Exports from Togo earned the country CFA256.4 billion in Q4 2023. The data was disclosed by the National Data Institute, INSEED. 

Main export products

Over the period reviewed, "Petroleum oils or bituminous minerals" were the main exports. They generated CFA69 billion and represented 27.0% of quarterly exports.

"Natural calcium phosphates, natural alumino-calcium phosphates, and phosphate chalk" followed. They generated CFA38 billion and made up 15.1% of exports. 

Next came soy-based products (oilcake and other solid residues from the extraction of soybean oil) (CFA14 billion FCFA for a 5.5% share).

Togo also sold "Plastic bags, sacks, pouches, and cones", earning CFA13.6 billion from these goods (which made 5.3% of the country's exports in Q4 2023). 

Exports of beauty products generated CFA13.16 billion (for a 5,1% share volume-wise). 

Other exports included refined palm oil and its fractions, worth CFA8.9 billion (3.5% of exports), other beauty products and extensions (Wigs, beards, eyebrows, eyelashes, locks, and similar articles of hair or textile materials; articles of hair), for CFA8.3 billion or 3.2%. 

 Extractive and agricultural products came at the bottom of Togo’s top 10 exports in Q4 2023. They include soybeans (CFA7.2 billion, 2.8% share), clinkers (CFA7 billion, 2.8%), and Cotton (excluding linters) (for CFA6.4 billion, 2.5%). 

The top 10 made up 72.8% of all exports, generating CFA186.7 billion.

Imports

"Petroleum or bituminous mineral oils (excluding crude oils) and preparations" dominated imports, with a value of CFA30.8 billion and a 6.9% share. "Motor vehicles for the transport of persons" followed (CFA24 billion FCFA, 5.4%). Togo spent CFA18 billion to import "Refined palm oil and derivates". They made up 4% of all imports in Q4 2023. Over this period, imports stood at CFA448 billion, which translates into a trade balance deficit of CFA192 billion.

Trade balance improves

Compared to Q4 2022, Togolese exports went up 14.4% in value and 7.0% in quantity. Imports fell by 7.0% in value but rose by 3.6% in quantity. The trade deficit thus improved, year-on-year, with a significant drop of 25.5%.

From Q3 2023 to Q4 2023, exports rose by 33.3% in value and 18.3% in quantity. Imports also increased by 0.7% in value and 2.0% in quantity. The trade deficit was thus down by 24.2% quarter-on-quarter.

Ayi Renaud Dossavi

The Autonomous Port of Lomé (PAL) won the West African award for good corporate governance from Prudence Finance Solution (PFS) last week.

The award recognizes the PAL's commitment to social, financial, and security governance and risk prevention within the port platform.

According to Sylvie Acqueburu, president of the award's organizing committee, "This award is a tool for questioning and adjusting internal policies, and achieving results."

The prize, which also serves as an incentive, should enable the PAL’s management to brainstorm value-creation mechanisms likely to boost investors’ trust and foster the port’s economic growth. 

In 2022, the PAL won the "Best Transit and Transshipment Traffic" and the "Best Integrated Management System Policy" (IMS) awards. 

The PFS’s award was launched a year ago, and this marks its second year of presentation.

Esaïe Edoh 

Victoire Tomegah-Dogbe, Togo’s Prime Minister, participated in the 37th African Union (AU) Summit held in Addis Ababa last week. The summit covered many important topics, such as the implementation of the AU’s 2063 Agenda, and Africa’s position on the global chessboard. 

Victoire Tomegah-Dogbe also took part in a side event focusing on the potential of green wealth in Africa. Talking in the presence of the Presidents of Congo and Rwanda, the Vice-President of Côte d'Ivoire, and the President of the African Development Bank (AfDB), Togo’s PM stressed the urgency of climate change and called for exploiting natural resources towards a more sustainable and inclusive growth. "This important conversation reminds us of the climate emergency and offers an opportunity for our continent to harness our natural resources for sustainable and inclusive growth," she declared.

Ayi Renaud Dossavi

The ministers of foreign affairs of Togo and Turkey held a meeting in Germany last week. This was on the sidelines of the Munich Security Conference. 

The officials reviewed the relationship between their respective countries, and how it has progressed since the Turkish President visited Lomé in October 2021.

The two foreign affairs ministers also looked into ways to bolster the Togo-Turkey cooperation, especially in areas such as agriculture, trade, defense, and tourism. 

Since the Turkish leader’s visit, the two countries have taken many steps, as well as announced and signed many agreements. In January 2023, for example, a memorandum of understanding was signed between Turkey’s Council for Foreign Economic Relations (DEIK) and Togo’s Employers' Council (CNP-Togo). In December of the same year, the Turkish ambassador to Togo, Muteber Kiliç, announced the opening of a Turkish study and research center at the University of Lomé (UL).

Last month, many Turkish investors were in Togo scouting for business opportunities.

According to the Turkish Embassy in Togo, trade between Togo and Turkey stood at around $200 million in 2022, against $128 million in 2021.

Esaïe Edoh

Togo raised CFA27 billion on the WAEMU market last Friday. This was the country’s second issue in February–a simultaneous issue of fungible treasury bills and bonds (BATs and OATs). 

The sum secured exceeds the target by CFA2 billion. In detail, Lomé obtained CFA21 billion through the BATs and 6 billion through the OATs. The former securities mature over three months at multiple interest rates and the latter over three years at 6.15% per year. 

According to the operation’s report, though only CFA27 billion was retained, investors mobilized CFA89.6 billion for the issue. This translates into a subscription rate of 358.60%. 

So far this year, Togo has secured 110 billion CFA on the regional money market, including the latest issue’s proceeds. The country eyes 607 billion for the whole year.

Esaïe Edoh

Niger could soon supply diesel to Togo. Talks in this framework were recently held, according to a press release from the Nigerien Ministry in charge of Energy. The release referenced a meeting that took place on February 17, 2023, between the Ministers of Energy of Togo, Burkina Faso, Mali, and Niger. 

Quoting the release, the Agence Nigerienne de Presse (ANP) reported that the meeting aimed to "bolster the cooperation between the various countries in the field of energy".

For now, the talks have yielded a memorandum of understanding (MoU) inked by Niger, Chad, Burkina Faso, and Mali, for gasoil supply. In this regard, Niger’s Minister of Energy noted: "We are looking into the obstacles encountered and finding a definitive solution to each", in the hope of "ramping up traded volumes and ensuring sustainability for the good of all sides."

Niger: A significant potential

Niger has the potential to become a major player in West Africa, particularly in the field of energy. Since 2011, it has been refining about 20,000 barrels a day, mainly in the form of diesel and gasoline, in Zinder. Last November, the country commissioned a giant pipeline that moves its crude oil from Agadem (in the southeast region) to the Republic of Benin. 

During the recent meeting, the ministers also "adopted the roadmap" to "set up" the "Desert to Power" project. This is a solar power project backed by the African Development Bank (AfDB). The project aims to provide energy to 250 million people in the Sahel region.

What about the SAS-ECOWAS relationship?

It is worth noting that Niger is currently under sanctions imposed by the ECOWAS, which it announced it was leaving a few weeks ago, alongside Mali and Burkina Faso. The three countries formed the Alliance of Sahel States or AoSS (upon announcing their exit). 

The recent talks, however, reflect the weight of geo-economic fundamentals on political decisions. They may also indicate that the various parties wish to build a new trade relationship and collaborate within the framework of the AoSS-ECOWAS. 

A few days before Saturday’s meeting, a ministerial delegation from Niger was in Lomé to discuss ways of facilitating their exports and imports, from and to the Port of Lomé.

Ayi Renaud Dossavi

The IMF’s former resident representative in Togo, Sampawende Jules Tapsoba, has been appointed Deputy Chief Economist at Afreximbank. He will also be heading a new department dedicated to data management and model development at the bank.

Dr. Sampawende Jules Tapsoba has been appointed Deputy Chief Economist and Director of the Data Management and Model Development Department at the African Export-Import Bank (Afreximbank).

Tapsoba was the IMF’s resident representative in Togo from September 2017 to August 2021. At the time, he played a major role in implementing the country’s three-year program which was validated in May 2017. This program was supported by a $244.8 million Extended Credit Facility (ECF). It paved the way for major economic reforms, focused on optimizing public revenue mobilization and prudent debt management. Under his tenure in Lomé, the country’s public debt decreased, from over 82% to 51%.

Dr. Tapsoba holds a Ph.D. in International Economics and a Master’s in International Economics, Development Economics, and Project Management from the University of Auvergne, France. He also holds a Master’s in Banking Management from the Centre de Formation de l'Association Bancaire du Togo.

Tapsoba joined the IMF in 2010. He served as the institution’s  Senior Economist for Malawi and Rwanda, co-led its  African Department Surveillance Network, and held a top position within the IMF’s African Department Research Advisory Group.

Before joining the IMF, the Burkinabé citizen was Assistant Director of the French Treasury's Aid Unit, Economist at the French Ministry of Foreign Affairs, Economist at the United Nations Industrial Development Organization (UNIDO), Economist at the West African Economic and Monetary Union (WAEMU), and Assistant Professor at the Clermont School of Economics. He is also a Senior Fellow at the Foundation for International Development Studies and Research (FERDI), with a research interest focusing on international finance, inclusive growth, and regional integration.

Dr. Sampawende Jules Tapsoba joins Afreximbank at a time when the Bank’s Chief Economist Department is going through an overhaul. This is after the departure of Hippolyte Fofack. 

The position of Chief Economist, which is directly above Tapsoba’s, is occupied by the Nigerian Yemi Kale. 

As Deputy Chief Economist, Jules Tapsoba will focus on researching and developing strategic studies, in Africa’s French-speaking countries especially. Reportedly, this is part of a wider strategy to balance the Bank's approach, which is often perceived as being primarily geared towards English-speaking countries.

Fiacre E. Kakpo

The General Secretaries and Cabinet Directors of Togo’s ministries and institutions met yesterday, February 15 to take stock of the state of operation of the administration.

"The purpose of the meeting was primarily to, again, take stock with the Secretaries General and Cabinet Directors on the state of operation of the public administration, take note of suggestions made, discuss these suggestions with them, and, most of all, to reframe the administration’s new philosophy," explained Christian Trimua, Minister Secretary General of the Government.

An update on progress made with the government’s Togo 2025 roadmap was presented during the meeting. This, with the goal of “speeding up the pace to make sure the roadmap is complete by the end of the 2020-2025 period," Trimua added.

It is worth noting that some of the roles of the Togolese Secretaries General include coordinating all central services within a ministry or institution and facilitating their operation, where Cabinet Directors assist their respective ministers and coordinate the minister's advisors and all connected services.

Ayi Renaud Dossavi

India’s Embassy in Togo inaugurated a library at the University of Lomé yesterday, February 15. The library, named “India Corner”, aims to allow young Togolese students to know more about India.

The facility was inaugurated by Ambassador Sanjiv Tandon and Ihou Wateba, the Togolese Minister of Higher Education. It contains books covering India’s politics, economy, education, culture, and society.

With more knowledge about the Asian giant, Togolese students will be able to participate in various projects to strengthen cooperation between both countries. Those who plan to study in India will also benefit from the resources. 

"This space comes in response to the ambition of university authorities to offer useful information to students on various destinations. It will enable the entire university community to learn about Indian culture," said Komlan Batawila, first Vice President of the University of Lomé.

Ambassador Tandon, for his part, noted that "the India Corner space is the crowning achievement and proof of the lasting and exemplary cooperation between Togo and India.”

Indeed, the two countries have a good relationship, with many deals signed in recent years. In June 2021, for example, Togo secured a CFA22 billion loan from Exim Bank of India for an electrification project covering 350 localities.  Several Indian-owned companies are also active in Togo.

Esaïe Edoh