A week ago, the international airport of Lomé inaugurated its new power plant and lighting system. The installations, which cost CFA4 billion, were commissioned by the Togolese Minister of Road, Air, and Rail Transport, Affoh Atcha-Dedji.

The new plant and lighting system were set up by the Agency for the Safety of Air Navigation in Africa and Madagascar (ASECNA). They aim to boost air safety in Africa and improve the Agency’s navigation services, as well as “ensure optimal air safety in our country,” according to Minister Atcha-Dedji. 

The project is part of ASECNA’s Services and Equipment Strategy. It should also contribute to the Togolese government’s ambition to make Lomé’s airport a West African logistics hub.

Esaïe Edoh 

The Togolese government plans to take several measures next year, to bolster social inclusion and improve the country’s business climate. These measures were disclosed last Friday, November 11, during the council of ministers dedicated to the adoption of the 2023 finance bill. 

In 2023, the government plans to extend tax exemption from school canteens to universities and companies. The authorities also want to reduce the patent rate to help fabric sellers to be more competitive. 

In the construction and building sector, equipment and materials will also benefit from tax and duty exemption. According to the government, this aims to support “construction and public works firms in the country.”

Moreover, insurance premiums that employers pay their employees will now be tax deductible. "The idea here is to assist the implementation of universal health insurance and at the same time support companies that are taking the step towards social protection for their employees," said government spokesman Ayewouadan Akodah.

These new measures add to those taken in 2020 to help people better live and cope with inflation.

At the same time, Lomé added that "the state budget for 2023 will also fund the continuation of the emergency resilience-building program in the savannah region," which is under threat from jihadists.

Esaïe Edoh 

The government of Togo will keep paying special attention to inflation in the coming months. The authorities said this last Friday, November 11, after the council of ministers held that day. 

The government promised to keep the inflation “under control”, in a context where it has been soaring past unseen levels in recent months. 

A controlled inflation

This indicator has never been as high in the previous years but, according to data from the National Institute for Statistics, Economic and Demographic Studies (INSEED), it was stable in July and August 2022, grew slightly (2 base points) to 7.1% the following month, and 7.2% in October.

In September 2022, the general price level rose by 0.4% compared to June 2022 (quarterly). The change was driven mainly by an increase in the costs of transportation (+8.4%), housing, and domestic energy (the functions "Housing, water, gas, electricity and other fuels", up +3.8%). It should be noted that the prices of "alcoholic beverages, tobacco products, and narcotics" grew as well, by +7.3%, over the period.

Initially scheduled to end this Saturday, November 12, Togo’s fifth general population and housing census (RGPH-5) has been extended to November 16. The government made the announcement last Friday.

Lomé decided to 'consolidate existing results, and to allow those who still hesitate to join the registration.' 

In recent days, many efforts were made, with the contribution of various actors (deputies, prefects, mayors, traditional chiefs, religious and community leaders, technical and financial partners) to get as many people as possible to register. For example, telephone lines were set up throughout the country to contact the census teams.

Avec Togo Officiel

Several businesswomen working in the coffee sector and from the Member States of the African and Madagascar Robusta Coffee Agency (ACRAM) gathered in Lome last Wednesday for a roundtable. They were attending a workshop to reinforce technical, commercial, and marketing links in the coffee value chains.

The workshop was supported by LADI AGRY and the International Trade Center. Its goal was to equip the participants with tools to draw sustainable business models and get financial and technical support for their activities According to the EU’s ambassador to Togo, Joaquin Tasso Vilallonga, women are, at the same time, producers, processors, and exporters of products. “Helping them get involved in all parts of the value chains has proven to be an effective and sustainable solution,” he added.

Besides, the 28 participants were introduced to some female coffee producers, cooperatives and SMEs that operate in the same sector, and financial institutions. Various partnerships were signed.

The meeting fell under the ACP Business Friendly program which was financed by the EU.

Esaïe Edoh

Kifema Capital, an investment firm and financial arm of Togo Invest, has partnered with STOA, a French investment fund (owned by Caisse des Dépôts and Agence Française de Développement) that operates in the energy and infrastructure sectors.

According to Kifema Capital, its Managing Director, Dr. Arthur Trimua, signed a memorandum of understanding (MoU) to this end with STOA’s MD, Marie-Laure Mazaud.

"This new memorandum of understanding strengthens the link between the two institutions and establishes a common framework for identification, co-development, and co-investment in the field of clean energy and infrastructure," Togo Invest disclosed last Tuesday, Nov 9.

The same source added that the MoU aims to pool the two parties’ resources and competencies, to “efficiently support the growth of the Togolese economy, through strategic investments.”

Togo Invest, let’s recall, is a State holding that handles big investments. Established in 2014, it has facilitated several key projects, including Togo’s Transport Corridor (CDT in French), which goes from the Port of Lomé to the Border with Burkina Faso, a dry port project (in Adetikope), a special economic zone, and a multipurpose logistics platform.

Ayi Renaud Dossavi

Lomé will host the second edition of the Africa Financial Industry Summit (AFIS) on November 28 and 29, 2022. It will be the first time the event, sponsored by the IFC and Jeune Afrique Media Group, is held physically.

AFIS will gather leaders of the African industry who will contribute to Africa’s economic recovery through a sustainable, competitive, innovative, and inclusive development of the finance sector. The participants will do so during conferences, workshops, and roundtables. 

"AFIS is a platform launched in 2021 to allow leaders of the financial industry to discuss financing issues in Africa. This edition will bring together leaders of banks, insurance companies, mobile money companies, fintech, and capital markets businesses. The meeting will be attended by regulators, ministers of economy and finance, and representatives of major development institutions," Frederic Maury, Deputy Director of AFIS, told Togo First. 

Over 500 participants, from 30 countries, are expected to attend the Summit where they will exchange on four major topics that organizers believe to be key for the finance sector.

There should be significant personalities like IFC’s Managing Director and Executive Vice President, Makhtar Diop, M-PESA’s CEO, Sitoyo Lopokoiyit, the President of the Moroccan Capital Market Authority, Nezha Hayat, the Governors of BEAC, BCEAO and the Central Bank of Kenya, and Mary Wangari Wamae, Executive Director of Equity Group Holdings.

"The first pillar covers everything that concerns financial digitalization (fintech, mobile money, etc.). The second pillar is green finance (Sustainable Finance) and the third is related to economic integration, the AfCFTA. A fourth theme emerged in light of the high inflation that we are dealing with. It is the impact of inflation on the soundness of the African financial industry and the outlook," added Frederic Maury, who also happens to be Deputy Managing Director of Events of Jeune Afrique Media Group.

AFIS organizers want to “encourage innovation and impact the continent’s economy”, in a context where the finance sector is growing and new pioneers are emerging.

Togo takes part in the 27th Conference of the Parties on Climate Change (COP27) taking place in Egypt. The West African country is represented by a multisectoral delegation led by the Minister of Environment and Forest Resources, Foli Bazi Katari.

During the conference, Minister Katari will present all steps and projects that Togo has initiated to tackle climate change – especially in the energy, transport, water, and agriculture sectors. He will also try securing a financing agreement relative to the $100 billion that rich countries have promised to put together to help the least developed countries adapt to and mitigate climate change’s impacts.

The Togolese Minister of Environment, at the event, met with Expertise France Group. The latter reiterated its commitment to support Togo implement various climate projects.

Esaïe Edoh

The Lome-based ECOWAS Bank for Investment and Development (EBID) will raise its authorized capital from USD1.5 billion to USD3.5 billion, effective January 2023. 

The move was unanimously approved by the Bank’s Board of Governors, during its 10th Extraordinary Session held on 27th October 2022 in Praia, Cabo Verde. Dr. George Agyekum Donkor, President and Chairman of EBID’s board of directors, disclosed the news right after the session.

According to Dr. Donkor, the capital increase will help the bank improve its “leverage, capital adequacy, and the overall risk-bearing capacity.” Also, he added, the operation should allow the lender to better align with industry trends and improve its rating. 

The President of EBID further noted that during the session, the Board of Governors, which comprises the Ministers for Finance and Ministers for Planning and Development of all ECOWAS Member States, also called for the third tranche of the capital of the Bank, that is USD438 million. This move, for its, part, should enable the EBID to provide more concessional resources to ECOWAS economies for rapid economic recovery. 

The EBID, let’s recall, is the financial arm of the ECOWAS and it supports all 15 members of the latter.

Ayi Renaud Dossavi