Togo’s first issue on the WAEMU stock market was successful. The country raised CFA25 billion through the operation, a twin issue of fungible treasury bills (BATs). The issue closed on January 12. 

In detail, Lomé raised CFA18 billion with bills that mature over 91 days and CFA7 billion with bills that mature over a year.

According to the issue’s report, investors in the West African sub-region purchased CFA39 billion worth of bills. This corresponds to a coverage rate of 157.24%.

Togo plans to raise CFA607 billion on the regional money market in 2024. It plans to use the funds to finance part of its annual budget. The latter stands at CFA2,179 billion-expenditures and revenues. 

Esaïe Edoh

Ten (10) of the hundred (100) most inspiring French-speaking black women of the 21st century are Togolese. The ranking was published on January 9, 2024, by Femmes Inspirantes, a media platform.

In the Politicians category, the Togolese women featured include Prime Minister Victoire Tomegah-Dogbe, the Minister Secretary General of the Presidency, Sandra Ablamba Johnson, the Ministers of Trade and Grassroots Development, Rose Mivedor and Myriam Dossou-d'Almeida, respectively, and MP Abira Bonfoh.

In the Executives and business leaders category, Aissatou Diallo and Estelle Komlan, respectively Director of Communications and Marketing at Togocom and Director of the Trading Room at Groupe Orabank, stood out.

Clarisse Agbégnénou, a Franco-Togolese judoka, won in the Pilots/Sports category. Kayi Dogbé, director of KD Groupe, and Delali Damessi, columnist on Canal Plus Afrique's "Le chœur des Femmes" program, were respectively ranked in the Women Entrepreneurs and Women in Arts and Media categories.

According to Jessica Makosso, Founder and Editor-in-Chief of Femmes Inspirantes, the ranking "encourages those who dare, boosts those who doubt, and supports those who dive". It highlights female leadership, specifically women who stand out through their stories.

Esaïe Edoh

From this year onward, students enrolled in bachelor's and master's degree programs in private schools will take the national exams. The exams will be organized by the same institution, the Office des Examens Professionnels du Supérieur (OEPS), formerly known as the Office du Brevet de Technicien Supérieur (OBTS).

The Council of Ministers announced the move last Wednesday, January 10. According to the authorities, the approach aims to guarantee the quality of education provided in universities and make sure this quality is the same both in private and public schools. 

Harmonizing curricula

Therefore, starting this year, students of private universities all over the country will have to pass State exams, at the bachelor and master levels.

"From now on, all professional examinations at these levels, bachelor and master, will be organized by a single institution throughout the territory,” noted Minister of Communication and Government spokesman Yawa Kouigan.

This will help harmonize all curricula by making both the students of public and private schools pass the same exams, in similar conditions, and obtain the same degrees.

Accreditation

Minister Kouigan added, however, that the State would keep issuing homologations for degrees obtained outside the country. “Accreditation will continue, but only for degrees obtained outside, under the same conditions, not in Togo. Once verifications are conclusive, they can be accreditated,” Kouigan explained.

Ayi Renaud Dossavi

The  Autonomous Road Maintenance Financing Company (SAFER) spent CFA37.9 billion to maintain the country’s roads in 2023. The figure, a record, was presented to the parliament late last year.

Compared to 2022 where the SAFER spent CFA32.6 billion, last year’s spending was up by 16%. The expenditures stood at CFA17 billion in 2019 and 2020, and CFA19 billion in 2021. 

Difficulties on the mobilization front

On the mobilization front, the SAFER raised more money in recent years but at a slower pace than it spent. 

Read also:Togo: the Autonomous Road Maintenance Financing Company raised CFA30 billion in 2022

Last year, the State company raised CFA26.1 billion, down from CFA31 billion in 2022. In 2019, it raised almost as much as it spent, slightly more than CFA17 billion. 

Besides raising money for the State of Togo, the SAFER’s missions include funding routine and periodic maintenance of the entire Togolese road network, funding the construction of new toll gates, and operating existing ones.

In 2019, its capacity to finance road maintenance was estimated at just 30%.

The SAFER hopes to mobilize CFA23.5 billion in 2024. This represents about 44% of its estimated needs for the year: CFA53 billion.

Ayi Renaud Dossavi

Over half of the total budget allocated to Togo’s 31 ministries this year will go to five of them. The big five are the Ministry of Primary and Secondary Education, the Ministry of Defense, the Ministry of Health, the Ministry of Public Works, and the Ministry of Mines and Energy. They are set to receive CFA563 billion (out of CFA1,030 billion for all ministries), which they will share as follows:

1- Ministry of Primary and Secondary Education

Just like in the four previous years, this ministry will get the lion's share; CFA191 billion this year. In 2023, it was set to receive CFA175 billion, or 9% less than in 2024. 

Dodzi Kokoroko’s ministry will use the funds to pursue its reforms and programs. Among others, new teachers will be recruited and volunteer teachers will be trained. Regarding the latter, some training sessions have already been launched, according to reliable sources.

The ministry will also keep improving school infrastructure across the country. 

2- Ministry of Defense

Right after the ministry of primary and secondary education is the ministry of defense. This ministry should receive CFA118 billion this year, against CFA167 billion in 2023.

The Ministry of Defense will leverage the funds to preserve the peace and safety of the Togolese people, especially in the north which has been recording terrorist attacks since November 2021. 

3- Ministry of Health

Next comes the Ministry of Health, with a provisional allocation of CFA110 billion, against CFA138 billion FCFA in 2023.

Mainly, the ministry will focus on doubling down on its universal health insurance (UHI) project. The UHI came into force on January 1, 2024.

With this in mind, emphasis will be placed on the SSEQCU, a World Bank-backed project for building and rehabilitating health centers. The ministry will also ramp up efforts to fight diseases such as malaria and tuberculosis.

4- Ministry of Public Works

Like last year, this ministry comes fourth in terms of budget allocation. This year, it is set to secure CFA85 billion. 

It will continue major projects, including the development of the country's road network. Specifically, 180 km of roads (including those currently under construction) will be made ready. 

5- Ministry of Mines and Energy

This year, the Ministry of Mines and Energy should receive CFA59 billion from the State budget, up from CFA52 billion in 2023 or 13% more. 

It will direct the funds to projects that will contribute to Togo’s goal of achieving universal access to energy by 2030. The extension of the Blitta solar power plant, the start of construction work on the Sokodé photovoltaic power plant, and the installation of street lamps are just some of the projects on the department's agenda.

Esaïe Edoh

Togo will devote CFA18 billion to clean water projects this year. The budget was set under the 2024 finance bill and aligns with the country’s ambition to achieve universal coverage by 2030. 

Compared to the amount set last year, CFA17 billion, the new allocation (provisional) is up by 5.8%. 

The funds will help advance the national water supply strategy launched in February 2021. In detail, they will enable the launch of the PASSCO3. This is the third phase of a project that aims to improve sanitary conditions in the schools and villages of the Kara and Savanes regions.  

Under the PASSCO3, 850 boreholes equipped with human-powered pumps will be built in the targeted regions. Subsequently, over 200,000 people will be able to drink potable water by the end of 2025.

Part of the allocated funds will also help improve the water supply in Lomé, the capital. It will serve to equip and connect the 40m3 per hour borehole at Apédokoe to the new 1,300m3 water tower under construction at Sagbado.

The operational phase of the Togo Urban Water Security Project (PaSH-MUT), launched in October 2023, could also be launched. Through this project, six autonomous drinking water supply systems in outlying areas of Lomé will be set up.

According to recent data communicated by the Minister of Water and Village Hydraulics, the national coverage rate by the end of 2022 was 67%.

Esaïe Edoh

The ECOWAS Investment and Development Bank (EBID) approved on January 9 a $70 million financing for the Coris Bank Group. With the package, the lender will support SMEs in Togo, Burkina Faso, Benin, Côte d’Ivoire, and Senegal. 

The facility was approved on the sidelines of the EBID’s 86th board meeting.

The funds will support trade and the private sector, with a focus on agribusinesses. 

Coris Togo was the country’s third-biggest lender in 2022. That year, the bank loaned out CFA143 billion, against CFA100 billion in 2020. 

Ayi Renaud Dossavi

Togo plans to allocate CFA53 billion to its Ministry of Rural Roads this year. The ministry will use part of the funds to implement 21 projects that will help open up rural areas across the country.

The government is already negotiating with companies that build modular metal bridges, in line with the initiative. Ultimately, the project will make it easier for people in rural Togo to access basic socio-economic services and sell farming produce.

The ministry will use another part of the resources to finance urgent works announced in October 2023 to rehabilitate several bridges and major axes in the countryside. 

Lastly, some of the money will serve to build and rehabilitate 4,550 km of rural tracks by 2025.

This year, the Ministry of Rural Roads received 43% more than the sum it was allocated in 2023 (CFA37 billion), under the rectifying finance bill.

Esaïe Edoh

The Togolese tax office, Office Togolais des Recettes (OTR), launched a campaign to publicize the 2024 Finance Act on January 11. The campaign aims to get the population more acquainted with the Act and the new tax reforms it includes.

As part of the move, the OTR held a first meeting with the local press yesterday. According to Philippe Tchodié, General Commissioner of the Office, the campaign will allow the media to communicate about the reforms and help bolster the partnership with business owners.

"Taxation is a fairly complex field and to promote fiscal civic-mindedness, the OTR has made it its mission to explain the finance law properly. We expect our partners to be able to take this message and relay it correctly so that what the government has in mind and which is translated into the finance law, can be understood by the whole population", Tchodié told the press.

The reforms drawn under the 2024 finance bill revolve around three key areas: greater inclusion and harmony, job creation; and service modernization via digitalization.

In line with the bill, this year, the OTR plans to collect CFA1,042 billion in taxes to finance the national budget. To this end, it raised tax rates on some products and renewed certain tax measures.

Esaïe Edoh