Togo has officially established the National Accounting Council (CNC-Togo), a new body tasked with improving the reliability and consistency of financial information in the country.
The council was launched late last week in Lomé and is chaired by Elanyo Emegnimo.
The new institution is expected to promote sound accounting practices and ensure that financial data is relevant, comparable, and aligned with international standards.
Its creation is part of a broader government effort to modernize financial governance and build confidence in the country’s reporting system.
Economy and Strategic Monitoring Minister Badanam Patoki said the council reflects a shift in how the state approaches governance. “If the Republic changes, the way we govern must also change,” he said.
“The governance I propose is based on clear commitments, accountability and shared responsibility. Every project must have a timetable, a budget, a person responsible and a monitoring mechanism.”
Patoki added that the council’s mission is essential to strengthening trust in financial reporting. He said it should help create “a more transparent and efficient economic environment that is more attractive to investors.”
Emegnimo, the council’s president, said the quality of accounting information has become a critical factor for economic confidence.
“The quality of accounting information has become an essential condition for the confidence of investors, economic partners, financial institutions and citizens as a whole,” he said.
The council is expected to encourage more systematic performance evaluation across both the public and private sectors.
It may also help clarify the application of accounting standards, distribute specialized documentation, and support small and medium-sized enterprises that may have limited resources to track changes in regulations.
CNC-Togo includes representatives from the public sector, the accounting profession, businesses, and academia, giving it the potential to serve as a forum for dialogue among stakeholders.
The establishment of the council also aligns with a regional framework.
A directive adopted in 1997 by the West African Economic and Monetary Union (WAEMU) requires each member state to create a National Accounting Council under the supervision of the minister responsible for finance.
With the council now operational, Togo has a formal structure for participating in regional accounting standard-setting work.
Source: Togo First