MIFA: Over CFA1 Billion Secured for Farmers for 2023-2024 Agricultural Campaign

Agriculture

Monday, 14 October 2024 16:23

MIFA: Over CFA1 Billion Secured for Farmers for 2023-2024 Agricultural Campaign

(Togo First) - For the 2023-2024 agricultural season, MIFA (Mécanisme incitatif de financement agricole) has helped secure CFA1.33 billion FCFA in financing for farmers, according to government data. This initiative is part of broader reforms in the agricultural sector outlined in the Togo 2025 roadmap.

Over the period, additional support measures were introduced to improve farmers' access to resources. This includes providing 24 tractors, which can be repaid over four years in cash or kind. The Plateforme Industrielle d'Adétikopé has also facilitated access to credit for grain-based inputs, enabling the supply of 2,400 tonnes of soybean seed and 20,000 liters of biostimulants.

These efforts are part of inclusive mechanisms such as the FSRP, ProMIFA, and PRIMA, which aim to subsidize, provide loans and guarantees, and mobilize resources for farmers. Additionally, the Direction de l'entrepreneuriat et du financement agricoles (DEFA) was officially launched in May 2023 to assist agricultural producers in obtaining credit.

Support for producers also includes establishing cattle production development zones (ZAPB) to increase meat and dairy availability. Ten sites have been identified for this purpose, with two ranches already secured through land release certificates and topographical surveys. A total of 4,250 hectares have been acquired out of the planned 5,000 hectares for the 2023-2024 crop year.

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.