Togo First
Togo: Government wants to reduce power losses by 2%
The Togolese ministry of energy and mines will monitor and check the network of the country’s power utility (CEET). This was disclosed last week during the government seminar that was held in Kpalimé.
Through the move, the ministry hopes to cut power losses by at least 2%; losses which the ministry blames on fraudulent use of electricity.
"Strong action will be taken in this direction in the coming days, such as equipment check-ups aimed at reducing the loss rate by at least 2%, per its (the CEET) performance contract," the statement from the Ministers’ council read.
This campaign aligns with various efforts of the government to achieve universal access to power in Togo by 2030. These include the construction of the 65 MW Kekeli Efficient Power plant and Blitta’s solar plant last year. There is also the launch of the Tinga Fund, a "mechanism for facilitating access to electricity for low-income populations."
More initiatives include a program to extend power networks in urban centers, another to introduce reforms and boost investments in the energy sector, and a project to expand Lomé’s power network.
Esaïe Edoh
Togo: AFD pumps CFA32 million into eight pro-environment projects in Grand Lomé
In Togo, the French Development Agency (AFD) will disburse CFA32 million to two federations and six sports associations in Lomé. The beneficiaries will use the money to finance waste management projects unveiled last Wednesday. These projects were picked as part of the second edition of the call for projects launched by the Autonomous District of Greater Lomé (DAGL).
Out of the 32 million, the associations will receive 23 million, and the rest will go to federations.
The call for projects in question aimed to support initiatives that promote good environmental practices through sports. It was launched in June 2022 under the “Sport and Development” component of the Lomé Urban Environment Project-Stage 3 (PEUL 3).
"The DAGL, through this initiative, intends to support projects that carry an ambitious strategy for the promotion of sports activities in its territory. It is also to base the actions of sensitization of the population on the good behaviors to be observed in the management of waste, which also integrates the gender aspects and vulnerability related to physical disability," said the Acting Secretary General of the DAGL, Tagba Atafèyinam Tchalim.
The projects concerned here will be carried out in the Grand Lomé area, which regroups 13 municipalities.
Esaïe Edoh
Togo: Inflation rate at 6.9% in August 2022, same as July 2022
Togo's annual inflation rate was 6.9% in August 2022, the same as in July 2022. This is according to the latest data released by the National Institute of Statistics and Economic and Demographic Studies (INSEED).
The inflation rate stayed the same while goods’ prices, food excluded, rose by 1.8%, nationwide. A monthly decline of 2.1% from August 2021 is observed under the "Food and non-alcoholic beverages" category. The latter, let’s emphasize, represents over 30% of the INSEED’s National Harmonized Consumer Price Index (NHCPI) - a figure that provides a monthly overview of changes in the prices of consumer products.
Last month, Togo’s NHCPI was down 0.3% against its level in July 2022, in the context of the global energy crisis.
Energy and Transport
According to the INSEED, "this increase is the consequence of the rise in prices of products in the consumption functions "Transport" (+4.8%), "Housing, water, gas, electricity, and other fuels" (+3.7%), and "Restaurants and Hotels" (+1.1%)."
Overall, energy products experienced the largest increase (8.2%) between July and August, while "fresh products" saw their prices fall by 3.8%.
The global crisis, paired with freight costs and international supply tensions, keeps weighing on consumption in Togo, on imports especially.
According to the INSEED’s estimates, prices of imported products increased by 2.5% while those of local products decreased by 0.5%.
The same trend extended to prices of products from the secondary sector, which rose by 1.6%, and those of the primary sector, which fell by 4.5%, and which partly cushioned the shock.
Quarterly, transport prices rose by 9%
Compared to May 2022, the general price level in August 2022 in Togo increased by 1.1% quarterly, with increases in almost all major consumer product categories.
Thus, while the indices for the consumption functions "Communication" and "Health" (remained stable) and "Food and non-alcoholic beverages" (decreased by 1.7%), those for the other consumption functions increased.
The largest quarterly increase observed was in "Transportation", which rose by 9.1%, followed by "Housing, water, gas, electricity, and other fuels" up 4.4%. Next are "Restaurants and Hotels" (+1.7%); "Clothing and footwear" (+2.2%); "Furniture, household goods and routine household maintenance" (+2.9%); "Miscellaneous goods and services" (+0.9%); "Leisure and culture" (+0.7%); "Tobacco and drugs" (+1.5%) and "Education" (+0.3%).
Year-on-year, the general price level rose by 7%, compared to August 2021.
Ayi Renaud Dossavi
BOA Togo’s turnover falls for the first time since it launched in the country
BOA Togo, the local subsidiary of the Bank of Africa Group, recorded, in 2021, its biggest net profit since it started operating in the country in October 2013. Togo First obtained the information from BOA’s annual financial reports.
During its first three years in Togo, BOA was in the red but since 2017 it started recording a positive net profit. Last year, the net profit soared by 194% compared to the year before. That is also the biggest increase ever reported since 2013.
This performance, however, contrasts with the banking activity. While it has grown at an average rate of 45% per year since 2014, BOA Togo’s Net Banking Product (NBP) -which banks equal to their turnover- fell by about 16%, from CFA11.7 billion to CFA9.8 billion. This is the first time the lender’s turnover drops.
Although interest income held up despite a 2% decline in outstanding loans, this mixed revenue performance was mainly due to a 42% decline in commissions on services provided by the bank and a significant loss (-332%) on investment portfolio transactions.
However, the data assessed by Togo First shows that the counter-performance only impacted BOA’s net result. This was thanks to the control of the cost of risk. The latter is a key indicator that rose by 74% over the period reviewed; from -5 billion CFA to -1.3 billion CFA. This was enough to mitigate the 41% reduction in operating income.
BOA Togo has 14 branches across the country. Its managing director since August 2021 is Yousef Ibrahimi.94.5% of the Togolese subsidiary is owned by BOA WEST AFRICA, the West African holding company of the BOA group, itself owned by Morocco's BMCE. BOA is the eighth largest asset in Togo's banking sector.
In 2021, BOA Togo’s total assets increased by 8% to CFA189.8 billion, as did customer deposits, which reached CFA94 billion, while net outstanding financing slumped by 2% to CFA75 billion. At the end of December 2021, more than 63,885 bank accounts were open on its books.
Fiacre E. Kakpo
Togo: Livestock production was up last year
Togo produced more livestock last year than it did in 2020. The ministry of agriculture reported this in its 2021-2022 agricultural campaign review.
Over the period, poultry output grew by 8%, from about 28,219,000 heads in 2020 to 30,672,748 in 2021. As for sheep output, it rose from 1,765,949 to 1,878,669 heads, thus translating a 6% increase, from one year to the other.
The number of goats was also up: from 4,645,936 heads to 5,049,604 heads (+8%). The increase was less significant for cattle and pigs. The respective outputs of these two increased by 2%, reaching 473,582 for cattle and 1,129,336 for pigs.
The Minister of Agriculture attributes the increases to “better control of epizootics through vaccination campaigns.” He then lauded the performance which was recorded amidst “hazards associated with the Covid-19 health crisis.”
In Togo, husbandry contributed 16.5% of the agricultural GDP and over 6.7% of its national GDP in 2017. The figures were disclosed in an FAO report titled “Review of the livestock/meat and dairy value chains and the policies influencing them in West Africa”.
Esaïe Edoh
Livestock: CILSS seeks to reduce insecurity in the Sahel and West Africa
Last Monday, Sept 12, representatives from member countries of the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS) gathered in Lomé to find solutions to the growing insecurity in the Sahel and West Africa. The talks focused on husbandry and conflicts between farmers and breeders.
The theme picked for the meeting – CILSS’ 37th Day – was “Livestock in the face of insecurity in the Sahel and West Africa”.
During the meeting, regional actors of the agropastoral sector urged decision-makers and development partners of the Sahel and West Africa to help the regions better tackle the issues faced by husbandry and pastoralism.
"It is essential to seek solutions and lay the foundations for forward-thinking on the future of livestock systems amidst the ongoing change," said Otchotcho Kokou, Permanent Secretary of the National Committee of CILSS-Togo.
Actions that have been already taken to reduce insecurity in the sectors concerned were also reviewed at the meeting. These include the Regional Dialogue and Investment Project for Pastoralism and Transhumance in the Sahel (PREDIP) and the Economic and Social Development Project (PDES), which are supported by ECOWAS, the African Development Bank (ADB), and the World Bank.
According to the CILSS, around 80 million people in West Africa earn money by rearing livestock. In Togo, the activity contributed 16.5% of the agricultural GDP and over 6.7% of its national GDP in 2017. The figures were disclosed in an FAO report titled Review of the livestock/meat and dairy value chains and the policies influencing them in West Africa.
Esaïe Edoh
Togo: the Government held its second annual seminar this week
The Togolese government closed its second seminar for 2022 on Tuesday, Sept 13. The meeting, chaired by President Faure Gnassingbé, covered key topics like urbanism, health, and boosting private investment.
The country’s authorities also reviewed issues such as the digitization of public services, the operationalization of the Tinga Fund, agricultural mechanization and the promotion of agropoles, the mapping of socio-economic infrastructures, and resource mobilization.
Part of the talks, which involved some technical partners and experts, also focused on the cross-cutting issue of social welfare.
In this framework, the Togolese government said it will extend its health insurance project, relying on digitalization to better reach vulnerable populations, as part of the initiatives that are backed by the World Bank Group in Togo.
"Regarding social protection, the government's actions will aim at the generalization of health insurance, notably through more reforms in the health system, biometric identification, and the creation of the single social register," said the Togolese Presidency at the end of the meeting.
Efforts to improve the business climate have also received special attention from the authorities who aim to strengthen the attractiveness of the country. "The socio-economic development strategy is supported by the constant improvement of the business climate to strengthen the attractiveness of the country to private investment," the presidency added.
Ayi Renaud Dossavi
"Our wish is to create long-term partnerships with Togo” - Janis Aziri, President of Tunisia Africa Business Council
Lomé is hosting the Togo-Tunisia Economic Forum. On the occasion, a delegation of the Tunisia Africa Business Council (TABC) showed interest in investing in Togo and partnering with Togolese businesspeople.
Their interest was voiced by Anis Jaziri, chairman of the TABC, who led the Tunisian delegation.
At the opening of the business meeting between the two countries, Jaziri said: "Our wish is to create long-term partnerships with Togo in the sectors of industry, public works, processing, and health.”
The Tunisian added that his country wanted to cooperate with Togo in the areas of new technology, tertiary education, and environment.
The two sides took advantage of the meeting to lay the foundations for a win-win partnership. "This meeting offers not only an opportunity for Togolese economic operators to focus on other horizons including Tunisia but also an opportunity for Tunisian businessmen to discover the Togolese opportunities and establish new partnerships," said the Director of Investment Promotion, Yawo Sikpa, who also expects a strengthening of economic cooperation between the two countries.
The Togo-Tunisia business forum gathered 20 members of TABC. During the event, Invest in Togo – a platform that focuses on the business climate, the incentive framework, and investment opportunities in Togo – was presented to Tunisian investors. B2B meetings also took place, allowing businessmen from both countries to have direct exchanges.
Esaïe Edoh
Togo: PIA, MIFA, and ICAT ink MoU to better support agricultural stakeholders
The Industrial Platform of Adétikopé (PIA), the Risk-Sharing Incentive Mechanism for Agricultural Financing (MIFA), and the Institute of Consulting and Technical Support, under the supervision of the Ministry of Agriculture (ICAT), signed an agreement a week ago to technically support actors of the Togolese agricultural value chain.
The deal, a memorandum of understanding (MoU), was inked in Lomé on September 7. "By this act, the stakeholders agree to take joint initiatives to get closer to the agricultural sector," reads a statement issued on September 13.
Among others, the agreement will focus on profitable sectors, such as the soybean sector; it will also help professionalize agricultural stakeholders, train them, and provide them with technical support related to new farming practices.
The PIA, it should be emphasized, has already taken steps to strengthen some sectors such as soybeans, with increasing centralization of the grain collection process. A few days ago, the three partners (ICAT, PIA, and IFA) also announced the completion of the construction of two local soybean processing units at the PIA.
Ayi Renaud Dossavi
AfDB picks Moroccan Malika Dhif as its new executive director for Togo
Malika Dhif is the new executive director of the African Development Bank (AfDB) in Togo. The Moroccan who worked as deputy director at the Treasury and External Finance Department of Morocco will also cover Morocco and Tunisia.
Dhif is the fifth woman on the AfDB’s Board of Directors.
"The number of women on the Board of Directors has increased from three to five. Previously Deputy Director of the Treasury and External Finance of Morocco, in charge of cooperation relations with the Arab and Islamic world, America, Asia, and international institutions, Mrs. Malika Dhif is the new Executive Director for Morocco, Togo, and Tunisia," the AfDB said.
As an executive director, Dhif will help AfDB better monitor its operations and advice the institutions on its actions in Togo, Morocco, and Tunisia. As a board member, she will hold her new position for a three-year term, renewable once.
In Togo, the AfDB backs many structuring projects, especially relative to sub-regional integration and agricultural development. The institution headed by Akinwumi Adesina also supports the Togo 2025 government roadmap, for which it announced a €14 million financing. There is also the five million dollar fund that the Bank set up to boost food security in the West African country.
Ayi Renaud Dossavi