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At the last quarterly meeting of the National Credit Council (CNC) held on July 1, Sani Yaya, the Togolese minister of economy, brought back agricultural financing to the table.
"At our previous meeting, I suggested the organization of a national workshop to reflect on the financing of the agricultural and housing sectors. But, to be more pragmatic and efficient, I asked instead to put the issue...
Due to the war in Ukraine, Togo scaled down its growth forecasts for the year. From 6.1% the figure was reduced to 5.9% by the ministry of finance.
Sani Yaya, who heads this ministry, disclosed the information last Friday, at the National Credit Council of Togo (CNC), a meeting that gathered the country's bank and finance actors.
"As you know, since the end of February, the world...
With over 5.4% of rapid cash transfers made within the WAMU, the Togo-Benin corridor is the fourth most dynamic in the region, according to data from the BCEAO. Transactions between residents of these two countries were more significant than those between Mali and Senegal.
Meanwhile, traditional corridors, which include Burkina Faso, Côte d'Ivoire, and Mali remain the most...
Coris Bank International Togo launched its e-money service, Coris Money, last Friday, July 1. Through the move, the lender wants to boost financial inclusion in the country.
“Beyond its innovative aspect, launching this tool today is CIB Togo’s contribution to the financial inclusion policy of Togolese authorities,” said Alassane Kaboré, Managing Director, CIB Togo.
Coris Money...
Togo launched a new simultaneous recovery bond issue last Friday. With this operation, which follows a similar one that Lomé successfully carried out on June 24, the country’s treasury aims to raise CFA30 billion on the UMOA securities market.
The new issue will close on July 8. The bonds have a nominal value of CFA10,000, maturities of five and 10 years, and interest rates of 5.8% and...
Togolese authorities have forbidden the sale of petroleum products – super unleaded and diesel, especially - in jerrycans. The measure was disclosed via a statement co-signed by the ministers of trade and security, Kodjo Adedze and Yark Damehame. The document was issued on June 28, 2022.
"We noticed that some gas stations have been selling petroleum products, especially super unleaded...
Between 2017 and 2021, the rate of HIV/AIDS infection fell by over 50% in Togo. This was disclosed on June 29, 2022, by the National Council for the Fight against AIDS, (CNLS) at a review meeting held in Lome.
Specifically, the prevalence rate in 2018 which was 2.2% has dropped to 1.9% in 2021. The decrease in new infections and HIV-related deaths, according to the National Coordinator of the...
Togo is launching its electronic visa (e-Visa), a new version of its national travel platform (https://voyage.gouv.tg).
"From now on, anyone wishing to enter or leave Togo must first visit https://voyage.gouv.tg," wrote in a joint note, Ministers Yark Damehame, and Cina Lawson, respectively in charge of security and digital transformation.
The website enables people to fill out their...
Sandra Ablamba Johnson, Minister and Secretary-General of the Togolese Presidency, met with Wu Peng, Secretary-General of the Chinese Committee in charge of Monitoring the Forum on China-Africa Cooperation (FOCAC), last Wednesday. On the occasion, the two officials talked about the implementation of several China-backed projects in Togo, among others.
These projects, which are in their...
The Land Reform for Agricultural Productivity (LRAP) project that falls under the Threshold program will receive $8 million in financing from the MCC. This was disclosed on June 29 by OMCA-Togo, the agency in charge of implementing the program.
Besides this, the source announced that it has recruited a dutch firm to provide technical support to Togo for the project: VNG...
The United Kingdom’s export credit agency, UK Export Finance (UKEF), wants to help Togo develop projects in the agriculture and energy sectors. The agency’s executive director, Louis Taylor, and the Togolese Prime Minister, Victoire Tomegah-Dogbe met on June 27 to discuss the possibility of expanding their partnership and achieving UKEF’s ambition.
Specifically, the two parties...
The African Development Bank (AfDB) will back electricity reforms in the Economic Community of West African States (ECOWAS) with $2 million. The Board of Directors of the African Development Fund–AfDB’s concessional window–approved the facility, a technical assistance grant, on June 24 in Abidjan, according to a statement relayed by Ecofin Agency.
The money, which will go to the...
Trade between Togo and China rebounded last year. It reached nearly $3 billion, said on June 28 the Director-General of African Affairs at the Ministry of Foreign Affairs in China, Wu Peng. The Chinese official, who is also Secretary-General of the FOCAC monitoring committee for his country, was in Lomé for a working session with his Togolese counterpart.
According to Peng, the $3...
During its latest council of ministers on June 27, the Togolese government assessed and adopted a decree on the establishment, powers, composition, and operation of a national council for trade agreements (CNAC). The CNAC will be responsible for coordinating, monitoring, and evaluating the implementation of trade agreements involving Togo.
This entity "will ensure a significant participation of...
The UK’s new ambassador to Togo, Harriet Claire Thompson, presented her credentials to the Head of the State, Faure Gnassingbe, on Monday, June 27th. On the occasion, she renewed her country’s commitment to boost cooperation with Togo, in sectors like security, trade, infrastructure, health, and business.
"It is truly an honor to serve as the UK's ambassador to Togo. It is a beautiful...
Togo’s telecom regulator, ARCEP, has imposed a 2.3 billion CFA fine on Togocel–2% of the mobile operator’s certified revenues. The regulator sanctioned Togocel for "serious breaches of its obligation to provide consumers with permanent availability" of mobile electronic communications services, observed since 2020.
The sanction comes 18 months after the ARCEP warned the operator, and a few...