Togo First
Invesment promotion: Togo approved 24 new projects in Q3 2022
A total of 24 new investment projects were approved in Togo in Q3 2022. Valued at CFA107.1 billion, according to the Ministry of Investment Promotion, these include 10 projects approved under the Free Zone regime and 14 under the Investment Code. All of them should generate 2,000 permanent local jobs.
Regarding investment sources, there are 14 foreign direct investment (FDI) projects, valued at CFA82 billion. Out of the 14, three, valued at CFA15.3 billion, will be developed at the Industrial Platform of Adetikope (PIA).
The remaining 10 projects are national investments totaling CFA25.2 billion.
In 2021, 38 new projects, valued at CFA277.2 billion, were approved under the Free Zone regime and the Investment Code.
Recently, the ministry of investment promotion announced it would reinforce its partnership with Togolese embassies abroad, in hope of securing more investments.
Ayi Renaud Dossavi
Kennedy Round: Togo gets a new rice shipment from Japan, its third this year
Togo received last Monday, another white rice shipment from Japan, the third this year, as part of the 2021 Kennedy Round (KR). This shipment (2,748 tons) is worth about CFA1.7 billion (350 million yen).
A delegation from the Togolese ministry of agriculture, led by Konlani Dindiogue, head of the ministry’s cabinet, received the shipment at the Autonomous Port of Lomé (PAL).
Under the terms of the KR project, the rice will be sold and subsequent earnings will be used to set up a fund for financing socio-economic projects across the country.
The Kennedy Round is a non-reimbursable financial cooperation assistance that allows developing countries facing food difficulties to receive cereals such as rice and wheat for the benefit of their populations, especially the most vulnerable.
Mainly, it supports the efforts of these governments to cut the rice deficit, boost food security, and improve nutritional balance, and the living standards of the poorest.
According to the Togolese ministry of agriculture, since 2008, Japan’s support for Togo, as part of the KR project reached 4.6 billion yen (a little more than CFA23 billion). The West African country has received from the Asian country 849 tons of wheat and 29,205 tons of white rice.
Esaïe Edoh
Ecobank remains Togo’s top bank for the 3rd consecutive year (The Banker)
For the third consecutive year, The Banker, a specialized magazine, ranked Ecobank Togo the Bank of the Year. It was revealed during the media’s annual Banks of the Year Awards.
This year, Ecobank was able to keep its crown in Togo by launching new bancassurance products and improving its customer care.
“Togo’s Bank of the Year award for 2022 goes to Ecobank, whose highlights for the period include the development of its bancassurance product line, an upgrade to its customer relationship management capabilities, and its ongoing support for small and medium-sized enterprise (SME) customers,” The Banker wrote on its website.
In December 2021, Ecobank Togo signed a partnership with five major insurers to provide SMEs, in Togo and 26 other countries covered by the lender, with bancassurance products. Through the move, the pan-African bank aimed to tap into Africa’s flourishing insurance market.
We have proudly contributed to developing Togolese SMEs through initiatives beyond banking services. These include training, boosting digital presence, market spots, and more. This award recognizes our efforts, said Souleymane Touré, MD, Ecobank Togo.
In 2021, Ecobank was Togo’s second-largest lender, by assets, with CFA557 billion of assets. The first was Orabank.
Sandra Johnson receives two awards for her efforts in improving governance in Togo
The Minister, Secretary General of the Presidency of the Togolese Republic, Sandra Ablamba Johnson, received on December 23, 2022, in Abidjan, the "Special Prize for the development and promotion of private investment in Togo" and the "Women leadership Prize in Togo".
She received the awards during the 2022 Gala Dinner of the African Observatory for the Promotion of Good Governance.
In recent years, Johnson has been spearheading efforts to improve Togo’s business climate and bolster private investment in the country.
Esaïe Edoh
Togo: Parliament adopts 2023 budget
On the night of Dec 22-23, the Togolese Parliament adopted the budget for 2023. The bill, which was approved unanimously, totals CFA1,957.9 billion in revenue and expenditure. This is 4.4% more than 2022’s rectifying budget.
Defending the bill during its adoption, Sani Yaya, the minister of finance, talked about the current international context, which is “marked by the persistent effects of the health crisis and the impact of the Russian-Ukrainian conflict”. “These crises”, the official continued, “have spurred strong inflationary pressures and tighter monetary policies, which in turn induced a slowdown of economic activities.”
Yaya was representing the government at the assembly, with Christian Trimua, the minister of human rights and spokesperson of the government
Social and development-oriented projects
The 2023 budget focuses on social and development-oriented projects. Indeed, 48% of projected spending under the bill will be dedicated to the first axis of the government’s roadmap (Togo 2025). This axis covers inclusion and human capital development ; 35% of projected spending will be dedicated to the roadmap’s second axis which focuses on supporting productive sectors, while the remaining 17% will, according to minister Yaya, help boost the State’s capacities.
Next year, CFA623.4 billion should be allocated to social sectors–thus nearly 49% of the whole budget which is close to CFA2,000 billion. In the 2022 budget, the amount dedicated to these sectors was lower: CFA522.2 billion.
Private sector gets new support
Besides the social sectors, the government announced several incentives for the private sector. They include the suspension of installment payments if turnover falls sharply or the business shuts down, the exemption of the payment of custom duties and taxes on construction equipment and machinery, the renewal of customs duties and VAT exemption for new electric and hybrid vehicles, and tax abatements for vehicles that are less than five (5) years old.
The measures “reflect the government’s firm commitment to mitigating inflation’s impact on the purchasing power of both public and private sector employees and households and on businesses’ capacity to create wealth and support (Ed.note: economic) growth,” Sani Yaya added.
Ayi Renaud Dossavi
Coris Bank opens a new branch in Togo
Coris Bank Togo (CBI-Togo) opened a new branch in Agoè Sogbossito (northwest of Lomé) yesterday, December 22.
According to Alassane Kaboré, MD, CBI-Togo, the recent opening falls under the lender’s strategy to become a reference in the country and help boost financial inclusion. The executive noted that more branches would be opened in the near future.
"No matter what, despite digitalization, there are still people far from our branches. We must continue opening new branches so that everyone can access financial services," Kaboré said.
In addition to expanding physically, CBI-Togo is also expanding its range of services. Yesterday, it launched two new bancassurance products, Coris Auto and Coris Voyage, in partnership with GTA, the insurer.
Esaïe Edoh
Togo: National employment Agency to launch digital platform to track labor dynamics in the country
The National Employment Agency of Togo (ANPE) is working on a digital platform dedicated to employment. The platform, which is backed by the UNDP, will collect and make available to the general public and decision-makers data on the local labor market. The project was revealed to the press and the public on December 21, in Lomé.
“It is important for the government to keep track of the evolution of employment, of the number of jobs created, job losses, the number of graduates, and how many people exit the education system,” said Kossi Tsiglo, Director-General of the ANPE. For the agency, the goal is to fill the data gap existing in the country, and tackle issues faced in collecting reliable labor-related data in Togo.
The platform under development will, among others, provide data on the number of jobs created over a given time, and staff movements (voluntary departures, layoffs, recruitments, etc.). It will also get a reliable estimate of the number of graduates who join the labor market and identify jobs that are most in demand. The platform should be operational in a few days.
Togo: Ministry for investment promotion team up with several Togolese embassies to attract more foreign investors
Rose Kayi Mivedor, Togo’s minister for the promotion of investment, had an official meeting with several Togolese embassies yesterday, December 22. Mivedor and her staff were looking to establish a collaboration framework with the embassies to attract more investments in Togo.
Around 30 embassies -including France, England, the U.S, Japan, and India’s- took part in the talks.
"You are the international channels through which these reforms and actions implemented by the government will be relayed to our international partners," said Mivedor, while stressing the importance of "transparency, availability of information, facilitation" in the interactions.
"Our country is open to sustainable partnerships, and an enabling legal framework has been put in place with the PPP law that was adopted in December 2021. The structures of reception, support and facilitation are present and operational. It is this message that I would like you to relay," she added, while assuring that the Investment Promotion Agency and the Free Zone (API-ZF) are pursuing reforms to make things easier for investors and boost trust and transparency between them and public administrations.
"The agency is therefore your go-to source for information, and it ensures that our future partners and investors know about the various investment opportunities that our country offers."
Also during the meeting, the ministry for investment promotion and its operational arm, the API-ZF, briefed participating diplomats on the favorable conditions put in place for foreign investors, as well as on results achieved leveraging technical and financial supports. The MPI’s motive in sharing this information with the embassies was to encourage them to organize activities and spark foreign investors’ interest for Togo.
Regarding the results achieved, in 2021, 38 projects were approved in the Free Zone and under the Investment Code, for a total amount of CFA277 billion–58% of which were FDIs. According to the MPI, sectors that attracted most of the investments were clothing, wood and building, agrifood, mechanics and services.
At the end of September 2021, 24 more projects were approved, totalling an investment of CFA107 billion–81.9% of FDIs and 25.3% as national direct investments (NDIs).
The ministry for investment promotion also presented various Togolese sites that attract investment, notably the Industrial Platform of Adetikope (PIA).
"The PIA stands today because of five investment projects, including three in the free zone and two in the investment code, valued at about CFA125 billion," said Rodrigue Akue-Atsa, adviser to the Ministry of Investment Promotion.
Mivedor’s ministry added that several roadshows, similar to the ones organized in the UK, or with clothing investors at the PIA, are scheduled for 2023, both within and outside the country.
Ayi Renaud Dossavi
Togo: Government examines innovation-focused draft bill
On December 21, 2022, the council of ministers of Togo examined a draft bill that would help the country boost innovation, with a focus on the digital sector.
This draft bill emerges amidst efforts to modernize the Togolese economy and develop digital activities in the public and private sectors, for the good of people and businesses, reads the council’s minutes.
According to the government, the draft bill will be further examined during the next council of ministers, before it is sent to the parliament. The document, the authorities stressed, aligns with their interest in innovation, especially regarding youth and entrepreneurship.
A few days ago, the ministry for grassroots development launched the first edition of Togo Youth Innovation Week. The event, which is set to take place on December 27-30, 2022, aims to bridge youth, innovation, and job opportunities, with a focus on research, science, innovation, and entrepreneurship. “Innovation at the root of a strong, inclusive, and prosperous economy” is the theme picked for the first edition.
Ayi Renaud Dossavi
Togo to set up an agency that will ensure the quality of higher education at the national level
Togo will soon have an agency specifically dedicated to ensuring the quality of higher education, the ANAQES. The government adopted a decree in this framework on December 21, 2022, during its Council of ministers.
According to the government, the agency’s main mission will be to coordinate the implementation of the Togolese quality assurance system in higher education and research." Besides, it will “oversee regulation, evaluation, and accreditation in the higher education and research sub-sector”, as well as “promote the culture of quality assessment and insurance.”
"The agency will cover all structures at the national level. So it's not just an agency for Togo's public universities, it's an agency for higher education and research, whether public or private," said Christian Trimua, a government spokesman.
The upcoming agency should also decide on reforms that will be introduced in Togo’s higher education and research sector, especially regarding the Bachelor-Master-Doctorate system. These reforms, and the agency, aim to make sure that the education given in the country matches the needs of its employment markets and development ambitions.
Ayi Renaud Dossavi