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Unexpectedly, the recent bond issuance of the Togolese government on the regional market did not go so well compared to those of January 26 and February 16, 2018.
Over a targeted CFA20 billion for this operation, Togo’s treasury was able to raise only CFA3.3 billion, thus a coverage rate of 16%. This is one of the market’s weakest performance since the beginning of this year.
Yet, last...
Société Générale d’Intermédiation (SGI-Togo) has started its restructuring, according to local weekly “La Nouvelle Tribune” in its release of March 1, 2018.
According to the newspapers, this operation will directly impact the firm’s management. In detail, the position for deputy managing director will be created. The initiative aims at making the firm’s management more...
Soon, a bill to promote and develop renewable energies should be passed in Togo, we learnt last Thursday during a conference organized by the Business Climate Cell. The meeting was focused on the “electricity connection” indicator of the Doing Business.
In effect, writing of the draft bill and provisions for the law started in March 2017, with the support of the ECOWAS centre for renewable...
To improve the quality of its power network, major reforms are being planned at the Togolese power utility, Compagnie Energie Electrique du Togo (CEET).
To effectively engage these reforms, the firm plans to raise $75 million (about CFA50 billion). Among the reforms which would affect customer management, there is restructuring of entities in charge of industrial customers while another...
Togo’s economy will surely change after the entry into effect, the law on electronic signature, which was voted in June 2017. Indeed, the technology would revolutionize many sectors such as trade, telecommunication and most importantly the nation’s administration services.
Government’s decision to opt for the technology falls in line with its strategy to make the country more attractive...
On this day, March 1, 2018, Benin and Togo took full control of their airspace. Switch to radar coverage took place at the airport of Lomé which will be the centre of operations.
According to the Togolese minister of Transport, Ninsao Gnonfam, “from now on, Togo and Benin, through efforts of their men and women, are able to control their air space”.
The move to radar vectoring comes as the...
Spurred by a 30.8% increase in operating income, Togo’s banking sector has recorded CFA63.4 billion of net positive results in 2016, after CFA46.7 billion of losses in 2015. This was revealed by Banque de France.
The positive performance was reflected on most of the sector’s indicators. For example, operating ratio, which compares operating expenses to net banking income, has improved from...
In a recent report entitled African Emergence Index, Togo was ranked 27th out of the continent’s 54 countries. The rankings which was put in place by African experts was reported by Ecofin Agency.
Togo scored 45.76/100 and was listed under the “potential” category. The latter regroups economies with significant resources and capacities but which are not yet able to tap into those to...
In Togo, government’s initiative to provide power to more than two million people by 2022 just reached a major milestone as Union Togolaise de Banque (UTB) signed a deal with BBOXX, UK-based firm specialized in renewable energies, to provide it $4 million (CFA2.15 billion).
In effect, local bank UTB will deliver capital in Togolese currency (CFA) to BBOXX which will provide access to...
During ministers’ council held on 27 February 2018, the government reasserted its intention to make tourism one of the drivers of the economy, thus making Togo a leading hub of this sector, in the region.
In this regard, two draft bills and three decrees were adopted during the council, among others. Also, the minister of industry and tourism, Ihou Attigbé spoke about a project concerning the...
By decree, Togo’s government just created the agency for the promotion and development of agropoles (APRODAT in French) during a council of ministers yesterday. This falls in line with the government’s objectives to boost agricultural sector by focusing on processing.
According to the statement by the ministers’ council, the new entity will improve private investments in agricultural...
The launching ceremony for the new commercial chamber solely dedicated to solving conflicts involving small receivables (ranging from zero to 1 million CFA) took place on Feb. 27, 2018. This chamber was established at the end of 2017 by order of the chairman of Lomé’s tribunal.
The goal of this chamber is to speed up processing of affairs related to small receivables. “We wish for these...
Next Friday, Togo will go to the WAEMU’s financial market seeking CFA20 billion. In this framework, the country plans to issue fungible treasury bonds with a nominal value of CFA10,000 and a rate of 6.25%. The bonds will mature on Jan. 25, 2021.
This is the fourth time this year that the State goes to this market. Indeed after the first issuance which recorded a moderate subscription, the...
Data from the Centre for Companies formalities (CFE) shows that more than 361 LLCs were created in the first two months of this year. This is against 296 in Jan-Feb 2017.
In details, 224 LLCs were created in January 2018, against 198 the same month the year before. As for February, 137 were created in the first weeks of the month (against 98 during the whole month of February in 2017).
This...
It will be easier now for Togolese people to get connected to the national power grid. Indeed, Togo’s power utility, Compagnie Energie Electrique du Togo (CEET), has enabled payment in tranches (over six months) for connection fees while this amount was expected to be paid fully initially.
The move is part of a set of technical and commercial reforms engaged by CEET to improve populations’...
One of the missions assigned to the Higher Authority for Prevention and Fighting against Corruption and Related Offenses (HAPLUCIA) by the government is reinforcement of measures aiming to fight corruption and foster good governance.
In its framework, a meeting was held last Thursday at HAPLUCIA’s headquarters in Lomé. The meeting’s objective was to study the field in order to coordinate...