Togo First
Togo: Government urges local banks to support the treasury’s issues on the regional money market
The Togolese government held last Tuesday, March 21, a meeting with actors in the local finance industry. The goal was to encourage the actors to support the country’s issues on the WAEMU market more.
"I would like to ask the President of the Professional Association of Banks and Financial Institutions of Togo (APBEF-Togo) to urge banks to further support the Treasury in the mobilization of resources on the regional market of public securities," Pré Simfeitcheou, the Presidential advisor and minister, said as he was chairing the meeting.
Simfeitcheou stressed the importance of having the Togolese more involved in the financing of Togo’s economy.
So far this year, the Togolese treasury has raised CFA103 billion on the regional money market. This is about a fifth of its annual target–CFA574 billion. The proceeds are used to finance the national budget which stands at CFA1,957 billion.
Esaïe Edoh
Togo: Inflation expected to fall to 6.8% in 2023
The inflation rate should stand at 6.8% in Togo, by the end of December 2023, against 7.6% last year. The figure was disclosed by the National Credit Council (NCC) during its first annual meeting, held on March 21.
According to the NCC, economic activity will be resilient, with economic growth rising by 80 basis points to 6.6%, compared with 5.8% in 2022 and 6% in 2021. It further indicated that all sectors should contribute to economic growth and that the tertiary sector, especially, would contribute 4%.
Looking back to 2022, the Council noted an improvement in the financing of the economy, as more businesses received loans. Over the period, lending rates decreased, by 20 basis points, which corresponds to 7.4% year-on-year.
Moreover, the credit portfolio of banks and decentralized financial systems kept improving, according to the NCC, with the gross deterioration rate of this portfolio falling to 4% at the end of December 2022, from 5% in 2021.
Esaïe Edoh
Togo and Niger create a mixed cooperation commission to bolster their relationship
Following the recent work visit of Niger’s President in Togo, the two countries have decided to create a mixed cooperation commission to boost their relations in various sectors.
The commission will mostly focus on security and transport issues. It will hold its first meeting in the last quarter of this year, in Lomé.
Ahead of the commission’s operationalization, however, the ministries of transport, trade, and finance of the two nations will hold a meeting in Niamey next month. The preliminary encounter will focus on issues related to goods transport and the Lomé-Niamey corridor.
Another meeting will follow, in Niamey again, but between the ministries of security and defense of Togo and Niger. On the occasion, participants will share their experiences in fighting against terrorism and extremism.
By establishing the new commission, Togo and Niger are committed "to working together to ease the free movement of people and goods within ECOWAS and to the full realization of goals of the African Continental Free Trade Area (AfCFTA)." They are also committed to fighting transnational organized crime, terrorism, and illicit trafficking, which they both face.
Esaïe Edoh
Togo: President Gnassingbe kicks off extension works at the Blitta solar plant
The President of Togo, Faure Gnassingbé, recently launched works to extend Blitta’s solar plant, which is located 230km from Lomé. The works should help increase the plant’s capacity, from 50MW to 70MW.
This is the third phase of the project. "This third phase started today will increase the capacity of the Blitta power plant from 50 MW to 70 MW, in line with our national strategy to boost renewable energy and provide reliable, affordable, and clean energy to all localities," Faure Gnassingbé said on his digital channels.
Once completed, the Blitta plant should supply power to 222,000 households. This is against 158,000 at present. The plant is one of the biggest in West Africa.
Regarding the recently-launched extension works, they were financed by the United Arab Emirates, through a $25 million facility announced last November.
Ayi Renaud Dossavi
The Port Management Association of West and Central Africa holds a meeting in Lomé
The Port Management Association of West and Central Africa, PMAWCA, is holding a meeting in Lomé, Togo, on March 21-24.
“Finance experts and legal affairs practitioners in ports will reflect on key issues like a follow-up of port concessions, procedures of liaising portions of ports domain,” the Association wrote on its website.
The meeting aims to bolster regional cooperation relative to port management and port competitiveness. This is in a context where the port of Lomé is among the top 100 ports in the world, the fourth best port in Africa, and the first in West Africa, in terms of container traffic.
The PMAWCA was established in October 1972 under the auspices of the Economic Commission for Africa (ECA). It covers ports in West Africa, Mauritania, and Angola. It takes into account a coastline of about 12,000 km and ports that handle about 300 million tons of maritime import/export trade for the subregion (excluding crude oil).
In 2018, the number of members of the association was 40, up from 9 in 1972.
Ayi Renaud Dossavi
South Africa-Togo: A group of South African economic investors is in Togo
Togo and South Africa are working on bolstering their relationship. Last Thursday, the two sides opened a meeting to this end. The meeting was held between a ministerial delegation from South Africa and the Togolese ministry of investment promotion.
Specifically, both sides are working on action plans for investment projects to develop in Togo. Projects of interest fall under Togo’s 2025 government roadmap and they are in the following sectors: agribusiness, energy, water, telecom, roads, ports, and airports infrastructure.
According to the ministry of investment promotion, the South African initiative will restart cooperation between the two countries, after it slowed due to Covid-19.
The meeting follows many similar ones held with investors from Africa, Europe, and Asia. It aligns with Togo’s ambition to attract more investors and contribute to its economic development.
Esaïe Edoh
Niger’s President visits the port of Lomé in Togo
The President of Niger, Mohamed Bazoum, visited the Autonomous Port of Lomé (PAL) yesterday, March 20. He observed the platform’s achievements in improving transit from Togo to Niger.
In detail, the leader visited the port’s docks and operating rooms. He was also introduced to reforms undertaken by the government to improve the PAL’s services–such as measures to reduce the costs and duration of operations–and upcoming projects related to the port.
Among the projects is one to expand the port. This project costs €50 million (about CFA32 billion) and involves investing in the Lomé Container Terminal (LCT) and acquiring handling equipment.
Other projects include the doubling of the national road N°1 to make it easier to move goods to neighboring landlocked countries, and the installation of a dry port at the Industrial Platform of Adétikopé (PIA).
Some of these projects have been completed and others are ongoing. According to Edem Tengue, the Togolese minister of maritime economy, they all aim "not only to ensure the development of Togo but also, are an expression of the willingness of Togolese authorities to improve trade relations between Togo and its hinterland neighbors.
Data from the UN shows that in 2019 Togo exported $80 million worth of goods to Niger. It is one of the many Sahel nations with which Togo has excellent trade relations.
Esaïe Edoh
Decentralization: In Togo, Yoto III municipality adopts a CFA4 billion development strategy for the next five years
The Yoto III municipality in Togo needs CFA4.16 billion to implement its development strategy over the next five years. The strategy was validated on March 15, 2023, in Gboto Vodoupé, the head district of the municipality.
The funds, according to the municipal council, will finance agricultural and entrepreneurial projects. They will also help improve the quality of social services and boost environmental management, social cohesion, governance, and local finance management.
To get the money, the local authorities plan to partner with companies and international organizations that operate in Togo.
Already, the municipality can count on Lome Multipurpose Terminal (LMT), Scan Togo, the International Organization of the Francophonie (IOF), and the Etablissement de Travaux Géologiques et Miniers (ETGM as they contributed to the strategy’s elaboration.
Esaïe Edoh
Afri-Plastics Challenge: Green Industry Plast-Togo wins 1st place and gets £1 million
Green Industry Plast-Togo (GIP) won Challenge Works’ Afri-Plastics Challenge. The Togolese company won £1 million to scale its plastic waste collection, sorting, and recycling solution.
GIP is one of the nine teams of innovators from sub-Saharan Africa to which Challenge Works awarded a package of £4.1 million in the final stage of its contest, which was held on 13-16 March 2023 in Nairobi, Kenya.
Launched in July 2021, Afri-Plastics Challenge was organized alongside the Canadian government. It received 1,141 entries from sub-Saharan Africa.
The Challenge registered 1,141 entries from all parts of Africa. The final stage occurred on 13-16 March 2023 in Nairobi, Kenya, with 240 projects selected.
GIP Togo and its promoter, Bemah Gado from Togo, were among the three finalists that won the prize under the strand “Accelerating Growth”. The other two were Chanja Datti from Nigeria and Mega Gas from Kenya. They were respectively awarded £750,000 and £500,000.
With the help of local authorities, GIP-Togo set up plastic waste collection units and sorting facilities in Togo's main cities. The waste collected is recycled.
Since it was launched in 2017, GIP Togo has been backed by the Support Fund for Youth Economic Initiatives (FAIEJ). The latter also backed its participation in the Afri-Plastics Challenge.
Ayi Renaud Dossavi
Togo: More than 5 million trees planted in 2022, under the reforestation strategy
More than five million trees were planted in Togo last year, in line with the country’s reforestation strategy and efforts to fight climate change. The trees were planted over more than 8,000 hectares. The details were communicated on March 15, 2023, during the latest council of ministers.
The government lauded “the strong support of all actors during this reforestation campaign and encouraged them to keep the momentum for better results for our country’s good," the council wrote in its statement.
Togo planted 3.3 million trees in 2021, 57% less than it did last year. This year, it intends to plant 14 million seedlings over about 11,000 hectares (including 2 million on June 1st, the national tree day).
The West African nation expects to plant a billion trees by 2030.
Ayi Renaud Dossavi