The Togolese Minister for the Promotion of Investment, Rose Kayi Mivedor, is in Dar es Salam, Tanzania. She is attending Africa’s Food Systems Forum 2023 (AGRF) which started on Tuesday, September 5, and ends today, September 8. 

Mivedor, on Thursday, told the forum’s participants about business opportunities available in Togo. Among others, she said her country positions itself as West Africa’s natural gateway regarding the African Continental Free Trade Area (AfCFTA). 

According to the official, Togo is the obvious choice because of its main port, the Autonomous Port of Lomé, which is the only deep-water port in West Africa. She added that the port gave access to surrounding landlocked countries, Mali, Niger, and Burkina Faso. 

“We play a pivotal role as a communication corridor between coastal countries, passing through Nigeria, Benin, Togo, Ghana and Côte d'Ivoire. Therefore, we position ourselves as a platform that facilitates the storage of goods for redistribution to other countries,” Mivedor declared. 

Regardless of its strategic position, the Minister stressed the importance of adopting a complementarity approach for all countries.  “I think one of the key elements lies in the ability of countries to identify their comparative advantages, concerning products on which they have good room for maneuver in terms of productivity. This enables each country to position itself well and for there to be complementarity."

An annual summit, the AGRF, Africa’s Food Systems Forum is the premier platform for advancing the agriculture and food systems agenda in Africa.

Esaïe Edoh

The works to rehabilitate the 10 km-long road going from Avepozo to Togokome are complete. The Minister of Public Works, Zourehatou Kassah Traore, visited the site on Wednesday, September 6. 

The Minister, on the occasion, noted that the completed works met the specifications imposed. CRBC and Soroubat, respectively a Chinese and Tunisian firm, were in charge of these works. 

"We have indeed noted that the work is well executed. There are drainage channels, sidewalks for pedestrians, and public lighting. As part of the green infrastructure program, we have opted for solar lighting. As for Togokomé, apart from the 2×2 lane road, there were several related developments. All in all, as the project owner, we are satisfied," said Kassah Traore.

Launched in 2020, the works are part of a bigger project to rehabilitate the Lomé-Cotonou road which is divided into two parts. The first, which was just completed, covers the Avepozo-Togome segment, and the second, which is underway, goes from Togokome to Aneho, spanning 20 km.  In 2021, the whole project’s cost was estimated at CFA47 billion.

Esaïe Edoh

The Network of African Women Ministers and Parliamentarians, Togo section (REFAMP-Togo) held a General Assembly on September 6, 2023. The meeting was chaired by Prime Minister Tomegah-Dogbe.

During the talks, Togo’s female officials and deputies discussed current issues faced by the country and explored ways to better integrate women in decision-making processes and ensure their full contribution to the country’s socio-economic development. The participants expressed their ambition to actively participate in the political and social dialogue, and to "contribute to the emergence of a development model".

"Yes, my dear sisters, REFAMP must imperatively play its part in the formulation and implementation of public policies, development programs, and projects that structure our common destiny," said PM Tomegah-Dogbe, urging her colleagues "to be stronger, bolder, and more present to play our part, as actresses and beneficiaries."

Now, efforts are being made to include all elected women in the REFAMP Network. This would be a major development towards achieving Togo’s ambitions, especially projects falling under the government’s 2025 roadmap. 

Launched 25 years ago, the REFAMP has contributed, over the period, to the development and effective implementation of public policies in Togo, through effective advocacy. Until Wednesday’s Meeting, the Network had been inactive in Togo for some years.

Esaïe Edoh

Togo just launched another simultaneous issuance of fungible treasury bills (BATs) and bonds (OATs) on the stock market of the West African Economic and Monetary Union (WAEMU). The country hopes to raise CFA30 billion through the operation. 

The BATs have a nominal value of  CFA1 million, multiple interest rates, and a maturity period of 364 days. As for the OATs, their nominal value is CFA10,000, and they have two maturity periods–2 years 10 months and 4 years 11 months–with interest rates of 6% and 6.25%, respectively. The operation is set to close on September 15, 2023. 

Togo will use the money raised via the issuance to finance its 2023 budget, which stands at CFA1,957 billion. 

So far this year, the country has raised CFA530 billion on the WAEMU market, out of an annual target of CFA574 billion. On September 1, the West African government repurchased some of its previously issued securities worth CFA17.511 billion with maturities of 1 year, and 2 years 11 months.

Esaïe Edoh

The Togolese Public Treasury recently bought back CFA17.511 billion of securities it issued on the WAEMU stock market. The operation was carried out on September, 1. The securities were set to reach maturity on October 9 and October 23, 2023.

The buyback recorded a 103% coverage rate, reflecting investors' willingness to liquidate their assets under the current conditions. The absorption rate reached 100%, which means that the Togolese State acquired all the securities offered.

The securities’ main holders were from Côte d'Ivoire, Benin, Burkina Faso, and, of course, Togo, where local investors have offered to return CFA2 billion to the State, via three-year fungible treasury bonds.

The operation, according to Lomé, is part of an active debt management strategy that capitalizes on a currently more favorable market to minimize financing costs and optimize short-term liquidity. The move, the Togolese authorities added, should also send a positive signal to the markets about Togo's economic resilience and stability. It is part of a wider strategy to reduce future borrowing costs and positively influence the perception of risk associated with the Togolese economy, which is expected to grow by 6.6% this year.

While some market players believe that it is too early to draw an objective analysis, the fact that the absorption and coverage rates exceeded 100% for the operation suggests a certain level of investor confidence in Togo's economic solidity.

"An absorption rate of 100% and a coverage rate of over 100% indicate that investors are ready to sell their securities, which could suggest a level of confidence in the country's economic solidity," the analyst who officiates at a brokerage company or SGI (Sociétés de Gestion et d'Intermédiation) told Togo First.

Between January and August of this year, Togo raised CFA530 billion on the WAEMU market, and it targets about CFA30 billion this month. Lomé has already repaid over CFA320 billion to its investors this year.

Fiacre E. Kakpo