Measuring the pulse of Economic Transformation in West Africa
West Africa is at the heart of Africa’s transformation. With a projected growth rate of 7.4 per cent in 2014, it is the fastest growing region in the continent. As many of its countries undergo a strong stabilization, emerge from conflict, or even rise to middle income status, the region begins to reap the fruits of its regional and global integration. A global demand for expert opinions and analysis is rising rapidly. Read More
The African continent has 54 states, 38 of which have sea access and profit from maritime fishing. Several African lakes (with the two largest ones in the world being lakes Tanganyika and Victoria) and its big rivers (Nile, Niger, Congo, Zambezi) are also rich in fish. In 2015, fish production in Africa amounted to 11 million tons, with 85% coming from catch fishing and 15% from fish farming, accounted for 7% of the world production.
The populations of Togo (7 million) and Switzerland (8 million) are quite similar. Likewise, the area covered by the two countries is not too different – 56,785 km2 for Togo and 41,285 km2 for Switzerland. On the other hand, Togo has 12 times more agricultural labour force than Switzerland and, despite this, Switzerland is well ahead of Togo in terms of consumption of fertilizers per hectare (15 times), number of agricultural machines used on arable area (4,000 times), productivity of cereals per hectare (6 times) and consequently of value added per agricultural worker (32 times) . This means that a kilo of cereal produced in Togo is valued five times (32/6) more when produced in Switzerland due to product quality, compliance with norms and standards and market vicissitudes.
Operational since 2014, The Togo Revenue Authority (OTR) is a single tax administration body with greater autonomy than a ministerial department. It is the first attempt to unify customs and tax services within the fourteen countries belonging to the CFA franc zone (West African Economic and Monetary Union) and the Central African Economic and Monetary Community.
Despite the 11% fall in the price of gasoline at the pump between June 2014 and March 2015, Togolese consumers unions continue to lament that the decline in the barrel price is not adequately reflected in the pump price. Meanwhile, Togolese Government subsidies to support oil products policy have already cost the government US $28 million in 2014, or 3% of revenues.
Laré Ousmane is from Dapaong in northern Togo. In 2002, at the age of 26, he decides to immigrate to Florida, USA, with only an accounting technician diploma and a driver’s license. After two years, he lands his first real job: as delivery driver at a restaurant, for a net monthly salary of $1,950.
- KPMG Africa Blog
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