The West African Economic and Monetary Union's central bank, BCEAO, reported a robust triple-digit increase in revenue from its external assets, reflecting its effective resource management. However, despite this surge, the gains fell short of the potential returns had the funds been invested in the accounts of the French Treasury.

In its latest financial report, BCEAO revealed that its external assets yielded CFA177 billion ($287.3 million) for the fiscal year 2023, marking a significant 112% increase from the previous year.

This marks the second consecutive year since BCEAO started to manage its entire foreign currency reserves outside the French Treasury's accounts. The hike in revenue was fueled by various factors, including improved returns from assets denominated in currencies other than those of the International Monetary Fund (IMF), witnessing a notable uptick of 139%. Furthermore, interest income surged by 74%, while a considerable portion of reserves, totaling CFA3,660.5 billion, was strategically invested in state-issued securities.

Despite this performance, the institution acknowledged that the gains realized were lower compared to the potential returns from investing in the French Treasury. An analysis by Ecofin Agency suggested that the majority of WAEMU countries’ reserves garnered an average yield of 0.94%. This lower return underscores a notable discrepancy, especially when contrasted with the 4.75% marginal lending facility rate offered by the European Central Bank. Currently, this rate remunerates foreign currency assets held in accounts by the Cemac countries and the Comoros, still operating under the former monetary cooperation framework with France.

Despite the institution's good fiscal performance, some areas remain opaque. The BCEAO's financial report did not provide sufficient insight into the management of the WAEMU's foreign exchange reserves, particularly regarding investment strategies. However, it is known that a significant portion of external assets was provided by the IMF, generating the highest foreign exchange revenues, totaling CFA85.13 billion, marking a significant increase of 133%.

At the end of the fiscal year, BCEAO's net profit was CFA315.6 billion. Apart from revenues generated by foreign currency assets, the institution benefited significantly from heightened refinancing demand by commercial banks. This demand resulted in a substantial increase in interest income, amounting to CFA329.4 billion, up 112%.

The Higher Authority of Audiovisual and Communication of Togo (HAAC) has temporarily suspended the issuance of accreditations for foreign media correspondents covering the legislative and regional elections on April 29, 2024.

This decision follows the apprehension and expulsion of journalist Thomas Pierre Dietrich, a special envoy from Africa XXI Channel, who, according to Togolese authorities, illegally entered the country and acted as an activist.

Despite the suspension of new accreditations, the Togolese media regulator urges foreign media correspondents already present to continue covering the electoral campaign.

HAAC's decision is also motivated by "serious shortcomings" it claims to have identified in the recent coverage of Togolese news by the RFI and France 24 media groups.

Esaïe Edoh

Northern African countries will also take part in the next Pan-African Congress. The forum will take place at the end of this year in Lomé. 

In preparation for the conference, the Northern African countries held on April 18 a hybrid ministerial conference. The Togolese and Moroccan Ministers of Foreign Affairs, Robert Dussey and Nasser Bourita, co-chaired the meeting. 

Focused on the theme "Pan-Africanism and Migration," the meeting resulted in the Rabat Declaration, aimed at strengthening the role of Regional Economic Communities in the actions of the African diaspora on the continent.

In practical terms, through the declaration, the North African region calls for "mobilizing migrants and Afro-descendants as part of the renewal of Pan-Africanism around the reform of multilateral institutions and better representation of Africa in global governance."

Through this declaration, North African countries aim to align their national migration management strategies with the Sustainable Development Goals (SDGs) and the African Union's Agenda 2063.

This declaration will be submitted to the 9th Pan-African Congress scheduled in Lomé from October 29th to November 2nd, bringing together Africans from the continent, the diaspora, and Afro-descendants around the theme: "Revitalizing Pan-Africanism and Africa's Role in Multilateral Institutions Reform: Mobilizing Resources and Reinventing Ourselves to Act.”

Esaïe Edoh 

In Togo, the CENI has introduced a toll-free number, 1010, to help voters find their polling stations for the April 29th legislative and regional elections. This move follows the CENI's adjustments to voter registration and polling centers, aiming to reduce congestion at voting sites.

By limiting the number of voters per polling station to 350, the CENI seeks to speed up the voting process and reduce queues. However, this measure has led to the creation of additional polling stations, which may confuse voters.

"The voting takes place in the Voter Registration and Polling Centers (CRVs) used during the electoral registration from April 29, 2023, to June 14, 2023. However, CRVs with insufficient classroom space to accommodate the created PVs must be redirected to nearby CRVs as suggested to the CENI," the CENI states in a note addressed to CELI presidents.

The 1010 hotline addresses these challenges, enabling voters to receive precise information about their CRV and PV by sending their voter ID number via SMS (free of charge) to 1010.

Ayi Renaud Dossavi

The United Nations Food and Agriculture Organization (FAO) seeks to ensure the operational continuity of the Forest and Farm Facility (FFF) mechanism in Togo. It recently launched a tender to recruit a new national coordinator to steer the project.

The coordinator will work under the direct supervision of the FAO Representative and will be assisted by key actors of the FFF mechanism in Togo. As coordinator, the selected applicant will "facilitate and lead the FFF’s implementation in Togo," in collaboration with the focal point of the Ministry of Environment and Forest Resources, the FAO Togo supervisor, and representatives of forest and agricultural producer organizations (OPFAs).

Hosted by the FAO, the FFF aims to strengthen forest and agricultural producer organizations to defend their rights, organize their activities, sustainably manage their forests, and provide social and cultural services to the poor and marginalized.

It is worth noting that Togo was selected to join the project in its second phase. Four other African countries were selected at the same time. In total, nine countries participate in the new phase worldwide. 

In 2023, the program notably selected 17 beneficiary organizations in four regions of the country.

For more information, check the call for proposals here.

Health experts from several African countries have been in Lomé since April 17, 2024, to draw protocols for investigating highly pathogenic influenza outbreaks. Backed by the World Health Organization (WHO), the meeting addresses the increased threats from emerging and re-emerging pathogens, such as avian influenza.

The Lomé gathering, which ends on April 19, focuses on the highly pathogenic avian influenza outbreaks recorded in participating nations. By sharing experiences, experts from these nations evaluate investigation tools and develop joint control strategies that will be submitted to the WHO for funding.

The ongoing meeting is part of the preparation and fight against infections by the avian influenza virus, a viral disease affecting birds with high mortality rates among poultry. However, certain subtypes of avian influenza viruses, like the H5N1 virus, now pose a real threat to humans, causing highly deadly epidemics.

Esaïe Edoh

Lomé-based pan-African airline ASKY has acquired a new Boeing 737 Max 8 to its fleet. The carrier said the acquisition reinforces its commitment to environmental responsibility and innovation. It also aims to make Asky more competitive.

ASKY Unveils New Boeing 737 Max 8, Reinforcing Commitment to Innovation and Environmental Responsibility. Lomé, Togo – April 16, 2024 – ASKY is thrilled to announce the arrival of its newest aircraft, a Boeing 737 Max 8, registered ET-BAU, #ASKY #AskyTeam #flywithasky pic.twitter.com/6a4ZLLzIgP

— ASKY (@ASKY_airlines) April 17, 2024

The new aircraft, registered as ET-BAU, boasts cutting-edge aerospace technology, significantly reducing CO2 emissions compared to previous models.

Currently serving over 20 cities in 25 African countries, ASKY received a capital injection of CFA6 billion from the Togolese government last year, representing 600,000 shares. This investment aimed to support the airline and bolster the status of Lomé's Gnassingbé Eyadema International Airport (AIGE) at the sub-regional level.

Ayi Renaud Dossavi