Togo's State Financial Holdings Increased by 6% in 2022
Thursday, 13 July 2023 16:39 
(Togo First) - From CFA14.6 billion in 2021, Togo's State financial holdings grew by 6% in 2022, reaching CFA15.5 billion. The figure, which was disclosed in a report obtained by Togo First, ends the downward dynamic that started in 2018. That year, the country’s financial holdings were estimated at CFA27 billion.
Despite the recent increase, the State’s dividends still fall short of the government’s budgetary forecast in the 2022 revised finance law; the forecast was CFA19.75 billion.
The gap between the forecast and actual figures underscores efforts needed to fully capitalize on the State’s financial holdings. For 2023, Lomé expects to collect CFA21.8 billion in dividends.
Dividends, it is worth noting, contribute almost a quarter of Togo’s non-tax revenues; about 26% in 2022 compared to 25% in 2021.
In the report, the exact contribution of the different companies was not specified, but according to a recent publication from the Ministry of Economy and Finance, the Togolese state holds stakes in 55 companies. Among these companies, 18 are fully controlled by the State, including Lonato, the Autonomous Port of Lome (PAL), UTB, SNPT, Togo Invest, and several hotels such as Sarakawa, Kara, Roc Hotel, as well as CEET.
In addition, the Togolese state owns majority shares in companies such as SOTRAL, SALT, Nosophat, Adétikopé Pineapple Factory, and T-oil, often in partnership with private entities. It also holds minority stakes in companies such as Togocom, recently sold to the Axian group, as well as Sunu Bank, BIA, Orabank, Wacem, NSCT, Scan Togo, among others.
In recent years, Lomé sold some of its assets to private actors. The goal was to boost the assets’ value, by leveraging the efficiency of the private sector in terms of business management and operation. This is a bold bet and the government hopes that in years to come it will help raise its dividends and earnings. However, the success of this strategy requires careful supervision and rigorous implementation to ensure a positive impact on the national economy.
Fiacre E. Kakpo
