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The coronavirus-induced recession that the International Monetary Fund (IMF) expects to hit the sub-Saharan Africa region could be far worse than it has foreseen.
Indeed, according to the body, the pandemic could cause the region’s earnings to fall back to the same levels they were a decade ago. From a 1.6% contraction forecast in April, the IMF now expects the SSA economy to shrink by...
Launched in June 2018 by President Faure Gnassingbé, the Agriculture Incentive Financing Mechanism (MIFA) which is based on risk-sharing, celebrated last week its second anniversary.
Over the period, the MIFA, which is inspired by the NIRSAL in Nigeria, helped distribute more than XOF14 billion to 144,000 actors of the Togolese agricultural sector, of which 125,000 are farmers. This was...
The Togolese public treasury seeks XOF30 billion on the regional financial market. This is the country’s first operation on this market this semester.
Lomé has, in this framework, launched simultaneously two bond issuances with respective maturity periods of 3 and 5 years. While the bonds for both operations have a nominal value of XOF10,000 per unit, interest rates for the issuances...
In the past few days, many have been wondering about the privatization of the Nouvelle Société Cotonnière du Togo (NSCT). Talks between the Singaporean group Olam and the State are underway and if conclusive, the Asian firm could secure part or all of the latter’s stake in the public company. The privatization was approved on Monday by the parliament.
Concerns about the...
Yesterday, France and Togo signed an agreement under which the former will provide the latter XOF2 billion (€3 million) for its Novissi scheme. The document was signed by the Togolese minister of economy and finance, Sani Yaya, France’s ambassador to Togo, Marc Vizy, and the head of the French Development Agency (AFD).
The Novissi scheme is an initiative launched by the State to help...
At the beginning of April this year, Togo announced it would mobilize XOF400 billion to deal with the economic repercussions of the covid-19.
Out of this sum, XOF200 billion has been secured so far. The figure was disclosed by Ekpao Adjabo, director-general of the public treasury and accountability. He did so on the sidelines of a meeting between Togolese officials and AfDB executives to...
African countries are making a lot of progress regarding the fight against tax fraud and money laundering. This is revealed in findings from the latest Tax Transparency in Africa report released by the Africa Initiative. The document features 32 African member States of the Global Forum on Transparency and Exchange of Information for Tax Purposes and three non-members.
The document shows...
Yesterday, June 29, the Togolese parliament greenlit the bill approving the privatization of the Nouvelle Société Cotonnière du Togo (NSCT).
With this milestone reached, talks with Singapore-based Olam group which eyes the State’s shares should soon begin. The private company could secure up to 51%, if not all, of the State’s 60% stake in the NSCT - the remaining 40% being detained...
As part of major infrastructure projects underway or already carried out in Togo, the government plans to build or rehabilitate 400 km of roads and 4,000 km of rural tracks.
This should make communities affected more accessible and contribute to their development.
By 2025, Togolese authorities hope to have 60% of roads across the country asphalted. This will be done through...
In Togo, quarantined repatriated citizens will have to pay XOF500,000, against XOF700,000 previously, to the State upon their return.
The government, therefore, takes care of the XOF200,000 difference during the 14-day period during which the returnees will be quarantined. The information was disclosed in a notice issued by the national team in charge of the covid-19 response on June 26,...
The State will give up its 40% shares in the Nouvelle Société Cotonnière du Togo (NSCT). The government adopted in this framework a bill to transfer the stake to the private sector, in full, if an interested investor is found, or in part.
For the moment, the other stakeholder of the NSCT is the national federation of cotton farmers (FNGPC) which holds 60% of the firm.
Let it be noted...
Five out of the 224 people who tested for Covid-19 last Thursday came back positive. Thus, the number of confirmed cases in Togo now stands at 588. Meanwhile, 294 of the infected have been reported to have recovered (67% of infected individuals), 14 have died (2.3%), and 180 are still active (30%).
These figures reflect overall stability, regarding the spread of the virus, in a context...
Over the next three months, at least 600 rural entrepreneurs will receive funds from the State to boost their businesses.
The support, which is part of the emergency plan of the national project to boost rural entrepreneurship (PNPER), targets micro, small, and medium rural enterprises (MSMRE).
In this framework, for the past three weeks, PNPER teams have been going around...
FAO signs financing agreements with 7 local partners on the sideline of its 40th anniversary in Togo
On June 25, 2020, the UN Food and Agriculture Organization (FAO) inked in Lomé seven (7) agreements to finance its local partners. This falls in the framework of the body’s forest and farmer facility.
In all, more than XOF130 million was disbursed in the process, and between 15%-20% of this amount will be spent on anti-coronavirus actions. The remainder will be directed towards...
The Central Bank of West African States (BCEAO) decreased its benchmark rates last Wednesday.
The decision was approved by the Monetary Policy Committee (CPM). It aims to support efforts of WAEMU member States to get their economies to rebound, after months where their “public earnings fell and their expenditures rose” due to restrictive measures put in place to contain...
The BOAD announced the launch of a program to refinance lending institutions in the WAEMU with XOF100 billion. The move was approved by the institution’s board of directors during its 117th meeting last Wednesday.
“The funds will help the private sector, especially micro, small, and medium enterprises (MSMEs) meet their needs for liquidity inherent to Covid-19, resume their activities...