Togo First
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
Togo: PIA’s soybean processing units to start operating
The construction of soybean processing units at the Adétikopé Industrial Platform (PIA) is finished and the plants should soon be operational. This was tweeted by the PIA and the Mechanism for Incentive Agricultural Financing based on Risk Sharing (MIFA).
According to the PIA, over CFA165 billion was spent on the project, which will help process around 240,000 tons of fully local soybeans every year.
The two factories, which are also equipped with refining units, will produce edible soybean oil, de-oiled cakes, lecithin, soybean pieces, roasted soybeans, and soybean flour.
The PIA says that "the production of soybean oil will replace the import of edible oils in the country," and expects more than 350 jobs for Togolese citizens.
It should be noted that the processing units were built as a result of a contract signing between the PIA and Togo Agro Resources SAU, an agri-food company involved in the refining of soybeans. According to the administrative authorities of the PIA, the facilities’ commissioning "will allow the country to position itself as an exporter of soybean oil in the sub-region.”
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Mutual abolition of entry visas between Togo and Morocco now effective
It is effective. Moroccans coming to Togo and Togolese visiting Morocco no more need a visa on arrival. This was confirmed on September 9, by Robert Dussey, Togo’s minister of foreign affairs.
"The agreement of July 21, 2022, on the abolition of visas for holders of ordinary passports between the Togolese Republic and the Kingdom of Morocco, has officially entered into force," Dussey wrote in a statement issued last Friday. "Consequently, holders of ordinary Togolese passports will be able to travel freely to Morocco without having to present an entry visa," he added.
Dussey and his Moroccan counterpart, Nasser Bourita, signed the agreement last June.
Ayi Renaud Dossavi
Ecobank Group names new CEO to replace retiring Ade Ayeyemi
Jeremy Awori is soon to become the new CEO of Ecobank Transnational Incorporated (ETI), the Lomé-based pan-African banking group.
The Kenyan was picked to replace Nigerian Ade Ayeyemi, according to a statement issued on September 12, 2022. Ayeyemi is retiring after heading the group for 7 years.
Awori has a 25-year career in banking, out of which he spent almost10 years as Managing Director of Absa Bank Kenya Plc (formerly Barclays Bank of Kenya, BBK).
Born in Kenya in the early 1970s to an engineer father and a lawyer mother (of British origin), the 50-year-old initially worked as a pharmacist in the UK. He later went to Canada where he obtained an MBA at McGill University. Afterward, he worked for the Standard Chartered Bank of Canada.
At the age of 28, he was appointed Head of Retail Banking, Standard Chartered Bank Kenya. In 2013, he left Standard Chartered and moved to Barclays Bank, where he served as CEO of Barclays Bank Kenya (BBK). In 2020, BBK was listed on the Nairobi Stock Exchange and was renamed Absa Bank Kenya, with Jeremy Awori at its helm.
"He brings to the Ecobank Group a wealth of experience, skills, and know-how in the banking sector," ETI said in its public announcement.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho