Togolese government forced to reduce 2018 budget, slightly

Public finance

Tuesday, 29 May 2018 13:47

Togolese government forced to reduce 2018 budget, slightly

(Togo First) - Last Friday, Togo’s ministers’ council announced that 2018 budget was reduced by 1%, from CFA1,318,500,000,000 to CFA1,308,134,862,000.

This is due to the sociopolitical crisis that has been affecting the Togolese economy since the second half of 2017. Moreover, there are claims of education workers, an increase of subsidies to the universities of Lomé and Kara, among others. “Looking at the many needs to satisfy, paired with difficulties to raise internal resources, the government deemed necessary to streamline public expenditures, and thus amend 2018 budget which is being elaborated,” the council said.

With this in mind, President Faure Gnassingbé instructed each department “to be available and study projects submitted by local and international private sectors, so as to significantly raise private investment’s contribution to the economy”.

Fiacre E. Kakpo

Togo Secures CFA36 Billion for Agricultural Development from Islamic Development Bank

Togo: Nearly 12,000 Businesses Registered in January-September 2024 (CFE)

Togo: Second Edition of Renewable Energy Days Held last Week

Next Month, 10 Togolese Tech Startups Will Be in South Africa for an Immersion Program

Togo: Sheyi Emmanuel Adebayor Foundation Facilitates New Partnership between the Lomé University and an American University

togo-sheyi-emmanuel-adebayor-foundation-facilitates-new-partnership-between-the-lome-university-and-an-american-university

Togo Has Nearly 13,000 Public Health Workers (2023 Census)

Togo: Yango Suspended Over Illicit Operations

Lomé: Togolese Bankers Discuss Risk Management in WAEMU

lome-togolese-bankers-discuss-risk-management-in-waemu

Germany Allocates €25 Million to Togo, Benin and Guinea-Bissau for Extremism Prevention

Here is How Togo’s Investment Rate Fluctuated over Past 10 Years, (BCEAO)

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.