BB Lomé has appointed a new director general. Diogo Victoria has taken over from Thierry Feraud, who held the position for the past eight years. The handover ceremony took place on November 12, 2024. BB Lomé is Togo’s leading brewer, part of the French Castel group. 

Rose Kayi Mivedor, Togo's Minister of Trade, attended the ceremony and thanked Feraud for his years of service to BB Lomé. Other attendants included Jonas Daou, President of the Association des Grandes Entreprises du Togo (AGET), and Augustin Favereau, the French Ambassador to Togo.

Diogo Victoria brings over 15 years of experience in the fast-moving consumer goods (FMCG) industry, particularly in Africa and the Middle East. Before joining BB Lomé, he worked at Saudi Dairy & Foodstuff Company (SADAFCO), where he held several roles, including Director of Commercial Operations and Sales Director. He also worked with Lactalis Group as Director of Business Development for the Middle East and Africa.

BB Lomé has been operational for 60 years and employs approximately 1,200 people directly across its production sites, with an additional 6,000 jobs indirectly related to its operations.

Ayi Renaud Dossavi

From January to September 2024, Côte d'Ivoire financed the Togolese economy with CFA513 billion. According to the latest data from the WAEMU Securities market, this amount represented 24.8% of Togo’s domestic debt holdings. Ivorian investors were closely followed by Senegalese and Togolese investors, with 22.7% and 22.8% shares, respectively, amounting to CFA472 billion and CFA469 billion. The three countries represent nearly 70% of Togo's public securities issuance.

Benin and Burkina Faso are behind these leaders, with outstanding amounts of CFA269 billion and CFA240 billion, 13% and 11.6% of the total. In contrast, other WAEMU countries like Mali, Niger, and Guinea-Bissau accounted for less than 5% combined. As of the end of October 2024, Togo's total outstanding debt to regional investors reached CFA2,074 billion.

This concentration of creditors primarily from Côte d'Ivoire, Senegal, and Togo provides a stable source of financing for Lomé but also exposes the country to the economic conditions of these major economies and potential liquidity issues in their markets. The main holders of this debt include commercial banks, insurance companies, pension funds, and Sociétés de Gestion et d'Intermédiation (SGI). 

In Côte d'Ivoire, significant players include Société Générale Côte d'Ivoire, Banque Atlantique, Banque Nationale d'Investissement (BNI), and Ecobank. In Senegal, key investors are Banque Internationale pour le Commerce et l'Industrie du Sénégal (BICIS) and Caisse des Dépôts et Consignations (CDC), while in Togo, Orabank Togo, Ecobank Togo, and Coris Bank are notable holders in the public securities portfolio.

Fiacre E. Kakpo

Togo did not conduct any operation on the West African Economic Monetary Union (WAEMU) public securities market last month. Meanwhile, neighboring countries raised CFA659 billion on this market over the period to finance their budgets. 

Initially, Togo had planned to raise CFA15 billion through the market, but the operation did not occur. This month, also, Lomé postponed an issue scheduled for November 8, in which the country was to raise CFA22.5 billion.

Togo has raised CFA638.5 billion on the market so far this year–CFA449.96 billion in fungible treasury bills (BATs) and CFA188.53 billion in fungible treasury bonds (OATs). The country has continued to meet its financial obligations, repaying CFA507 billion so far this year, with an additional CFA15 billion due in November and over CFA65 billion due in December. 

Togo's outstanding debt on the WAEMU market currently stands at CFA2,074 billion, accounting for 12% of the region's total debt, making it one of the leading debtors in the zone.

Fiacre E. Kakpo

The University of Lomé (U.L) in Togo holds its first International Scientific Colloquium on the Blue Economy next week. The event will take place from November 19 to 21, 2024, under the theme "Issues, challenges and prospects of the blue economy in Africa." This colloquium is organized in partnership with various research units at the University of Lomé, particularly from the faculties of economics and human and social sciences.

The organizers aim to explore the opportunities that the blue economy presents for Africa, which has 38 coastal states, including Togo. They note that while there is "enormous potential," challenges such as climate change, pollution, and poor governance must be addressed.

The colloquium will gather members of the academic community, including researchers, teacher-researchers, and doctoral students. Papers presented at the event are expected to cover topics such as entrepreneurship in the blue economy sector, legal aspects of the blue economy, Blue Accounting, and Ocean Governance.

Ayi Renaud Dossavi

This week, Togo is hosting the 10th annual review of reforms, policies, programs, and community projects of the West African Economic and Monetary Union (WAEMU). The session began on Monday, November 11, 2024, at the Hotel 2 février in Lomé and will last three days. Participants will review 132 regulatory texts and five community projects, valued at over CFA4 billion.

Akou Mawussé Afidenyigba, Director of Cabinet at Togo’s Ministry of Economy and Finance, opened the meeting, stating: "The review carried out in 2023 enabled us to note significant progress in the transposition and application of community reforms, with a reform implementation rate of 76% in Togo."

The WAEMU Conference of Heads of State and Government established this annual review in 2013 to accelerate the implementation of community reforms and policies aimed at strengthening regional integration.

This year’s discussions will focus on three main categories: economic governance and convergence, the common market, and sectoral policies. Additionally, new areas such as competition, freedom of movement, and the rights of liberal professions within the Community will be explored.

Ayi Renaud Dossavi

Foreign Ministers Robert Dussey of Togo and Sergei Lavrov of Russia met in Sochi on November 9-10, 2024, to discuss strengthening bilateral relations. The meeting occured during a Russia-Africa ministerial conference attended by leaders from over 50 African countries.

The Togolese and Russian ministers focused on expanding cooperation in strategic areas. Dussey outlined Togo's development needs and sought increased Russian support. He emphasized the importance of Russian involvement in technology and investment for Togo's economic transformation.

Благодарю моего дорогого друга министра Сергея Лаврова за гостеприимство и доступность!Сегодня мы обсудили об укреплении двухстороннего сотрудничества всего сектора между Того и России! https://t.co/nxs6IUPydi pic.twitter.com/VeW59hJIuX

— Robert Dussey (@rdussey) November 11, 2024

Both officials stressed the need for ongoing political dialogue to improve trade and economic cooperation. This meeting follows a 2021 Memorandum of Understanding (MoU) signed by the two countries to boost mutual trade.

The MoU includes plans for economic missions to connect business leaders, potentially leading to new partnerships and investments.

Esaïe Edoh 

The Ministry of the Digital Economy and Transformation in Togo has launched the Tech Immersion Plus (TIP) program to enhance the digital skills of small and medium-sized enterprises (SMEs). The program will make beneficiaries more competitive by providing intensive training and personalized coaching.

Vous êtes une TPME togolaise souhaitant intégrer le digital dans vos activités, ou une startup proposant des solutions numériques pour les TPME ? Rejoignez le programme Tech Immersion Plus et boostez votre compétitivité !

Les candidatures féminines sont fortement encouragées… pic.twitter.com/jRREdfZk66

— Ministère de l'Economie Numérique ?? (@NumeriqueTG) November 11, 2024

Set to run from November to December 2024, the program will target two groups. The first group, non-digital SMEs, will learn to use digital tools. The second group comprises startups that develop innovative solutions for SMEs. The startups will have opportunities to showcase their products while building connections with local businesses.

Overall, the program seeks to help SMEs seamlessly integrate digital technologies into their business practices. The program is backed by the German Development Cooperation (GIZ Togo). 

Interested SMEs have until November 17, 2024, to register for the program. The latter will be carried out in various regions of the country.

Ayi Renaud Dossavi 

Togolese President Faure Gnassingbé inaugurated his country’s first international resourcing and ecotourism center on November 9. The facility, known as Lumen Valley (Valley of Lights), is located in Kara, 412 km north of Lomé, the capital. 

The project, steered by the Congrégation des Frères Saint-Jean de Kara and backed by the government, aims to foster human development, ecotourism, and social entrepreneurship. The center will facilitate training programs, contemplative practices, and the integration of local knowledge to empower the community.

Lumen Valley specifically targets rural youth to provide them with essential skills and opportunities for a brighter future. Father Etienne Boudet, the project's promoter, emphasized the significance of this endeavor: "The success of this project shows us that Togolese youth are at the service of the Nation. And at no time has the President of the Republic authorized me to doubt youth, even in difficult times. This is a very important lesson in my life as a priest."

Nestled within the Djamdé nature reserve at 500 m altitude and approximately 20 kilometers from Kara town, Lumen Valley is designed as a multifunctional ecosystem. The facility has spaces for entrepreneurial training, incubators for innovative ideas, spiritual retreats, and various resourcing activities. It also has conference rooms, workshops, dormitories, villas, and a swimming pool—all built using local materials such as stone and straw.

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