With over 5.4% of rapid cash transfers made within the WAMU, the Togo-Benin corridor is the fourth most dynamic in the region, according to data from the BCEAO. Transactions between residents of these two countries were more significant than those between Mali and Senegal. 

Meanwhile, traditional corridors, which include Burkina Faso, Côte d'Ivoire, and Mali remain the most active.

Intra-WAMU rapid cash transfers reached CFA432 billion in the first half of 2021, up 25% year-on-year. In this period, the volume of transactions swelled by 18%, passing 8.6 million.

Côte d'Ivoire, WAMU's economic powerhouse, sends 54% of all funds transferred within the region. Burkina Faso captured 54% of the money sent by other WAMU countries, in terms of value.

Coris Bank International Togo launched its e-money service, Coris Money, last Friday, July 1. Through the move, the lender wants to boost financial inclusion in the country. 

“Beyond its innovative aspect, launching this tool today is CIB Togo’s contribution to the financial inclusion policy of Togolese authorities,” said Alassane Kaboré, Managing Director, CIB Togo.

Coris Money lets the bank’s customers and non-customers deposit and withdraw money using their phones. The app’s users can also pay their bills and transfer money within and outside Togo. 

According to CIB Togo, in its pilot phase, Coris Money had 15,000 users. The lender expects this figure to reach 35,000 by the end of the year.

Active in Togo since 2015, CIB’s subsidiary recorded a total balance sheet of CFA309.9 billion in 2020, or 50% more than it did in 2019–CFA205.38 billion.

Esaïe Edoh

Togo launched a new simultaneous recovery bond issue last Friday. With this operation, which follows a similar one that Lomé successfully carried out on June 24, the country’s treasury aims to raise CFA30 billion on the UMOA securities market.

The new issue will close on July 8. The bonds have a nominal value of CFA10,000, maturities of five and 10 years, and interest rates of 5.8% and 6.1%.

The proceeds will help “meet Togo’s budgetary needs as part of its post-Covid-19 economic recovery plans.”

Togo, let’s recall, wants to raise more than CFA550 on the UMOA securities market this year.

Esaïe Edoh

Togolese authorities have forbidden the sale of petroleum products – super unleaded and diesel, especially - in jerrycans. The measure was disclosed via a statement co-signed by the ministers of trade and security, Kodjo Adedze and Yark Damehame. The document was issued on June 28,  2022.

"We noticed that some gas stations have been selling petroleum products, especially super unleaded and diesel, in jerrycans and other containers. Given the flammable nature of these products and to guarantee the safety of people and property, selling super unleaded and diesel in cans and other containers is prohibited throughout the national territory," the document, dated June 28, 2022, reads.

However, "a special dispensation is nevertheless granted to owners of generators on presentation of proof of ownership," it adds.

Between 2017 and 2021, the rate of HIV/AIDS infection fell by over 50% in Togo. This was disclosed on June 29, 2022, by the National Council for the Fight against AIDS, (CNLS) at a review meeting held in Lome.

Specifically, the prevalence rate in 2018 which was 2.2% has dropped to 1.9% in 2021. The decrease in new infections and HIV-related deaths, according to the National Coordinator of the CNLS, Vincent Pitché, is attributable to various initiatives taken by the country's authorities. "The figures show that preventive actions have prevented new infections among young people," he said while stressing that there is room for improvement.

Togo's goal is to eradicate AIDS as a public health problem by 2030.

Esaïe Edoh 

Sandra Ablamba Johnson, Minister and Secretary-General of the Togolese Presidency, met with Wu Peng, Secretary-General of the Chinese Committee in charge of Monitoring the Forum on China-Africa Cooperation (FOCAC), last Wednesday. On the occasion, the two officials talked about the implementation of several China-backed projects in Togo, among others. 

These projects, which are in their preparation phase, are in the following areas: water, agriculture, and supporting investment. 

Johnson and Peng also discussed the issue of security in West Africa. In this regard, the Chinese official relayed Beijing's commitment to helping Togo fight terrorism. 

To bolster bilateral cooperation, the two countries committed to boosting their interaction, coordination, and mutual support to preserve their common interests. Similarly, they mentioned a joint celebration of the 50th anniversary of their cooperation.

Cooperation between China and Togo began in 1972. Since then, many projects have been carried out in the West African country, with the technical and financial support of the Asian giant. Some of these projects include the construction of a new Presidential Palace, Kegué’s stadium in Loé, the Palais des Congrès of Kara, the new headquarters of the National Assembly, and the road bypass of Lomé.

Trade between the two partners recently grew to nearly $3 million, according to Wu Peng, who is also the director-general of African Affairs at the Chinese Ministry of Foreign Affairs.

 Esaïe Edoh

The Land Reform for Agricultural Productivity (LRAP) project that falls under the Threshold program will receive $8 million in financing from the MCC. This was disclosed on June 29 by OMCA-Togo, the agency in charge of implementing the program.

Besides this, the source announced that it has recruited a dutch firm to provide technical support to Togo for the project: VNG International.

According to available details, the LRAP should be launched on August 1, 2022. This project is one of the two components of the Threshold program. The latter is financed to the tune of 20 billion CFA francs by the U.S. Department of State in Togo via the Millennium Challenge Account (MCA). The second component is the Information and Communication Technologies (ICT) project, which aims to improve digital access.

Ayi Renaud Dossavi

The United Kingdom’s export credit agency, UK Export Finance (UKEF), wants to help Togo develop projects in the agriculture and energy sectors. The agency’s executive director, Louis Taylor, and the Togolese Prime Minister, Victoire Tomegah-Dogbe met on June 27 to discuss the possibility of expanding their partnership and achieving UKEF’s ambition. 

Specifically, the two parties plan to build a new hydropower dam and ease agricultural irrigation.

"We also discussed the creation of agricultural mechanization centers. This is to create more jobs, and offer goods and services to a large part of the Togolese population with an impact on the social and development aspects in several rural areas," said Louis Taylor.

UKEF operates in several countries, including some in Africa. It helps British firms that want to export goods and services worldwide by providing them with insurance, guarantees, and loans. The agency also finances export contracts and projects across many sectors, including health, engineering, aerospace, oil and gas, construction, and energy. 

 Esaïe Edoh 

The African Development Bank (AfDB) will back electricity reforms in the Economic Community of West African States (ECOWAS) with $2 million. The Board of Directors of the African Development Fund–AfDB’s concessional window–approved the facility, a technical assistance grant, on June 24 in Abidjan, according to a statement relayed by Ecofin Agency.

The money, which will go to the ECOWAS Regional Electricity Regulatory Authority, will help boost cross-border electricity trade and improve energy access in the 15 ECOWAS States, including Togo. 

The initiative is divided into five components, including work on the regulatory framework and performance indicators used by the AfDB to assess the sector, as well as a study that will assess electricity tariffs in the region.  

"Ultimately, this project will facilitate regional electricity trade and help improve access to electricity," said Solomon Sarpong, AfDB project team leader. "It will address major causes of fragility, such as infrastructure bottlenecks, youth unemployment, environmental challenges, gender inequalities, and regional development imbalances," he added. 

The grant covers approximately 6.1 million square kilometers with an estimated population of 360 million.

Ayi Renaud Dossavi