Togo First
Togo: Business Climate Cell Speeds Up Modernization of State Institutions
In a bid to modernize State institutions, Togo’s Business Climate Cell has been equipping them with state-of-the-art IT hardware. Last week, the Ministry of Housing’s department in charge of issuing permits, and the Trade and Movable Credit Register (RCCM), received high-end servers.
The new server supplied to the Ministry of Housing should improve its processing system, make application management easier, and bolster the ongoing digitization in the housing sector. According to Farah Jean-François, Director of Housing within the Ministry of Urban Planning, Housing, and Land Reform, "This new server is designed to strengthen the existing building permit issuance system set up by the Togolese presidency in 2016 to expedite the process. Previously, these procedures took several months, but now, they take less than two weeks, meaning ten working days to obtain a permit."
"The new IT equipment will mainly be used for data backup, reducing the risk of data loss in the system, and making the system much more responsive during updates or operational phases," he added.
The initiative to provide the servers aligns with the government’s efforts to modernize public services. Togo First reached out to Sandra Ablamba Johnson, Minister and Secretary-General of the Presidency, and she stressed that "these efforts will be intensified and accelerated in the coming days, with support to other structures, in the quest to enhance the business environment."
Regarding the Trade and Movable Credit Register (RCCM), it received two servers. These will speed up the issuance of RCCM numbers, during business registration. Other equipment was also procured to enable online hearings at the Lomé commercial court.The Togo Arbitration Court (CATO) is also set to get a server that will help it set up a fully dematerialized platform for online hearings.
It is worth noting that the move to supply the equipment was spearheaded by the Business Climate Cell, as part of the Trade Facilitation and Logistics Services Competitiveness Project (PFCCSL). With the goal of boosting commercial logistics services in Togo, the project benefits from $18 million in financing from the World Bank.
Ayi Renaud Dossavi
WAEMU Securities: Togo Raised CFA38 billion in Recent Issue
Togo recorded another successful issue on the WAEMU market last Friday, August 11. The operation, a simultaneous issue of fungible treasury bonds and bills, gathered over CFA48 billion from investors, but Lomé retained 38.4 billion–that is 3.4 billion more than its initial target.
According to the issue’s report, the treasury secured 24 billion with fungible bills which mature over 364 days. The bonds raised the remaining 4 billion. They mature over 3 and 5 years, at interest of 6% and 6.25%.
The report further indicates that 31 investors took part in the operation.
Including this latest operation, Togo has raised 504 billion on the regional market so far this year; Only 70 billion more to reach its target for the year.
Esaïe Edoh
Togo Halts Trade with Niger due to Recent Coup d’Etat
Togo halted trade with Niger on August 1, 2023. The decision, taken by the Togolese Revenue Office (OTR), was formalized in a press release issued by the tax authorities. It followed economic sanctions imposed on Niamey at the extraordinary summit of ECOWAS Heads of State and Government in Abuja on July 30, 2023.
"Commercial and transit service transactions to and from Niger are suspended until further notice," stresses the statement signed by Philippe Kokou Tchodié, Commissioner General of the OTR, made public late last week.
This decision is likely to deal a blow to trade flows between the two countries. According to statistics compiled by the United Nations Organization (UNO), in 2019, Togo exported over $80 million worth of goods to Niger, which at that time was Togo's 4th largest export market.
As a reminder, the ECOWAS sanctions were imposed following the overthrow of President Mohamed Bazoum, who had officially taken over the reins of the country in April 2021. The aim is to force the putschists to restore the deposed leader's rights.
Esaïe Edoh
Renewables: Sarakawa Hotel Gets 500 KWp Solar Plant
A 500 KWp photovoltaic solar plant was recently set up at the Sarakawa Hotel in Togo.
The new plant spans 4,000 m2 and includes 1,224 solar panels laid on the roof of the hotel’s main building.
The facility, which cost CFA496 million, was inaugurated last Friday, August 11. Several Togolese officials, including the ministers of environment and higher education, were present.
The project was developed in partnership with Cool Solar Energy, a German company. It runs in symbiosis with the national grid and two power generators.
The new plant should save the Sarakawa Hotel a lot of money spent on power. "Currently estimated at over half a billion FCFA, these costs could be reduced to 350 million FCFA per year despite the extension of our hotel", said the hotel’s manager, Nathalie Bitho.
On the sidelines of the inauguration, the minister of environment, Foli-Bazi Katari, took the chance to laud the initiative, saying it concretely translates Togo’s commitment to tackling climate change and achieving energy transition.
Togo: General Budget Expenditures Exceeded CFA451 Billion in Q1 2023
Togo’s general budget expenditures are estimated at CFA451.53 billion for the first quarter of 2023. The estimate was disclosed by the Directorate General of Budget and Finance (DGBF) in the "Report on the Execution of the State Budget at the end of March, fiscal year 2023." The figure disclosed corresponds to 23.11% of the annual forecast of CFA1,953.48 billion.
At the same time, the realization rate for general budget revenues came out to 18.53%, or CFA362.05 billion, of the total annual forecast.
Year-on-year, expenditures for Q1 2023 rose by about 17%. In Q1 2022, they stood at CFA383.49 billion.
The rise is due to a growth in expenditures in revenue mitigation (CFA43.04 billion versus CFA24.36 billion in 2022), transfer expenses (CFA63.46 billion versus CFA54.14 billion in 2022), and investment projects (CFA75.12 billion against CFA57.28 billion the previous year).
Personnel expenses have also increased by 18%, from CFA55 billion in Q1 2022 to CFA65.42 billion in Q1 2023.
Esaïe Edoh
Togo: Registration for African Microfinance Week Opens
Registration for the upcoming African Microfinance Week (SAM 2023) in Togo opened on August 10, 2023.
The event is organized by the Network of African Microfinance Institutions (MAIN) and Support for Autonomous Development (ADA), in partnership with the National Inclusive Finance Fund in Togo (FNFI) and the Secretariat in charge of financial inclusion. Scheduled for October 16-20, the international meeting aims to promote and explore opportunities relative to inclusive finance. It will gather several microfinance stakeholders from Africa.
The SAM 2023 is a platform for exchange and sharing of best practices, through in-depth discussions on innovations, technologies, and strategies that focus on improving access to financial services for populations often excluded from traditional systems.
As a reminder, in Togo, the financial inclusion rate increased from 82.72% to 85.72% from 2021 to 2022, a rise of 3 percentage points. Within the WAEMU, the country leads Benin (85.52%) and Côte d'Ivoire (82.2%).
Register for the event here.
Togo: Government Teams Up with Private Sector to Set Up Anti Fraudulent Import Body
Togo should soon have an organization for monitoring fraudulent imports. In this framework, the government and private sector of the country have teamed up.
The project aims to better tackle unfair competition and ensure fair market competition. It was announced just after the last meeting of the Consultation Committee between the State and the Private Sector. Held on August 7, this meeting, the second of the year, was chaired by Sani Yaya, Minister of Economy and Finance. It brought together various officials, as well as representatives from the private sector, including the Chamber of Commerce and Industry of Togo (CCI-Togo).
The monitoring framework for fraudulent imports will be coordinated by the Executive Secretary of the Consultation Committee, Moyeme Baniab, a senior banking executive.
Besides covering the framework’s establishment, participants at the meeting also assessed progress made respective to the previous meeting’s recommendations and evaluated the private sector's commitment to public procurement. It appears that significant progress has been made, especially in resolving issues related to land tariffs at the Port of Lomé and fiscal appeal bodies.
The Committee also announced an upcoming satisfaction survey of the private sector. According to Minister Sani Yaya, this survey will be conducted by the National Institute of Statistics and Economic and Demographic Studies (INSEED), and will provide feedback on the reforms undertaken, with the aim of continually improving the quality of public services.
Ayi Renaud Dossavi
Togo seeks CFA35 billion on the WAEMU market this week
Togo launched last week a simultaneous bond issue on the WAEMU market. Set to close on August 11, the operation has a target of CFA35 billion.
In detail, Lomé has issued fungible treasury bills or BATs and fungible treasury bonds or OATs. The former securities have a nominal value of CFA1 million, multiple interest rates, and mature over 364 days. The latter, the OATs, have a nominal value of CFA10,000 and interest rates of 6% and 6.25%, with respective maturities of 3 and 5 years.
According to the issue notice, Togo will use the proceeds to finance its budget for 2023. The latter stands at CFA1,957 billion.
Esaïe Edoh
Togo: Port of Lomé Gets Fourth Tugboat from Boluda Towage
Boluda Towage, one of the global leaders in sea towing, delivered Togo’s Autonomous Port of Lomé its fourth tugboat last week. Edem Tengue, Togolese Minister of Maritime Economy, Fishing, and Coastal Protection, announced the news on Twitter.
The new boat is intended for the outfitting, docking, and rescue of commercial ships. It should boost the towing capabilities of the Lomé container terminal (LCT), particularly for mega-ships. Also, the boat should improve the operational capacities of the port and sustain Lomé’s competitiveness against the ports of Abidjan and Tema in West Africa, as well as the port of Lekki in Nigeria, whose activity has recently developed.
According to Minister Tengue, "The official inauguration ceremony for this new tugboat is scheduled for September 2023."
The arrival of the new tugboat was agreed upon last May between Antonio Bordils Montero, CEO of the multinational BOLUDA, and Edem Tengue, during a meeting.
Esaïe Edoh
Greater Lomé: Money Transfers to Poor Households Starts
Under the additional phase of the Basic Social Safety Nets program, monetary transfers to disadvantaged households started July 31 in Lomé. The project covers 26,250 vulnerable households from 35 neighborhoods in the munipalities of Agoè-Nyivé 1, 4 and 6, Golfe 1, 4, 6.
The launching ceremony, held on July 31 as well, was attended by representatives of the beneficiaries of the ANADEB (National Agency for Support to Development at the Base) which is the government’s operational arm on the project. Also in attendance was the Minister of Grassroots Development, Myriam Dossou-d'Almeida.
"This new phase places particular emphasis on the socio-economic resilience of the 15,000 poorest households. These households naturally benefit from specific support for the development of AGRs, to permanently escape from poverty beyond the project," the official said.
A 61% completion rate
"Out of 125,000 households targeted nationally by the additional financing of the FSB project, 75,988 have already received their first payment of 15,000 FCFA. We are in the proportion of 61% coverage of the national target," said Katanga Mazalo, head of ANADEB. "As for economic inclusion measures, 8,025 households have benefited from monetary transfers out of a forecast of 15,000, to promote their access to economic inclusion opportunities," he added.
The additional phase of the basic social safety nets project is jointly supported by the State, the World Bank, and the French Development Agency, AFD. The former provided 10 billion CFA and the latter 6.5 billion CFA. Meanwhile, the Togolese State itself disbursed 1.5 billion CFA for the initiative.
Ayi Renaud Dossavi