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In Togo, collection of tax and custom revenues poses a real challenge to authorities. Meanwhile, the IMF said it is vital for the country to remedy this and improve tax collection.
A tax commissioner in a press briefing last Thursday said 60% of big companies declare losses rather than profits, to avoid paying corporate tax. This causes substantial losses for the State whose deficit already...
On Feb. 16, 2018, Togo’s President inaugurated a pharmaceutical factory where intravenous fluids will be produced.
The DO PHARMA plant, as it is named, is the first of its kind in French-Speaking West Africa. It is situated at Aveta, in Lomé.
According to Frédéric Dovi Akué, Managing Director of the firm, the decision to set up this facility in the country was due to the fact that “the...
Togo’s phosphate sector welcomes a new actor, in line with the government’s efforts to boost the sector’s performance. The firm, according to Africa Intelligence’s confidential newsletter which revealed the information, is the local firm TFC.
According to the news website which provides confidential news on developments that impact the African economy, TFC has recently secured three...
In its latest report on microfinance within the WAEMU, the Central Bank of West African States (CBWAS) said the sector in Togo is recording good performances, reflecting a greater financial inclusion of populations.
In details, the document states that at September 30, 2017, outstanding deposits collected by microfinance institutions in Togo, from households mainly, soared by 8.1% year-to-year....
The measure announced by government for the provision of 20% public procurements to youths and women in Togo will be sector-based. This was revealed on Feb.14, 2018, by Zouréhatou Kassah-Traoré, managing director at the National Directorate for Public Procurement Control. This occured on the sidelines of the Mercredi de l’Entrepreneur (Entrepreneur’s Wednesday), a meeting where...
In line with its goal to make the country a logistics, financial and digital hub, the government of Togo plans to engage private sector more into digital development.
This is revealed in the government’s 2018-2022 strategic vision for digital sector. According to the document, the government wishes for private sector to contribute at least 40% of investment made in the sector starting from...
In Togo, the Power Sector Investment and Reform Project (PRISET) will provide more than 80,000 households and small businesses with a better access to a grid with greater voltage.
The project is expected to improve power sector’s institutional framework and make it more sustainable financially. This, through the assessment and update of the sector’s legal and regulatory framework; the...
Togo’s ministry of technical education and professional training has initiated last Tuesday, processes to validate the master plan for professional dual education system in the country.
Launched to efficiently tackle underemployment and unemployment, this system combines apprenticeships in a company, at a vocational school or at a teaching school (high school, college). It aims to provide a...
China will provide Togo with CFA8.5 billion, made up of concessional loans and grants, to support development projects in the country.
The related agreement was signed on Feb. 13, 2018, in the presence of China’s ambassador in Togo, Liu Yuxi, and Togo’s minister of economy and finance, Sani Yaya.
According to the ambassador, the new support is attributable to the many efforts made by the...
By 2022, more than 90% of the population and above 95% of companies should, in Togo, have access to broadband internet. This was disclosed by the ministry of digital economy in its 2018-2022 development strategy for the sector.
Be it mobile 3G or 4G networks, landline broadband radio networks or optical fiber (in big towns), the Togolese government intends to put in place the necessary...
In 2016, Togo’s banking sector recorded a net profit of 47 billion CFA francs, a remarkable increase compared to CFA4 billion in 2014. This is shown in a data from the Central Bank of West African States (BCEAO).
In details, losses recorded by the sector in 2016 stood at CFA5.6 billion as against an astounding CFA50 billion the year before.
Also improving were the banks’ total assets value...
The World Bank plans to renew its support to developing countries, for disaster risk management. A decision spurred by the good results recorded under flood forecasts for the Oti River’s Basin, in Ghana and Togo.
The news was disclosed by Koffi Hounkpé, main disaster risk management expert at the World Bank, during a meeting on flood forecasts in the Volta Basin. The Bretton Woods institution...
To boost investment, employment and inclusive growth in its partnering nations, in Africa especially, the European Union has during the last AU-EU summit launched its External Investment Plan (EIP).
On February 12, 2018, the European institution in effect presented this plan to Togolese political and administrative authorities, as well as to economic operators.
On this occasion, Eric Galley,...
After its successful bond issuance on WAEMU’ financial market (oversubscribed at 107%), last Jan. 26, Togo will re-attempt the operation to raise CFA20 billion.
Par value is CFA1 million which should be paid after 12 months. Togo’s treasury plan to issue the fungible bonds at many rates.
Looking at the similarity between the upcoming operation and the one carried out on January 12, 2018,...
From 2011 to 2016, Togo’s coffee output grew from 10,000 tons to 17,010 tons. Over the same period, areas where the crop was grown expanded from 37,768 ha to 40,499 ha while yield grew from 0.26 t/ha to 0.42 t/ha.
According to data relayed by newspaper l’Oeil d’Afrique, the rise has boosted the impact of the cocoa-coffee sector in terms of added value. In effect, in 2016, the sector...
Togo’s Revenue Office (OTR) started today, February 12, a nationwide exercise to sensitize lorry drivers about payment of the tax on road haulers income (IRTR) via mobile (Tmoney).
OTR, in this framework, has teamed up main syndicates, namely the Union Syndicale des Conducteurs Routiers du Togo (UNATROT) and the Union des Routiers du Togo (URT). A round in major bus terminals was organized.
...