The Golfe 5 municipality of Togo adopted its budget for 2024 yesterday, December 5. The municipality, located in Greater Lomé, plans to spend a little over a billion CFA next year–CFA776 million for operations and CFA317 million for investments. 

With the budget, which is provisional, the municipality intends to build and equip basic socio-collective and educational infrastructures, maintain the road network and green spaces, and undertake sanitation actions.

Commenting on the matter, the Golfe 5 mayor, Kossi Agbenyega Aboka, said: "Effective collection strategies will be elaborated and put in place to boost revenues and meet the many expectations of the people".

Esaïe Edoh

Three Togolese municipalities inked a parametric insurance agreement with AXA Climate, a subsidiary of Howden, the London-based broker. The three municipalities are Golfe 1, Golfe 7, and Kloto 1. Sealed in Dubai, on Dec. 4, on the sidelines of the COP28 summit, the deal will be implemented by AXA Climate and PADIE, a Togolese NGO that is committed to environment-friendly integrated development.

Under the agreement, the InsuResilience Solutions Fund will co-fund the implementation of anti-flood insurance products. The goal is to bolster the financial capacity of municipalities concerned in the event of flooding and launch a predefined emergency response.

Various solutions will be recommended to the municipalities to reduce the risks of flooding. These include collection basins and tree-planting projects

"As a committed climate insurer, the science of adaptation is truly part of our DNA. We're honored to help these cities better prepare for future flooding," declared Karina Whalley, Head of Public Sector at AXA Climate.

In this framework, workshops will be organized with the municipalities’ decision-makers, technical experts, and the population. These meetings will focus on deciding the most important adaptation measures and urgent actions that should be covered by the parametric insurance. 

"Our flood risk is threefold: it can be pluvial, fluvial, and coastal. It is essential to better measure where the risk comes from, to deduce priority adaptation measures," noted Joseph Koamy Gomado, mayor of Golfe 1.

In the first year of implementation, Howden will provide the three Togolese municipalities with $100,000 as part of the agreement. 

The Golfe 1, Golfe 7, and Kloto 1 municipalities have a combined population of 700,000 people. 

Esaïe Edoh

Pan-African airline Asky expects its passenger traffic to reach 1,120,000 by the end of the year. Daté Tevi-Benissan Martial, acting commercial director of the Lomé-based carrier, disclosed the forecast to the Togolese press last week. According to the executive, the figure was standing at 1,000,300 on November 26, 2023, from the beginning of the year. 

The company currently serves 26 African cities, in 24 countries. It has 14 planes and should get three more–Holy 737 Max–next year. “In January, we should receive a new plane to replace an older one. Next year, we will focus on consolidating the two destinations we added this year, Luanda and Nairobi,” Tevi-Benissan Martial said.

Asky eyes new destinations in Europe in line with its expansion ambitions; a goal that matches that of the Lomé airport to become a continental hub.

In August 2023, the State of Togo joined Asky’s shareholding, buying 14.39% of its shares for about CFA6 billion. 

Esaïe Edoh

Togo will expand the production capacity of its Blitta PV plant (located 260 km from Lomé), by 30MWp. UAE-based AMEA Power will finance the extension, in line with a deal it signed with Togo on December 2, 2023, in Dubaï. The deal was signed on the sidelines of the ongoing COP28 summit. 

Besides the added capacity, AMEA will provide the plant with another battery with a minimum storage capacity of 10MWh. The support’s amount has not been disclosed at the moment.

AMEA Power, a subsidiary of Al Nowais Investments (ANI), develops the Blitta plant. It was awarded a 25-year operating permit.

Equipped with over 5,000 panels, the Blitta plant has a basic capacity of 50 MWp. At the moment, works are underway at the facility to bring this capacity to 70 MWp (ed.note: excluding the new addition). The project received a CFA21 billion financing from the West African Development Bank (BOAD) and the Abu Dhabi Fund for Development (ADFD). 

Esaïe Edoh 

The West African Development Bank (BOAD) launched its Climate Evaluation Fund (CEF) on December 4, 2023. Through the Fund, the Bank will boost financing in green projects across the WAEMU States. The new vehicle was launched in Dubaï, UAE, on the sidelines of the COP28. 

On the same day, the BOAD secured a €15 million subsidy package from the French Development Agency (AFD). The deal was sealed by BOAD boss, Serge Ekue, and Rémy Rioux, AFD managing director. The package will support the new Fund and the SONGTAABA program which is a quick-impact emergency program.  

Togolese economist Kako Nubukpo was present at the signing ceremony, as the representative of the WAEMU commission. “This Fund”, he said, “is a major tool which joins and reinforces the regional armada of tools provided to our member States to help them mobilize needed financings, matching our ambitions for sustainable development.” 

It is worth noting that the Council of Ministers of the WAEMU enacted the creation of the newly launched Climate Evaluation Fund on September 22, 2023.

Agence Française de Développement (AFD) will pump about CFA35 million into nine (9) environmental projects in the Greater Lomé District, Togo. The sports associations and federations behind the projects were revealed last Wednesday by the Autonomous District of Greater Lomé (DAGL).

The projects, filtered through a call for projects, aim to get the people of all 13 communes of the Greater Lomé district involved in the management of the urban environment through the practice of sports.

"Through this initiative, the DAGL intends to support projects that implement an ambitious strategy to promote sporting activities within its territorial jurisdiction. These projects are based on actions to raise awareness among the population, of the good behavior to be observed in waste management, which also integrates gender aspects," said Tafèyinam Tagba Tchalim, Acting Secretary General of the DAGL.

The call for projects through which the projects were selected falls under the fourth component of the Lomé Urban Environment Project (PEUL III). The project is funded by the AFD and steered by the DAGL. It focuses on improving waste management and treatment in the Greater Lomé district.

Esaïe Edoh

The Togo-Kazakhstan cooperation will be 10 years old in 2024. Ahead of the anniversary, the leaders of both countries recently met in Astana, Kazakhstan. 

The two presidents, during the meeting, talked about boosting cooperation between their countries, on the political, commercial, economic, cultural, and humanitarian fronts, especially. 

"We have enormous opportunities to give new impetus to our cooperation for the benefit of our peoples," said the Togolese President, Faure Gnassingbé.

"We are ready to establish closer contacts with Togo. We fully support this country's desire to establish mutually beneficial cooperation," President Kassym-Jomart Tokayev declared for his part. The two men made the comments after a meeting where they discussed issues relating to agriculture, new technologies, joint development of mineral resources, and investment.

Bolstering trade relations

The two countries, which have agreed to strengthen ties in various areas, aim to improve their trade relations; a goal that requires adopting certain measures.

Indeed, according to the Kazakh president, his country "has enormous potential for exporting grain to Togo". The leader invited Togo to join the Islamic Organization for Food Security, a body whose creation his country initiated. Tokayev said joining the group would help enhance Togo’s agricultural potential.

Kazakhstan sets sights on Togo's port and subsoil

"Kazakhstan and Togo are rich in natural resources", said the Kazakh leader, adding that the two nations can collaborate "in the exploration, production, and development of deposits of iron, phosphate, bauxite and other rare earth minerals".

Already, Kazakh entrepreneurs are positioning themselves to explore opportunities in Togo's mining industry.

"Kazakhstan and Togo can become strategic partners. Your country has enormous economic potential. Our delegation would like to expand cooperation in the trade, economics, mining, agriculture, transport, and digitalization sectors," said the Togolese President. 

The two countries are also exploring potential investments in the port of Lomé. 

Kazakh universities open to Togolese students

In addition to these fields, both sides want to cooperate in the cultural and humanitarian sectors. Already, the Kazakh government has launched scholarship programs for Togolese college students who would like to study in Kazakhstan.

To make the two presidents' stated ambitions a reality, Togolese entrepreneurs are invited to next year's Astana International Forum, "to familiarize themselves with Kazakhstan's economic potential."

Esaïe Edoh

Togo recorded an inflation rate of 6.0% in October 2023, against 6.2% the month before. The data was published by the country’s Institute for Statistics, Economic and Demographic Studies (INSEED). The general price level in October decreased by 2.0% compared to July 2023, quarterly. This is mainly due to the regression of the "Food products and non-alcoholic beverages" consumption function index (-6.7%).

However, some categories recorded price increases, notably "Restaurants and Hotels" (+2.1%), "Education" (+3.8%), and "Clothing and Footwear" (+0.7%).

This was mainly due to price increases in several categories, including "Food products and non-alcoholic beverages" (+1.0%), "Restaurants and Hotels" (+2.0%), "Education" (+3.9%), "Miscellaneous Goods and Services" (+0.3%), and "Leisure and Culture" (+0.5%).

The general price level rose by 5.0% compared with October 2022.

Ayi Renaud Dossavi

Togo’s President Faure Gnassingbé has been in Dubai since November 29 with many other world leaders for the ongoing COP28 summit. The event started on November 30 and will end on December 12, 2023.

As soon as he arrived, Gnassingbé met his Emirati counterpart, Sheikh Mohamed Bin Zayed El Nayan. They reviewed their countries' bilateral relations and discussed possible cooperation opportunities in strategic sectors.

Read also: Ahead of COP28, Togo unveils its priorities regarding climate change

Togo has its own office and pavilion at the event’s venue. There, the West African delegation seeks new partners and showcases various projects and initiatives in agroecological practices and water management. The delegation also highlights the country's policy of building a climate-resilient, low-carbon economy.

The COP28 offers African nations a chance to defend their interests, regarding climate change and climate justice. This year, these countries call out polluting countries on their 2009 commitment to provide $100 billion a year in climate financing up to 2020. They also demand more support to boost their clean energy output–wind and solar especially– to meet their needs. Almost half of the continent’s population, 600 million people (out of 1.4 billion), does not have electricity.

Other issues Africa brings to the table include introducing a carbon tax and restructuring the international financial system for fairer access to the investments needed for sustainable development. African countries also want to be less dependent on fossil fuels and boost local processing of raw commodities.

BOA Togo, a subsidiary of the Bank of Africa Group, recently announced a CFA15 billion financing to empower local businesswomen. The lender inked last Wednesday, Nov. 29, two partnership agreements with two associations: The AFCET and LIM IMPACT. 

The AFCET regroups Togo's women entrepreneurs while LIM IMPACT promotes equal opportunities for the Togolese youth and women. 

The AFCET will receive CFA1 billion to help its members expand within and outside Togo’s borders. LIM IMPACT will use the remaining CFA500 million to support its activities. 

Commenting on the package, Valentine Sama, boss of the AFCET, said: “This is an opportunity for our sisters to develop innovative projects and increase their impact on the local economy.”

According to Youssef Ibrahimi, MD BOA Togo, the two agreements will cover a year and could be extended.

The financing came from a $60 million facility that the BOA Group obtained from the International Finance Corporation (IFC) to cover half of the risks on a $120 million loan portfolio. With the IFC facility, BOA will support SMEs in eight African countries, including Togo. Half the funds are earmarked for women-led businesses and projects to combat climate change.

Esaïe Edoh