In Togo, the government allowed Canadian firm Logistik Unicorp to build a military and professional clothing factory in Datcha, in the Plateaux region. 

The factory will cost the Northern American company $2.2 billion. 

The project was first announced in 2019. The plant was supposed to be built at Adetikopé, in the Lomé area. Logistik Unicorp had even set up Logistik Unicorp - Afrique, its African subsidiary under Togolese law, but later dissolved it. 

The project was re-launched after the creation of a new subsidiary, Benart Afrique, in August 2023. 

The year before that, in January, the firm’s founder, Louis Bibeau, was in Togo. During his stay, he met with Prime Minister Victoire Dogbé and the two discussed the project. 

"We're going to set up a factory to produce items... to produce clothing for the Togolese market, but also for neighboring countries. We'll be able to produce everything we offer our Canadian customers, whether it's military, police, or ministerial uniforms. We want to create this hub for local production like we do in Tunisia", Karine Bibeau, Vice President of Customer Experience at Logistik Unicorp, explained to Canadian media.

Logistik Unicorp sees this expansion as a gateway to the sub-Saharan market. The company is counting on the strategic position of the port of Lomé and its proximity to Nigeria, a potential market of over 230 million consumers, to extend its reach.

Fiacre E. Kakpo

The government of Togo plans to bail out the Union Togolaise de Banque (UTB), a State-owned lender. According to the country’s 2024 finance bill, Lomé will invest CFA13 billion in the rescue mission.

Besides this investment, the government announced a CFA66.9 billion allocation to buy the bank’s branches. Lomé will use some of the money to buy back other infrastructure from UTB and IB Bank, another lender acquired by the State in 2021

UTB is Togo’s last fully-owned State-bank. The bank has been struggling for almost a decade. Its low equity capital kept investors at bay.

The bank’s ordeal is partly due to the composition of its loan portfolio. The latter is highly exposed (around a third of its total loans) to the government and industries that need revamping–notably, the cotton and phosphate industries. Also, the bank’s non-performing loans (NPLs) rate is substantial, which impairs its lending viability.

Between 2018 and 2020, the government hesitated between bailing out and privatizing the bank. The IMF preferred the second option, as it was concerned about the cost of the first for Lomé. 

Finally, the government opted for a mix of both options. After some inquiring, Togo First found out that Lomé recently sealed a 42-month $400 million deal with the IMF to save the bank. This deal, however, should deepen the country’s budget deficit by 1.1% of its GDP. 

Nevertheless, Lomé believes that the rescue mission will generate revenues in the short and medium terms. However, no details have been released on the amortization schedule for the investment so far. Still, the government is confident its move will consolidate the country's financial sector. A sentiment not shared by all. 

It is worth noting that Sunu Bank and Coris Bank positioned themselves last year to take over the UTB. Sunu Bank, however, later withdrew. Coris Bank, according to our sources, is still open to the acquisition.

Fiacre E. Kakpo

The U.S. has spent close to $50 million to fight and treat AIDS in Togo since 2019. The funds were provided through the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR).  To date, the American program has helped provide over 35,000 people with antiretrovirals, as well as improve the level of patient care and viral load suppression in Togo.

Dans cette vidéo, Dr Nirav Shah du @CDCgov salue les succès de la collaboration santé Togo-USA et annonce de nouveaux investissements. Célébrons et visons plus haut! #CDC #PMI @nirav_uscdc @PEPFAR pic.twitter.com/xluQ4gEFT5

— U.S. Embassy Togo (@USEmbassyLome) February 5, 2024

The data was shared last week on the sidelines of a visit to Lomé by Dr. Nirav Shah, Deputy Director of the U.S. Centers for Disease Control and Prevention (CDC). It was Dr. Shah’s first official trip to West Africa.

"I wanted to come to Togo especially to celebrate the public health successes that the US government and the Togolese government have achieved by working together," Shah said during his stay in Lomé.

In the Togolese capital, the U.S. official met with Togo’s Minister of Health, Pr. Moustafa Mijiyawa. They discussed the U.S.-Togo partnership and its prospects.

"We are very proud of the progress CDC has made in partnership with the government of Togo. We would also like to congratulate the government of Togo on the progress that has been made in eliminating four neglected tropical diseases (NTDs). This progress is so significant that the World Health Organization recently awarded Togo a bronze medal in recognition of its achievement," added Nirav Shah.

Indeed, the West African country has been recognized by the WHO for having eliminated four NTDs: Guinea worm in 2011, lymphatic filariasis in 2017 (the first country in Africa), Human African Trypanosomiasis (HAT) or sleeping sickness in 2020, and trachoma in 2022. This allowed Togo to secure over $22 million from the USAID.

Another major health area where the U.S. and Togo collaborate is the fight against malaria. Last year, Togo joined the U.S. President’s Malaria Initiative (PMI) and the West African country has received over $20 million in funding through the Initiative for the 2023-2024 period. 

Ayi Renaud Dossavi

Togo produced 70,000 t of cotton in the 2023-2024 season. The figure was reported by the country’s Cotton company, the Nouvelle Société Cotonière du Togo (NSCT). 

The recent output is a significant improvement compared to 2022 and 2021 where the country had produced respectively 46,549 t and 52,528 t of cotton. The increase is thus the first since 2020, the year in which the cotton company was taken over by Singaporean giant OLAM. 

The NSCT’s director, Martin Drevon, reported the statistics at the launch of the new sales campaign on January 31. "This development is the result of the combined efforts of cotton growers and technicians as a whole, but also of structural and technological developments in the field,” Drevon declared. 

For their part, the sector’s stakeholders attribute the increased output to a greater sown area. Indeed, in 2023-2024, about 79,200 ha of land was sown for a yield of 815 kg/ha, against 66,017 ha in 2022-2023 (for a yield of 705/ha). 

Despite surging, the recent output failed to meet the expectations of stakeholders who had forecast a minimum production of 93,500 t grown on 110,00 ha (thus corresponding to a yield of 850 kg/ha).

Esaïe Edoh

Ahead of the New Chinese Year of the Wooden Dragon, which begins on February 9, China’s Ambassador to Togo, Weidong Chao, held a reception last Friday in Lomé. On the occasion, Chao said the China-Togo relationship is set to be stronger.

Commenting on the recent visit of China’s Foreign Affairs Minister to Togo, the Ambassador said it was “very successful”. Several members of the Togolese government, chieftaincy, diplomacy, press, and business industry attended the reception hosted by Ambassador Chao.

“The China-Togo cooperation has great prospects, a strong potential,” Chao told the attendees, adding that this partnership would record “more progress and new developments.”

A few days ago, Togolese President Faure Gnassingbé met with the visiting Foreign Affairs Minister of China, Wang Yi. The two men took the opportunity to review the cooperation between their countries, across several sectors, including economy, education, culture, health, agriculture, and infrastructure.

China and Togo have been nurturing their diplomatic relationship since 1972. 

This year, China will organize the 9th Forum on the China-Africa Cooperation (FOCAC) to which President Gnassingbé has been invited. 

According to the latest data, from January to July 2023, trade between Togo and China stood at $2.3 billion, up 14% year-on-year. 

Séna Akoda

Exporting scrap and ferrous by-products is still forbidden in Togo. The ban, announced in April 2021, was reiterated last week by the Minister of Trade, Rose Kayi Mivedor-Sambiani. The official, on the same occasion, announced new measures to foster local processing. 

The minister warned through a note that "only locally-processed ferrous and non-ferrous metals will be exported henceforth".

The same note discloses the sales prices of various non-ferrous metals supplied to local processors. According to the note, a kilogram of aluminum now costs CFA910 minimum and CFA640 per kilogram for batteries.

Also, the country plans to set up a special body and monitoring committee to oversee the metal scrap business. Scrap export will be subjected to their approval. 

This move aims to bolster supply for local processors, such as Kara’s concrete-iron factory which was launched in 2019. The plant has a production capacity of 3,000 t per month. 

Esaïe Edoh

Lomé will host the 2nd edition of Les Afropéennes, a music festival, from February 15 to 18, 2024. This was recently disclosed at the Institut Français du Togo, in a press conference hosted by Togolese musician Florent De La Tullaye.

Les Afropéennes brings together African and European musicians and music lovers. The festival celebrates cultural diversity and fosters inclusion, the youth's especially

Fifteen artists, local and foreign, will perform at the festival. They include FFF  (France-Togo), Suspect 95 (Côte d’Ivoire), and Almok (Togo). 

Earlier this week, World Bank executives met with Togolese officials to discuss SME financing in the African country. During the meeting, Christopher Balliet Bleziri, country representative of the World Bank’s International Finance Corporation, told the Togolese officials that the Bank’s arm would collaborate with local banks and investors, with a focus on agricultural leasing. 

"We have the experience, we have the tools, we have the team and the expertise to help the banking sector, leasing institutions, and the government define a framework,” said Bleziri, while stressing leasing’s importance in acquiring agricultural equipment.

The IFC will work with Lomé to create a leasing-conducive framework to benefit farmers.

It is worth noting that the World Bank and Togo are preparing a "major" project to transform and modernize Togolese agriculture. According to reliable sources, the project should commence this year and run until 2030, costing $100 million. 

Another detail worth noting is that Togo has recently adopted a law on leasing.

Esaïe Edoh

Since it launched in Togo in 2021, CBI Baraka, the Islamic finance branch of Coris Bank Togo (CBI Togo) has totaled a portfolio of 3,520 account openings. CBI Togo disclosed the figure yesterday, Feb 1, during a public conference in Lomé.

In 2021, the Islamic finance branch had 662 accounts, thus representing a surge of 430% over the past three years. Also, by the end of 2022, CBI Togo reports that its Islamic branch had loaned about CFA900 million to its clients. Meanwhile, deposits stood around CFA1,600 billion. 

According to Ousmane Tchakpatawo, Head of Islamic Finance at CBI, the figures prove that Islamic finance is in demand in Togo. Based on this conclusion, the lender announced plans to launch new Islamic finance products. 

In the same vein, Alassane Kaboré, MD CBI Togo, announced improvements in the bank’s Hadj Savings product. This is a product that meets Islamic laws and aims to facilitate the procedures for the Hajj pilgrimage.

CBI Baraka’s Islamic finance offer is Sharia-compliant. The loans are interest-free, in line with Islamic ethics and morality, and they support socially responsible investments. 

Esaïe Edoh