Inclusive Finance: Ministry of social action financially supports hundreds of women in Greater Lomé

Finance

Wednesday, 08 November 2023 20:14

Inclusive Finance: Ministry of social action financially supports hundreds of women in Greater Lomé

(Togo First) - Nearly 240 of women living in the Greater Lomé region received CFA80,000 each from the government on November 7, 2023. The financing falls under the "Leadership, Economic Empowerment of Women and Girls, and the Fight against Gender-based Violence" project, initiated by the Ministry of Social Action and Women Promotion and the French Embassy in Togo.

The donation ceremony took place in the presence of Apédoh-Anakoma Adjovi Lolonyo, who heads the ministry, and French Ambassador Augustin Favereau.

While the funds will help beneficiaries start or grow businesses, their provision falls under a larger project to empower women and girls, economically, and fight gender-based violence.

Overall, 500 women will receive financial support under the project. Also, 11 training workshops will be organized across the country in its framework.

Regarding monitoring, the project’s organizers said it would be handled by listening centers. The goal is to ensure the success of financed initiatives and help beneficiaries make the most of the funds received. The beneficiaries' workplaces will also be visited to make sure their businesses are viable and provide them with technical support and advice.

"You should therefore see this support as an opportunity for you to get out of your precarious situation. With this fund, you will be able to initiate an activity or strengthen the one you are already carrying out", Apédoh-Anakoma Adjovi Lolonyo, Minister for Social Action, the Promotion of Women and Literacy, told beneficiaries.

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)

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GETTING ELECTRICITY (more info)

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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.