Togo First
Togo-China: Trade stood around $3 billion in 2021
Trade between Togo and China rebounded last year. It reached nearly $3 billion, said on June 28 the Director-General of African Affairs at the Ministry of Foreign Affairs in China, Wu Peng. The Chinese official, who is also Secretary-General of the FOCAC monitoring committee for his country, was in Lomé for a working session with his Togolese counterpart.
According to Peng, the $3 billion corresponds to a 33% increase, compared to 2020 when the figure stood at $2 billion, barely, as trade had been hurt by Covid-19. The official said that the recent growth shows “the huge potential for cooperation” between Lomé and Beijing, and China’s efforts to revamp trade with Africa as a whole.
This year, from January to May, China imported nearly $50 billion worth of goods from Africa, Wu Pend revealed.
Octave Bruce
Togo will soon have an entity that will ensure the effective implementation of trade agreements
During its latest council of ministers on June 27, the Togolese government assessed and adopted a decree on the establishment, powers, composition, and operation of a national council for trade agreements (CNAC). The CNAC will be responsible for coordinating, monitoring, and evaluating the implementation of trade agreements involving Togo.
This entity "will ensure a significant participation of the structures involved, to achieve the effective implementation of trade agreements signed by Togo," reads the council’s statement. It aims to ensure that the country can "take full advantage of all the opportunities offered by the agreements and their protocols" in which it is involved.
The CNAC is announced as Togo seeks investors and external trade opportunities, and gets more engaged in new areas of trade cooperation, via bilateral (with Israel, Brazil, or Turkey), regional, multilateral or continental (like the African Continental Free Trade Area (Zlecaf) relations and agreements.
Ayi Renaud Dossavi
Togo welcomes a new British ambassador, Harriet Claire Thompson
The UK’s new ambassador to Togo, Harriet Claire Thompson, presented her credentials to the Head of the State, Faure Gnassingbe, on Monday, June 27th. On the occasion, she renewed her country’s commitment to boost cooperation with Togo, in sectors like security, trade, infrastructure, health, and business.
"It is truly an honor to serve as the UK's ambassador to Togo. It is a beautiful country. I am here to strengthen relations in the areas of security, trade, infrastructure, health, and business and to explore new opportunities for cooperation," Thompson declared.
She also congratulated Togo for its recent adhesion to the Commonwealth, an association of nearly 60 countries and more than 2.5 billion people. Togo officially joined the association at the closing session of the Commonwealth Head of Government Meeting in Kigali, Rwanda, on June 24-25, 2022.
Commenting on this subject, Thompson, who is also the British High Commissioner for Ghana, and non-resident ambassador to Burkina Faso and Benin, noted that “Togo should be congratulated for joining the Commonwealth. Given the importance of Commonwealth values in the world, it is good to have Togo as a member. It is something worth lauding.”
According to the Togolese Presidency, now that Togo has joined the Commonwealth, existing partnerships between Togo and the UK should experience “a qualitative leap.”
"Our country will also benefit from the Commonwealth Fund for Technical Cooperation (CFTC) for the implementation of priority projects of the Government Roadmap 2020-2025," said the Togolese Presidency.
In this regard, Thompson, who is based in Accra, said: "I am also here with my colleagues from UKEF, our export credit agency, to explore opportunities in infrastructure, transport, health, etc. ... "
Indeed, Louis Taylor, Executive Director of UK Export Finance (UKEF), was also in Lomé with the new ambassador. UKEF, let’s recall, has mobilized 600 million pounds sterling in 2018 to support several projects in sub-Saharan Africa.
Ayi Renaud Dossavi
Telecom: Togocel was fined CFA2.3 billion by ARCEP for serious breaches in its obligations
Togo’s telecom regulator, ARCEP, has imposed a 2.3 billion CFA fine on Togocel–2% of the mobile operator’s certified revenues. The regulator sanctioned Togocel for "serious breaches of its obligation to provide consumers with permanent availability" of mobile electronic communications services, observed since 2020.
The sanction comes 18 months after the ARCEP warned the operator, and a few days after the two parties met for a public audience. During the latter, held last Thursday, Togocel failed to convince the watchdog with its defense, blaming the disruptions on external factors or incidents.
Regarding these incidents, the ARCEP, which ruled based on data, claims that the disruptions “could have been avoided since they were not cases of force majeure.” It believes that “Togocel’s inability to improve the availability of its services is due to inefficient operational actions and weak investments in network infrastructure over the past two years.”
The ARCEP added that "Togo Cellular voluntarily interrupts its services in some remote parts of the country at specific times of the day with the sole purpose of cutting its operating costs without any concern for consumers.”
The regulator said these voluntary disruptions can add up to 25 days, in a month. However, it gave six months to Togocel to deal with the issue or risk facing new sanctions.
Ayi Renaud Dossavi
Lomé to host the second edition of the Africa Investment Days Forum next October
Togo will host the second edition of the Africa Investment Days Forum on October 27 and 28 this year.
The event itself was launched last week, on June 28, in Lomé. Key figures present at the occasion included César Apollinaire Ondo Mve, President of the Common Court of Justice and Arbitration of OHADA (CCJA), which covers 17 African states, Guy Martial Awona, CEO of Orabank Togo, and Ali Badini, CEO of Crédit Access.
The theme picked for the upcoming forum is “Investing in Africa: How to pair profitability and sustainability?” It is Organized by the African Capital Investment Promotion (ACIP), and the Société Civile Professionnelle Toble & Associés, a law firm at the Bar of Togo.
"Important topics will be addressed and will have the merit of covering sectors related to agriculture, infrastructure, FinTech, energy and culture and their interactions with the associated sources and mechanisms of financing," say the promoters.
The forum, which will be held in Lomé, will gather regional and international stakeholders around business opportunities available in Africa. About 50 speakers, from Togo and abroad, as well as 400 participants, are expected to attend the event. It is sponsored by national actors such as the Chamber of Commerce and Industry of Togo, the National Council of Togolese employers, financial actors such as Orabank, and the Ivorian microfinance Credit Access
The first edition of the Africa Investment Days Forum was held two years ago. It focused on financing companies in OHADA law.
Ayi Renaud Dossavi
University of Lomé and Togo Terminal ink an agreement to boost training and employment in the maritime sector
The University of Lome (UL) and the company Togo Terminal signed a memorandum of understanding that will benefit the Institute of Trades of the Sea (I2M). The agreement aligns with efforts to tackle the training-employment mismatch witnessed in Togo’s maritime sector.
The signatories, through the deal, want to develop and co-finance maritime courses provided at the UL, and to let students do their internship at the subsidiary of Bolloré Transport and Logistics.
The two parties will "define the general context and practical terms of the partnership, to develop collaborations in several areas of work.” Also, they will reinforce the capacity of human resources, with in-office and sandwich training.
According to the President of the University of Lome, Dodzi Komla Kokoroko, the move aligns with the university’s ambition to use sea professions as a springboard for Togo’s economic development.
Esaïe Edoh
Togo and Turkey seek to reinforce their trade relationship
A Turkish delegation was in Lomé last Friday to plead with Togolese authorities for a reduction in customs taxes on goods sent to the Togolese capital. The request, which aligns with Turkey’s ambition to boost trade with Togo, was made during a meeting with the Togolese Council of Employers.
Reducing custom taxes will, according to Berna Akyildiz, Chairman of the Turkey-Togo Business Council, make it easier for Turkish goods to enter Togo. Also, he added, they will be more accessible to the Togolese people.
Aiming for the same goal, the Togolese Council of Employers and several Turkish economic operators are working on a partnership with Togo’s private sector. This partnership, among others, will focus on the processing of local products, technology transfer, and creating jobs for the Togolese youth.
The Turkish delegation also said they wish for Turkish Airlines to serve Togo, in addition to Ghana and Benin.
Togo and Turkey have good relations. Last October, the Turkish leader, Recep Tayyip Erdogan, was in Togo for an official visit. Subsequently, the two nations signed various agreements to bolster their cooperation.
Between 2015 and 2019, Togolese imports from Togo grew from CFA13.39 billion to CFA24 billion, according to the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO).
Esaïe Edoh
Sandra Johnson: The World Bank has helped Togo achieve encouraging results in recent years
Togo has recorded good performances in several economic sectors over the past few years. According to Sandra Ablamba Johnson, Minister, Secretary-General of the Presidency, the country owes most of these performances and the consequent awards it won, to the World Bank.
The official said during the World Bank open day, held last week, on June 23 and 24, that the World Bank is one of Togo’s strategic partners. In 2020, the Bretton Woods institution contributed 20% of the funds that partners provided to finance the country’s development.
Moreover, available data shows that the World Bank’s investments in Togo soared to $917 million in 2022, from $184 million in 2017.
The monies, Johnson noted, helped Togo improve its business climate and be the Top performer in Africa, and third in the world, in this area in 2020.
“The World Bank’s support has helped us achieve encouraging results. I am referring of course to the reforms undertaken to improve the business climate. Also, there has been a significant improvement in the Country Policy and Institutional Assessment (CPIA) score, not to mention the improvement of employment opportunities for Togolese youth and the efficiency of transportation,” she said.
The World Bank’s financial support covered 19 projects – 11 national and 8 regional – across the following sectors: education, health, social protection, agriculture, environment, energy, digital, infrastructure, and transport.
Esaïe Edoh
Lomé hosts second edition of e-commerce week of Togo
The second edition of Togo’s E-commerce week (22 - 28 June 2022) was officially launched last Thursday in Lome. Organized by Togo Pride and sponsored by Ecobank and Togocom, the initiative aims to get more people to understand e-commerce.
The theme picked for this year’s edition is "E-commerce in Togo, challenges, and opportunities in the post-Covid-19 recovery era.” The event hosts panels, exchanges, and presentations, involving Togo’s e-commerce stakeholders.
"The goal is to popularize e-commerce in Togo, by creating a framework in which the main actors of the ecosystem will be able to exchange on the opportunities of e-commerce," said Yibokou Komivi Sitou, Executive Director of Togo Pride.
"Today, at the second edition, we believe that with the lull (post covid, editor's note), we are entering a phase where the work started must be continued for E-commerce to truly contribute to the development of the economy. This activity must support existing trade,” he added.
Togo mobilizes CFA25 billion on UMOA securities market
Togo closed today, June 24, its latest issue on the UMOA securities market. It secured CFA25 billion by issuing recovery bonds with maturities of 3 and 7 years and a nominal value of CFA10,000.
According to a report released by the UMOA securities agency, 32 investors from the sub-region participated in the operation. They raised CFA81 billion which translates into a coverage rate of 325.59%.
Counting this issue, Togo has mobilized CFA313 billion on the regional money market so far this year. It is thus closer to its annual target of CFA550 billion.
Esaïe Edoh