Togo: Budget for 2024 stands at CFA 2,179 billion

Public finance

Thursday, 28 December 2023 18:23

Togo: Budget for 2024 stands at CFA 2,179 billion

(Togo First) - The Togolese parliament adopted the 2024 finance bill last week, on December 22. The budget stands at CFA2,179 billion–expenditures and revenues–making it the first time the figure ever exceeds CFA2 billion.

The new budget is up 10.3% compared to the 2023 rectifying budget which stood at CFA1,975 billion.

Next year, 48% of the budget will be devoted to promoting inclusion, against 44.4% in 2023. Economic transformation will capture 30.1% of the budget, and State reinforcement will get 21.9%.

The funds will be spent on projects aimed at making the poorest people more resilient, and to organize the legislative and regional elections. Part of the budget will also be channelled to efforts for better defending the country and bolstering the following sectors: health, public works, maritime economy, fisheries, agriculture, digital economy, trade, and industry.

Also, Togo plans to use the IMF's zero-interest Extended Credit Facility (ECF), $400 million, to meet its needs in terms of inclusion and national security, according to the Minister of Economy and Finance, Sani Yaya.

Lomé also plans to provide local authorities with the resources they need to finance their development projects.

Esaïe Edoh

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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.