amend mining tax regime, at Notsé, in the Plateaux region.
It was established that fluctuations in prices of mining products paired with non-reliability of data provided by mining...
Togo’s Revenue Office (OTR) pursues reform implementation to improve fund mobilization.
After attaching the land conservation and cadaster to the tax office, OTR moved just another step forward. In a statement released June 7, 2018, the tax commissioner announced the delegation of his signature to Bali Komi, Head of the Land Conservation Department, regarding the issuance of any document...
Tuesday, June 12, the Togolese parliament adopted a new customs code. The document aims to modernize custom administration, amid multiple changes in the global environment, economic and institutional realities that the country itself experiences.
“The newly passed law tackles needs set by the economic environment and share responsibilities between the minister of finance, the general...
Last Monday, Togocel and Moov got the government’s approval to launch 4G in the country. In addition, their 2G and 3G licenses were renewed.
This is good news for populations. However, the operators will first have to double their efforts regarding the installation of 4G infrastructures. Both actually promised to accelerate related works in order for 4G to be a reality before the end of the...
Financed by the World Bank, a meeting was launched June 11, 2018 to assess risks and impacts related to money laundering and terrorism funding in Togo. The session which will close June 13, regroups officials of the National Cell for Financial Data Processing, others from the ministry of economy and finance as well as actors from other sectors.
CENTIF’s head, Tchaa Bignossi Aquiteme, on this...
Togo’s government wishes to make e-commerce a pillar of its economic growth. In that framework, there are actors like the local startup Semoa that creates and provides solutions to firms for online payment.
The startup’s CEO, Edem Adjamagbo, actually took part in the national workshop session to assess Togo’s readiness to e-commerce held last week. On this occasion, the startup which...
The International Organization of the Francophonie (OIF) just launched the 2018 Young Francophone Entrepreneurs Award, which is the contest’s second edition. The goal of the event’s promoter and its partners, namely Nouveau-Brunswick (Canada) and CONFEJES is, to encourage, reward and valorize the Francophone youth’s dynamism, excellence and creativity in terms of entrepreneurship and...
Adoption process for a new customs code has started. On June 11, 2018, deputies started a plenary session to study the document.
According to credible sources, the new bill should complete and amend that of April 24, 2014. Among new measures to be added include that regarding disposal of seized or abandoned goods. Others relate to tax evasion and other types of infringement, as well as to...
“Minodoo”, a community of young app developers backed by the US embassy, will organize from June 14 to 17, 2018, a hackathon named the “Duneyon civil hackathon”.
The event will take place at Minodoo’s headquarters in Lomé, Klikamé to be exact. It will regroup tech lovers, State workers, civil society activists and anyone interested.
On this occasion, code lovers and other...
From 6.4% in Q4 2017, GDP of the West African Economic and Monetary Union (WAEMU) grew by 6.5% in Q1 2018, driven by local demand. This, in the context where prices of oil, cashew, cotton, cocoa, and gold went back up, and prices of palm oil, coffee and rubber slumped.
The figure was disclosed in a statement released at the end of the second ordinary session of the WAEMU’s monetary...
Last Friday, a delegation from Eximbank of China was received by President Faure Gnassingbé in Lomé to discuss opportunities to support Togo’s socioeconomic development.
Leading the delegation was the Chinese institution’s Vice President, Sun Ping, who told the press after meeting with the President: “This is my first time in Togo. It is a very beautiful country and I believe that in the...
So much awaited, 4G has been made a reality today, June 11, in Lomé.
This was disclosed in an invitation notice initialed by the director of the regulatory authority for posts and telecommunications of Togo (ART&P).
According to the notice, this Monday, a ceremony for the signing of 4G licenses and the renewal of 2G and 3G licenses with Togo Cellulaire and Atlantique Telecom Togo (MOOV)...
The International Monetary Fund (IMF) office in Togo released May 7th a report on economic outlook for the sub-Saharan Africa region, in the presence of the minister of planning and development, Kossi Assimaidou.
The document forecasts a slight recovery of economies in the region. Economic activity is expected to rise by 3.4% and demography by 2.7-3%.
The timid rise can be attributed both to...