Author: Nephthali Messanh Ledy

In Togo, the next legislative elections will be held before November 30, 2018, according to a wish expressed Wednesday, June 27 by the facilitators of the dialogue to end the political crisis in the country. In a statement issued on the evening of the new round of talks, Ghanaian Presidents Nana Akufo-Addo and Guinea-Bissau Alpha Condé hailed “the agreement between the parties for the continuation of parliament’s activities in accordance with the constitution beyond the due date “. During this period, the statement continues, “the preparations for the elections remain suspended, given that it is desirable that these elections be…

The Togolese political dialogue resumed on Wednesday, June 27, in the presence of Presidents Alpha Condé of Guinea and Nana Akufo-Addo of Ghana, facilitators appointed by the Economic Community of West African States (ECOWAS). These new discussions take place after the suspension of March 23, following irreconcilable positions posted by both parties. Arriving in Lome in the morning, the Guinean president was taken to the hotel on February 2 by his counterpart Faure Gnassingbe who had withdrawn immediately. The Ghanaian, meanwhile, there since Tuesday night. “The facilitators will support the political actors in achieving constitutional reforms in compliance with legal…

Kaylan Hospitality Development, the company in charge of operating the hotel February 2 in Lome, concluded Wednesday, June 27 in Dubai, a management contract with Emirati Emaar Hospitality Group. “Togo is a fascinating country with a strong potential for development. That’s why we have an agreement with Kaylan Group, “commented Olivier Harnisch, director of Emaar’s hotel division, which marks his first steps in the African market. Formerly managed by the Swedish hotel group Carlson Rezidor (brand Radisson Blu) who retired due to disagreements over management and development strategy, the largest hotel in the Togolese park had been renovated between 2015…

Togo’s finance minister, Sani Yaya, lamented on Friday (June 22nd) the continuing impact of the political crisis on the national economy. Addressing the deputies who had just voted the 2018 amended budget law, Mr. Yaya explained, in fact, the decline in revenue by “the national socio-political situation marked by demonstrations sometimes with the acts of vandalism that accompany them and which had a very negative impact on economic activity and subsequently on the mobilization of internal resources “. Revenue mobilization has suffered a lot from this situation, he said, before saying that “this crisis is a blow to the image…

The Republic of Congo became, on Friday, June 22, the 15th member country of the Organization of Petroleum Producing and Exporting Countries (OPEC) which gave its green light at the 174th Ministerial Conference held in Vienna, Austria. It becomes the 7th African country to join the cartel, after Libya, Gabon, Algeria, Nigeria, Angola and Equatorial Guinea. Although his diplomacy highlights a spirit of solidarity, we do not hide the benefits in the line of fire. “We know that there is a fund within OPEC to develop important projects in member countries, even beyond member countries. The Opep Fund allows, for…

The Togolese deputies voted on Friday, June 22, the bill of finance rectifying management 2018. It is balanced, in total, in revenue and expenditure at CFAF 1,307.6 billion compared with the initially forecasted 1.318.5 billion, a decrease of 0.8% in the general budget while the State budget incorporating the special accounts of the Treasury equilibrate in receipts and expenses to 1310.9. “The amended budget bill reflects the Government’s willingness to pursue the consolidation of public finances,” said Sani Yaya, the Minister of Finance. Budgetary revenue stands at 832 billion against 853 billion CFA francs in the initial budget law. Expenditure…

The Togolese government announced on Thursday (June 14th) that it has examined the draft law authorizing accession to the agreement establishing the African Export Import Bank (Afreximbank). In a statement issued to this effect, the executive said that the agreement signed since May 1993 in Abidjan by African countries “in order to address the various factors that hinder African trade,” was intended to promote and develop south-south trade, on the one hand between African countries and, on the other hand, between African countries and other countries. In fact, he explains, these various factors – including the deterioration of the terms…

In office since February 2017, Chadian Abbas Mahamat Tolli met with Christine Lagarde, Executive Director of the International Monetary Fund (IMF) on June 15, 2018 in Washington. The latter welcomed the reforms undertaken by the institution and the Central African Banking Commission (COBAC). “The efforts undertaken, as well as the macroeconomic and structural reforms implemented by the states, with the support of the international financial community, are gradually contributing to stabilize the macroeconomic and financial framework of the CEMAC”, reads in a published document the bank Wednesday, June 20th. “The beneficial effects of these actions are perceptible on the level…

The Togolese head of state, Faure Gnassingbé, inaugurated on June 14, 2018, the new headquarters of the National Assembly offered by China. It is in a folkloric atmosphere, with animations worthy of ancient times that the Togolese officials celebrated the brand new parliamentary seat offered by China Xi-Jiping. Realized by companies of the Asian giant over a period of 21 months, the work was almost entirely financed by Beijing. Lome, for its part, mentions a contribution of 5.22 billion CFA francs out of a total cost of 16.6 billion. “Please accept the expression of our profound admiration for having visited…

It is on the fiber “fight against poverty” that President Patrice Talon now defends the restitution of cultural property in Benin. Speaking on 1 June 2018 at the UNESCO forum, Mr Talon said that his country is engaged in an “important program” of development of the sector of culture and tourism to increase its potential of attractiveness and investing in a sector that is known to generate socio-economic development. “Beyond political, historical, sociological or philosophical considerations, the restitution, sharing and circulation of cultural goods are now for Benin, a means of fighting against poverty, a factor of job creation and…

Kenyan President Uhuru Kenyatta launched a pilot program for the export of crude oil on Sunday (June 3rd) in Lokichar in the north-west of the country. “My government will focus on the development of our gas and oil sectors for the benefit of the economy and the people,” said the head of state quoted in a statement from the presidency. And to indicate that this launch “marks the beginning of a long and fruitful journey”. Initially announced to begin in June 2017, this biannual program plans to transport some 2,000 barrels a day by truck to the port of Mombasa…

The New Cotton Company of Togo (NSCT) announced Thursday, May 31, to have completed the 2017/2018 campaign with a production of 117 000 tonnes of seed cotton, against 108 000 tonnes the previous campaign, an increase of 8%. “The campaign was strongly disturbed by climatic anomalies characterized by severe rainfall deficits in places and floods that impacted productivity,” says the former Sotoco (Togolese cotton company) which had planned a production of 160,000 tons. It indicates, moreover, that 168,000 hectares were planted against 129,000 during the 2016/2017 campaign. The sector had just ended the campaign with a meeting of its stakeholders…

BICICI (International Bank for Commerce and Industry of Côte d’Ivoire), a subsidiary of BNP Paribas, recorded a decline in its net profit of 2.76 billion FCFA (4.2 million euros) the year 2017. The bank has indeed made the year with a net profit of 9.29 billion FCFA (14.16 million euros) against 12.046 billion FCFA (18.36 million euros) at the end of 2016, a drop of nearly 23%. This result contrasts with the evolution of profit in 2016, which had increased by 2.84 billion FCFA (4.3 million euros), an increase of 31% compared to 2015 when the establishment had collected 9,202…

The Togolese government adopted Friday, May 25, a draft budget law amended marked by a decline in the forecast in the initial version of the general budget 2018. Indeed, the rectified budget is balanced in revenue and expenditure at CFA 1,308.1 billion compared to $ 1,318.5 billion in the initial budget law, a decrease of 1%. According to the executive, this action is “made necessary by the evolution of the socio-economic and financial situation,” characterized by the socio-political crisis “enamelled by violence that has affected negatively since the second half of 2017, economic activity, reducing as a result, the level…

Saham Assurance Togo, a subsidiary of the insurance group of the same name, topped the ranking of Togolese insurance companies in terms of sales at 31 December 2017. Indeed, according to the results consulted by Financial Afrik, NSIA Assurance, the historical leader of the market, was grilled politeness by the Moroccan who finished the year with 8.55 billion FCFA at 31 December 2017 (25% the general share by branch), against 7.68 billion for the Ivorian insurer (22%). The Ivorian insurer had total revenues of 7.22 billion and 7.45 billion respectively in 2015 and 2016, compared with 7.17 billion and 7.37…

Robert Akika Ngong was banned by the African Development Bank (AfDB) for a minimum of three years following an investigation by his Office of Integrity and Anti-Corruption. The information was given this Tuesday, May 15 by the institution. According to a statement posted on the organization’s website, the investigation “revealed that Mr. NGONG engaged in fraudulent practices in connection with his recruitment as a consultant by the Department of Statistics of the institution. “. The concerned, explains the press release, made false statements about its contribution to the design of a project to avoid being disqualified from a consulting mission…

The Ivory Coast which has just inaugurated the direct line to New York, in the United States, already plans to open an air link to Washington. “We have already opened discussions with Ethiopian to open other destinations in the United States. (…) We are working to ensure that in addition to New York, we can also from Abidjan go to Washington, “said Amadou Koné, the Ivorian Minister of Transport, a few hours of the inaugural flight, 12 may. This first flight to North America comes to sign the end of the “frustrations” of a whole country who was offended at…

Gambia’s debt-related vulnerability remains high, said a mission of the International Monetary Fund (IMF) that has been in the country from May 3 to 9, 2018, which recommends, among other things, budgetary discipline and “strict The use of external borrowing, even on concessional terms. “The stock of debt has further increased to around 130% of GDP by the end of 2017 (more than half of which is due to external creditors), mainly because of legacy problems, including faster disbursements of loans contracted. previously and the posting of external arrears of the previous government, as well as the assumption by the…

The contribution of Togolese banks in financing investments reached 162.1 billion CFA francs in 2017, against 109.1 billion a year earlier, according to the final report of a macroeconomic forecast survey released on Wednesday by the Ministry of Finance. economy and finance. These figures represent 44.7% of total investment financing in 2017, a jump of 20.2 points. According to forecasts, equity financing has increased from 72.9% in 2016 to 51.6% in 2017. “The rise in the level of investment on bank loan is mainly due to the performance recorded by banking institutions in recent years,” says the report. In fact,…

The Togolese government announced Tuesday (May 8th) the upcoming extension of the duration and scope of licenses granted to the two telephone operators operating in the country. Indeed, a decree adopted by the Council of Ministers authorizes the Minister in charge of the digital economy, Cina Lawson, to sign the decrees to that effect. “Due to their imminent expiration, the purpose of the decree is to extend the duration of the GSM licenses (2G and 3G) of Togo Cellular and Atlantic Telecom (Moov), until 2032,” says the report of the meet. At the same time, the Minister is authorized to…

Barclays Africa Group announced in a statement issued May 2, 2018, its intention to withdraw KPMG South Africa from its hearing as an auditor, joining other companies that have left the company cited in a scandal of influence peddling . “The board has carefully evaluated current and newer developments and decided that it was no longer able to support the renewal of KPMG’s mandate,” he said. The collaboration between the two entities will, indeed, have to end at the close of the legislative and regulatory audits of the questions relating to the financial year 2017, announced at the end of…

The IMF’s board of directors approved on Monday, April 30, the disbursement of $ 191 million in Ghana after the completion of the 5th and 6th reviews of the Extended Credit Facility, he said in a statement on Wednesday. According to the institution, this new disbursement brings to $ 764.1 million, the total of its disbursements under the economic and financial program. “During the review, adjustments were made to the program to ensure it stays on track and improves its prospects for success,” reads the release. Approved on April 3, 2015 for a total amount of approximately $ 955.2 million,…

Guinea’s economic growth is expected to reach about 6 percent in 2018, compared with an estimate of more than 8 percent in 2017, the International Monetary Fund (IMF) said in a statement released on Wednesday. “The Guinean economy is growing rapidly, driven by a dynamic mining sector,” said the institution, whose team stayed in Conakry from April 3 to 15. The sharp increase in mining exports has reduced external imbalances in 2017, she says, before pointing to a continued rise in foreign direct investment in the mining sector. In addition, says the IMF, the country’s foreign exchange reserves have strengthened,…

Togolese President Faure Gnassingbe launched the Tirsal fund on Wednesday (April 25th) in Lomé, a risk-sharing incentive mechanism for agricultural finance. Financial Afrik reviews the implications of the African Development Bank (AfDB) and Nigeria for this first program of its kind in Togo. It is indeed a program perceived as a solution in the performance of agriculture which represents about 40 of the GDP of the country, and occupies 60% of the active population. Ultimately, it will have to increase the volume of financing granted by banks to the sector. Inspired by the Nigerian model (Nirsal, a vast program of…

Togolese President Faure Gnassingbe launched the Tirsal fund on Wednesday (April 25th) in Lomé, a risk-sharing incentive mechanism for agricultural finance. The scheme will work through a basket to which development partners and the government will contribute. It will generate credit lines up to 10 times the seed capital invested within 10 years to bring agricultural loans from 0.3% to 5% of total bank loans. Eventually, it will be endowed with funding of 100 million euros, more than 65 billion CFA francs, “including a significant contribution from the state,” according to Faure Gnassingbé. “This great synergy, which includes banks and…

Togolese President Faure Gnassingbé lamented on Friday the negative effects of the socio-political crisis on the growth of the economy. “We must recognize that recently, attitudes fed by the fever of political and social demands have resulted in threatening national cohesion, weakening the social bond and inflicting a significant decline in our economy,” he said. declared in a speech commemorating the 58th anniversary of Togo’s accession to international sovereignty. A situation which, according to him, “relieves” the country of the fruit “of the many efforts made to promote growth and development”. The country is experiencing a political crisis related to…

The Togolese State resumed Friday, April 20, the Ibis hotel, thus ending a 16-year concession with a partner who had entrusted the management to the French group Accor. Indeed, according to the information, The Godfathers, concessionaires of the building since 2002, had been notified the decision since January 2017. It criticizes the Franco-Togolese couple, late renovations, exploitation below the potential of the site – formerly called Lebenin, inaugurated in 1960 as part of the festivities marking the independence of Togo, in short, a breach of the terms of the contract binding the two parties. Unlike the expulsion of the Accor…

The shareholders of Ecobank Transnational Incorporated (EIT) are holding the group’s 30th general meeting on Tuesday, which also marks the return of the bank’s indicators in green. They will have to approve the accounts of the bank which announced, for 2017, a profit of 182 million dollars, against a loss of 39 million a year earlier. A performance that Emmanuel Ikazoboh, the Chairman of the Board of Directors, explains by “the decline in provisions in favor of the creation of the resolution vehicle and an acceleration of recovery”. In addition, he says, “ETI adopted in 2017, a new accounting treatment,…

The former director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, delivered his analysis on the CFA franc, the former Franc of French colonies in Africa still in force in 14 African countries, and formulated proposals reforms through three main conditions. Indeed, in a 29-page document published on April 13, 2018, the French known as DSK drew not only an almost glowing picture of the currency (notably the good performance of the Franc Zone at the macroeconomic level thanks to the guarantee it enjoys), but noted the disadvantages which, in his opinion, weaken the economies of the region. “The political…

Growth in Sub-Saharan Africa is expected to reach 3.1% in 2018, compared with 2.6 in 2017, and to reach an average of 3.6% over the 2019-2020 period, according to a semi-annual report released Wednesday (April 18th) by the World Bank. Entitled Africa’s Pulse, the document states that growth forecasts rely on the stability of hydrocarbon and metal prices, and the implementation of “macroeconomic reforms” aimed at achieving high and sustained growth levels, and ” to stimulate investment “. The moderate pace of economic expansion reflects the gradual resumption of growth in Nigeria, Angloa and South Africa, the first three economies…