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

The United Nations Development Program (UNDP), in partnership with the National Council of Employers of Togo, has provided CFA434 million to 35 Togolese female entrepreneurs.

En partenariat avec le Conseil National du Patronat du #Togo, @PnudTogo octroie une subvention de 434 millions CFA à 35 femmes entrepreneuses #togolaises pr booster leur productivité et aider à la transition vers le formel dans le contexte de la @zlecaf_tg @AfCFTA. @UNDPAfrica pic.twitter.com/jRXwtADaSY

— Aliou M. DIA (@aliouMdia) November 7, 2022

An official ceremony for the donation was held on November 7, 2022, according to Aliou Dia, head of UNDP Togo. The funds, the executive indicated, will help the recipients formalize their businesses, in the context of preparation for the African Continental Free Trade Area (AfCFTA).

It should be emphasized that two months ago, the Employers Council of Togo and the United Nations System signed a letter of intent to bolster their partnership – a partnership that aligns with Togo’s 2025 Development Roadmap and aims to accelerate the achievement of SDGs by 2030, and of the African Union’s objectives.

On Monday, November 7, 2022, Lomé hosted the first session of the partnership dialogue between Togo and the European Union (EU) within the framework of the new Partnership Agreement between the Organization of African, Caribbean and Pacific States (ACP) and the European Union (OACPS-EU).

Mostly, the issue of security in northern Togo, the impact of the war in Ukraine, decentralization, upcoming elections, economic governance, and the fight against corruption were the topics discussed during the meeting.

Regarding decentralization and the upcoming elections, the EU said the Togolese government should sustain its efforts, especially relative to the financing of municipalities and the inclusion of political actors.

Also, the Europeans praised Lomé for the various steps taken to mitigate inflation and make life easier for the Togolese people, especially the poor. They then recognized Togo’s commitment to improving economic government and tackling corruption through initiatives such as assessing public finances and adopting a national anti-corruption strategy. 

Togo, it should be noted, recently received €55 million from the EU for two key projects. During the meeting, the Togolese part reassured the EU representatives, saying they will “use the dialogue’s conclusions to elaborate promising strategies that will help improve populations’ living conditions.” 

The new partnership agreement between the ACP and the EU was initialed on April 16, 2021, in Brussels, Belgium.

Esaïe Edoh 

Augustin Favereau is the new french ambassador to Togo. He was appointed to take the place of Jocelyne Caballero who held the position for three years.

Before his appointment, Favereau, 44, was an advisor to the department of ''Cultural Diplomacy, Influence, Francophonie'' of the French Ministry of Foreign Affairs. From 2013 to 2016 he was an advisor for cooperation and cultural action in Jerusalem, Israel, and head of the French Institut in the same city. 

In 2013, he was chargé de mission and deputy to the sub-directorate of international economic affairs of the Ministry of Europe and Foreign Affairs.

Favereau is already in Lomé and should present his credentials to President Gnassingbe soon.

Last Friday, his predecessor, Jocelyne Caballero, was thanked by the Togolese Minister of Foreign Affairs, Robert Dussey, for “all the initiatives implemented during her stay.”

Esaïe Edoh 

Togo just launched a simultaneous issue of two bonds on the WAEMU security market. The amount targeted is CFA30 billion. 

The bonds have maturities of 3 and 10 years, respectively, a nominal value of CFA10,000, and interest rates of 5.3% per annum (for the 3-year bond), and 6% per annum (for the 10-year bond). The issue will close on November 11, 2022.

The issue’s proceeds will help “cover the financing needs of Togo’s State budget, in line with its plan for economic recovery which is aimed at cushioning the impacts of the Covid-19 pandemic and returning to the performances recorded before the health crisis.” 

So far into the year, Togo has raised CFA440 billion on the WAEMU market. The country recently increased how much it seeks to raise on this market this year – from CFA533 billion to CFA663 billion – due to social expenditures and security issues. 

Esaïe Edoh

The Regional Consular Chamber of the West African Economic and Monetary Union (CCR-UEMOA) opened its fourth board meeting yesterday, November 7, 2022, in Lome. The launching ceremony was chaired by Togo’s Trade Minister, Kodjo Adedze.

During the meeting, participants will assess the development process of the Union’s economies. Another goal is to boost the capacities of economic actors, make them more competitive, and help them take advantage of the African Continental Free Trade Area (AfCFTA).

"The importance of the private sector is increasingly evident today. Indeed, this sector provides more than 70% of jobs in developing countries in general, and more particularly in the States of the Union," said Kodjo Adedze.

Moreover, the statutory meeting will help the CCR-UEMOA’s board prepare for its general assembly, scheduled for next month in Cotonou, Benin. On this occasion, concerned stakeholders will find appropriate strategies to make the West African private sector more resilient to external shocks and crises. "The Private sector can only be strong or can only develop in a healthy environment where competition rules are as clear as anywhere else and where policies are supporting the community, especially to help businesses that are in the region develop,” said the President of the CCR-UEMOA, Daouda Coulibaly. 

We have fairly weak companies in the sub-region and therefore they should be given a little more dynamism so that they can position themselves against other foreign competitors," commented Nathalie Bitho, acting president of Togo’s Chamber of Commerce and Industry. 

The CCR-UEMOA has its headquarters in Togo.

The International Finance Corporation (IFC) has a new regional director for West Africa: Olivier Buyoya. According to the World Bank branch, Buyoya, a Burundian, will cover 13 countries, including Togo. This was disclosed last Friday, November 4.

"I'm delighted to take up this new role and look forward to increasing IFC's support to West Africa, a dynamic region of immense potential," said Buyoya. "Although West Africa faces both local and global challenges, increased private sector investment can help the region build stronger, more sustainable economies by developing key sectors including agribusiness, green energy, the digital economy, and others," Buyoya said.

The new regional director will collaborate with the World Bank, development partners, and actors of the private and public sectors, to bolster the IFC’s investment and advisory initiatives in West Africa. 

Before the recent appointment, Olivier Buyoya was the IFC’s representative in Burkina Faso, Côte d’Ivoire, Guinea, Mali, and Niger. Before that, he held various positions within the institution where he has been working for 15 years. 

In Togo, the IFC is coordinated by Christopher Bailliet-Bleziri, an Ivorian. The institution helps the country by supporting SMEs, notably in the ICT and mobility (Gozem) sectors. It also supports energy transition (Zener).

Ayi Renaud Dossavi