In Togo, the mesofinance company COFINA and car seller CFAO MOTORS have a car loan offer targeting individuals and entrepreneurs. The partnership for the “Preferential Rate Loan Offer” was sealed last Friday, December 15.

The solution is the first of a kind for COFINA Togo, the company said. 

The partnership aims to help more Togolese entrepreneurs buy a car, by “providing adapted financing solutions, especially for small and medium-sized businesses which often struggle to buy new cars.”

A source at Cofina noted that CFAO MOTORS will contribute its experience in vehicle sales and after-sales services under the partnership. The same source added that the loan specifics will “vary depending on the desired vehicle”.  The loans are repayable over 12 to 36 months. 

In Togo, various actors have launched initiatives similar to COFINA and CFAO MOTORS’. Ecobank, SUNU Bank, and Bank of Africa (BOA) also offer car loans, in partnership with dealers like Japan Motors, Hyundai, STAM…

However, the monthly installments to repay the loans were criticized by many who claim that many Togolese cannot afford them.

Fiacre Kakpo

Togo is updating its legal framework for environmental protection. A new bill was adopted to this end on 18 December 2023, at the Council of Ministers. 

"The bill adopted enshrines a revision of the 2008 law, to provide the country with an updated legal framework in light of evolving standards, to better meet the challenges of the 2025 government roadmap for sustainable development and provide a springboard for strengthening people's resilience actions," the Council reported.

The new bill takes into consideration elements such as the circular economy, the green economy, the blue economy, carbon credit, and green mobility. The bill will soon be sent to the parliament for review and validation.

Through its adoption, Togo seeks to better align with international commitments, relative to biodiversity, climate change, and the fight against desertification.

Togo recently took part in COP28 in Dubai. There, the West African nation reiterated its commitment to reducing greenhouse gas emissions and reaffirmed its support for public policies aimed at protecting the environment and preserving natural resources.

Ayi Renaud Dossavi

Togo is updating its legal framework for environmental protection. A new bill was adopted to this end on 18 December 2023, at the Council of Ministers. 

"The bill adopted enshrines a revision of the 2008 law, to provide the country with an updated legal framework in light of evolving standards, to better meet the challenges of the 2025 government roadmap for sustainable development and provide a springboard for strengthening people's resilience actions," the Council reported.

The new bill takes into consideration elements such as the circular economy, the green economy, the blue economy, carbon credit, and green mobility. The bill will soon be sent to the parliament for review and validation.

Through its adoption, Togo seeks to better align with international commitments, relative to biodiversity, climate change, and the fight against desertification.

Togo recently took part in COP28 in Dubai. There, the West African nation reiterated its commitment to reducing greenhouse gas emissions and reaffirmed its support for public policies aimed at protecting the environment and preserving natural resources.

Ayi Renaud Dossavi

The Francophone Telecommunications Regulation Network (FRATEL) will hold its 21st seminar on 21-22 May 2024. The event will be hosted in Lomé, Togo, by the Togolese telecom watchdog, ARCEP Togo. The theme of the seminar is "Data economy and digital services: what are the technical-economic regulatory issues ?"

"Members of the Network (Fratel, ed. note) will exchange on the technical-economic regulation challenges of the use of non-personal data from the public and corporate sectors, potential data storage market failures and public interventions to remedy them, as well as regulatory measures for fostering emergence and development of digital services, especially mobile payments," the Fratel Network noted.

The meeting should shed light on the Togolese regulator whose operations are grounded in the collection and analysis of data. In this regard, the regulator’s QoS center, set up in 2021, allowed it to better monitor local and regional trends and call out local operators for breaches in their contracts. Among others, the ARCEP’s warnings recently led to the lowering of prices in Togo, for calls, mobile data, and fiber optic services. 

The FRATEL was officially established in 2003 in Bamako, Mali. It regroups French-speaking telecommunications regulators. The group was launched at a symposium of French-speaking regulators in Paris in 2002.

Ayi Renaud Dossavi

The Central Bank of West African States (BCEAO) recently appointed its new director for Togo: Akuwa Dogbé Azoma. The news, reported by the Togolese Ministry of Finance, was disclosed on December 14, at the latest National Credit Council (CNC).

"On behalf of the Statutory President, I would particularly like to welcome Madame Akuwa Dogbe Azoma, BCEAO's new National Director for Togo, to our Council,"  PRE Simfeitchéou (Representative of CNC Statutory President Sani Yaya) declared. 

Azoma, the new BCEAO boss in Togo, is the first woman to hold the position. Before her appointment, she was based at the BCEAO's headquarters in Dakar.

Her predecessor was subsequently appointed to the Cabinet of the BCEAO Governor in Dakar.

"We extend our sincere congratulations to Mr. TENOU for the work he has accomplished at the head of the BCEAO National Directorate for Togo and his promotion to Advisor to the Governor of the Central Bank. We wish him every success in the performance of his new duties within the Cabinet of the Governor of BCEAO,"  added the Statutory Chairman's representative.

Ayi Renaud Dossavi

Works to clear and asphalt the roads in Dapaong, northern Togo (610 k from Lomé) began last Thursday, December 14. They were kicked off by Kodjo Adedze, Minister of Urbanism. 

The works cover 1,000 m of roads and include rehabilitating and improving 2,300 linear meters of the old town's stormwater drainage network. They should last eight months.

The project falls under the PIDU and PACV, two projects that respectively focus on developing infrastructure in urban areas and improving people’s living conditions across the country. The recently launched project should cost a little over CFA2 billion. The World Bank will provide the funds.

According to Kodjo Adedze, the project’s overarching goal is to tackle infrastructural shortcomings in Dapaong.  "Urbanization has accelerated in Togo since the late 1960s, and the role of urban infrastructure is becoming increasingly important in modernizing the economy," stressed Minister Adédzé, who reports that "national statistics show that despite the efforts made by the Government, part of Togo's urban population lives in neighborhoods where road and sanitation services remain to be improved."

The asphalting project adds to other state projects that fall under the Emergency Program for the Savanes Region (PURS). The latter aims to boost the resilience of communities against rising terrorism in the region. 

Esaïe Edoh

Togo's National Council of Credit (CNC) held its fourth annual meeting on December 14 in Lomé. On the occasion, the participants reviewed the country’s macroeconomic environment over the period from January to September 2023. 

The review revealed that Togo has 250 bank offices active nationwide. Five new offices opened over the period reviewed. 

Meanwhile, seven new ATMs were installed, bringing the total active in Togo to 332.

Similarly, 28 new microfinance offices opened, making 611 in total on the territory. 

According to the CNC, the improvements bolstered bank loans over the period. The source further noted that CFA1.872 billion were loaned to the State and private sector over the period, up 12% year-on-year.

Esaïe Edoh

From its launch in 2006 to the end of 2022, Togo’s National Agency for Promoting and Guaranteeing SMEs’ Financing (ANPGF) has released over CFA13.5 billion.

The funds backed around 1,200 SMEs over the period. Also, the Agency registered 2,478 SMEs and trained over 3,000 entrepreneurs every year since it started operations. 

The ANPGF is headed by Naka Gnassingbé de Souza. The state agency fosters the growth of new businesses, helping them get financial and technical support. It also grants financing guarantees of up to 50%, thus halving the financing risk on projects costing more than CFA2.5 million.

Dr. Sandra Johnson, Minister and Governor of the World Bank in Togo, granted an audience to some of the institution’s representatives on December 12. Among them was Andrew Dabalen, Chief Economist for Africa at the World Bank. So was Pia Peeters, Social Inclusion Sector Director for East and Central Africa at the World Bank, and Fily Sissoko, the Bank's Resident Representative in Togo.

The talks focused on the Togo-World Bank partnership and its reinforcement. They also highlighted Togo’s significant improvements relative to social inclusion and its business climate.

The invitees lauded the country’s progress, in particular its recognition as a leader in the Country Policy and Institutional Assessment report  CPIA 2023 report. Also, they congratulated Togo for the COSO’s achievements, 16 months after the project was launched. 

Another highlight of the meeting was the Emergency Program to Strengthen Community Resilience and Security (PURS), which has been extended to the whole country.

This partnership between Togo and the World Bank should foster new opportunities for the country's economic and social development. At present, the World Bank's investment portfolio in Togo exceeds one billion dollars ($1,055.63 million), with a total of nine national projects ($520.10 million) and nine regional projects ($535.53 million).

Togo hosted on December 12, 2023, a top-level meeting aimed at fostering African economies’ digitization. It gathered several local digital experts, officials, and experts from the World Bank.

During the meeting, which was announced by Togo First, Cina Lawson, Togo’s Minister of Digital Economy, underscored the country's ambitions and prospects regarding digitization, through startup support especially. 

"In Togo, we intend to digitalize key sectors of the economy, such as agriculture, trade, small business, logistics, and ecosystem support," said Lawson before adding that "digitizing a country is done by supporting its startup ecosystem, and we also plan to support startups with tax incentives, as well as training and funding."

In recent years, Togo has increasingly invested in digital technology to create jobs for all social strata. "Using digital technologies in agriculture yields a tremendous gain in productivity. However, for this gain to be recorded, agriculture's initial inputs must already be present. In many African countries, water control remains an issue, as does the use of fertilizers. Digital technology will have a greater impact. You can't invest in everything. It's simply a question of coordination,” explained Moussa Blimpo, a lecturer and researcher at the University of Toronto. Blimpo took part in the meeting as an expert.

Two panels were hosted during the meeting. The panels, which addressed major shortcomings hampering digital development in the sub-region, brought together the heads of ARCEP and Togocom, among others. 

The World Bank meeting was also the occasion for Togo to present a recent report on digital development in Africa.

Ayi Renaud Dossavi