Togo First
WAEMU-securities: Togo has paid back CFA264 billion so far this year
From January to August 2022, Togo paid back CFA264 billion of the money it borrowed from the WAEMU securities market.
This amount, according to the data obtained by Togo First, breaks down into 27.5 billion fungible treasury bills and 263.3 billion fungible treasury bonds.
Lomé should pay another CFA19 billion this month.
So far in 2022, Togo has borrowed CFA407 billion on the regional money market, out of an annual target of CFA550 billion. The funds are used to finance the country’s budget.
Togo’s capital will host a meeting on ECOWAS Education Agency this week
Lomé will host, this week, a key meeting organized by the Economic Community of West African States (ECOWAS). Scheduled for September 6 and 7, the meeting will gather experts from the region’s member States who will review the project to create the ECOWAS Education Agency.
The meeting will focus on the validation of the feasibility study report on this agency. According to a press release issued by the ECOWAS, the event will be organized through the Human Development and Social Affairs Department of the ECOWAS Commission.
Participants will look at “the most cost-effective way to set up and manage the ECOWAS Education Agency,” the statement reads. They will explore education strategies and practices in the different Member States of ECOWAS, as well as requirements (infrastructure, equipment, organization chart, personnel, and budget) to establish the agency.
“It is expected that at the end of this important meeting, relevant recommendations on the establishment and viability of the Agency and the appropriate strategy for resources mobilization will be made.”
The ECOWAS Education Agency project was in the pipeline since 2017. It was brought up during the ECOWAS Ministers of Education meeting held that year.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Biometric I.D: Togolese government wishes to regulate personal data processing
As part of its ongoing biometric ID project, the Togolese government wants to regulate the related data processing and updating. Last Wednesday, Aug 31, the council of ministers examined a draft decree on the modalities of registration, rectification, and updating of demographic and biometric data of individuals and conditions for using the unique ID number in the country.
"This decree defines practical modalities for implementing registration procedures relative to the allocation of unique identification numbers," the council’s statement reads.
In Togo, the implementation of a single ID number is carried out by the National Identification Agency (ANID), and backed by the WURI program in which the World Bank poured about $400 million. The WURI covers six West African countries.
While negotiations on the regulatory framework are underway, ANID says the biometric registration platform for Togolese residents should be ready by the end of 2022.
With their unique ID number, people should access both public and private services and travel across ECOWAS more easily. The database built in the process should also enable the country to better target certain types of support programs, knowingly those benefiting vulnerable populations.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Which bank has the most customers in Togo?
Besides being the bank that provides most loans and gets most deposits in Togo, Orabank has the most clients. In 2021, the lender reported having 327,230 accounts, coming ahead of Ecobank with its 257,274 accounts.
Regarding the year-to-year evolution of the customer base, Orabank was second last year with a 33% increase compared to 2020. It was behind Coris Bank but ahead of BSIC (+14%), Ecobank (+11%), and UTB (+8%). The latter, let’s note, is still the only State-owned bank in Togo, though it is about to be privatized.
In contrast with these five banks, BIA- owned by the Moroccan Attijariwafa, Sunu Bank, and IB Bank, ex-BTCI now owned by Ebomaf’s boss Mahamadou Bonkoungou, all lost clients last year.
Coris Bank International, which has been growing strongly for the past two years, saw the number of accounts opened on its books rise from 91 to 25,958. The upward trend is equally noticeable in the other indicators of the bank of Burkinabe Idrissa Nassa. The banking group became WAEMU’s 3rd largest banking group in 2021, outpacing major actors like Oragroup, BOA, Attijariwafa...
According to some observers, Coris’ impressive record in Togo could be due to the bank changing its target market. It used to serve only corporate customers.
Written by: Fiacre E. Kakpo
Translated from French by Schadrac Akinocho
How did the Togolese State finance its budget in Q1 2022? (Report)
In the first quarter of this year, the Togolese State mobilized CFA369 billion to finance its expenditures. This is 20.79% of its forecast for 2022. The figure was disclosed in a report recently issued by the ministry of finance, entitled "State Budget Execution Report, Fiscal Year 2022 - End of March."
In detail, the country, between January and March, financed its budget with CFA183 billion from tax revenues, and over CFA21 billion from non-tax revenues.
Around CFA15 billion of grants (budgetary support) add up to these, bringing the total budgetary revenue used to finance the first quarter budget to CFA221 billion.
Meanwhile, cash resources for the same period amounted to CFA148 billion out of an annual projection of CFA705 billion. These included project loans (CFA16 billion) and public securities (CFA132 billion).
Compared to the first quarter of 2021, the funds collected this year, between January and March were down by 1.33%.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Togo: Over a billion CFA mobilized for the youth in H1 2022, the ministry of grassroots development says
In Togo, the ministry of grassroots development and youth employment mobilized slightly more than a billion CFA for young local entrepreneurs in the first half of this year. The ministry disclosed the amount on September 1, 2022, in its semestrial report.
Other key figures reported in the document include the number of micro and medium enterprises (MMEs) established over the period (1,459), the number of jobs generated (7,219 permanent and 43,793 temporary), socio-economic infrastructure built (36 including mainly peripheral health centers, schools, and markets). Ultimately, all these projects aim to help people get greater access to basic social services.
In its report, the ministry added that it carried out, through its youth-support component, awareness-raising campaigns on citizenship, human rights, and social issues. These campaigns covered about 130,000 young girls and boys.
There were also hot meals provided to 127,000 preschool and primary school pupils in the public education system. This was done under the ministry’s school canteen program.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Lomé borrows CFA33 billion more on the WAEMU-securities market
Togo’s latest operation on the WAEMU’s money market was a success. It raised last Friday CFA33 billion, which is three billion more than it was seeking through the simultaneous issue of recovery bonds.
The CFA33 billion were retained out of around 72 billion mobilized by 30 investors. This represents a subscription rate of 242%.
Bonds issued have a nominal value of CFA10,000 and respective maturities of five (5) and seven (7) years. Securities that will mature over five years have an annual interest rate of 5.7%; the others have an interest rate of 5.9% per annum.
Lomé will use the funds to finance its post-Covid economic recovery strategy.
So far this year, Togo has raised CFA407 billion on the regional market. This is out of CFA550 billion, its target for 2022.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Togo: Telecom regulator hits Canalbox with sanction procedure
Togo’s telecom regulator, ARCEP, has opened a sanction procedure against Groupe Vivendi Africa Togo (GVA Togo), an Internet Service Provider (ISP) that is part of the Vivendi group. This was revealed last Friday, Sept 2, in a press release.
According to the release, the ISP’s network has been bad in recent weeks and several issues were reported. Thus, the ARCEP accuses GVA Togo of "non-compliance with obligations of permanence, availability, and continuity of services," falling under its specifications. The regulator also blames GVA for failing to let it know about the nature of the issues denounced or when they will be resolved.
“With regret, the Regulatory Authority for Electronic Communications and Posts (ARCEP) has noted, for some weeks, serious and recurring failures in the provision of services of the operator Group Vivendi Africa Togo (GVA Togo), knowingly increasing occurrences of service unavailability, and especially really low speeds, under 1 Mbps, instead of the speeds of 50 Mbps and 200 Mbps for which consumers subscribed,” the watchdog wrote in its release.
It should be noted that Canalbox, GVA’s offer, is the leading broadband offer in Togo. Last year, the number of people who subscribed to the offer doubled, from 18,000 to 36,000. It should be also noted that last May, the ISP said it would increase its offer’s speed to 200 Mbps (from 50 Mbps) for premium users.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho
Togo spent CFA55Bln on state personnel in Q1 2022, up 9% YoY
The State of Togo spent CFA55 billion on personnel expenses in Q1 2022, against CFA50 billion in Q1 2021. This was revealed in the Ministry of Economy’s "State Budget Execution Report, Fiscal Year 2022 - End of March".
In detail, the funds were used to pay emoluments, allowances, bonuses, family benefits, employer contributions, and all staff expenses covered by the general budget.
Year on year, the spending was up by 9.08% which, according to the report, could be due to an increase in the number of civil servants over the period under review. In the first quarter of this year alone, this number rose from 54,071 to 54,316.
Also, throughout the year ended on March 31, 2022, a thousand medical, paramedical, and administrative staff has been recruited.
It should be noted that this year's budget law provides for 253 billion CFA francs to be spent on personnel.
Written by:Esaïe Edoh
Translated from French by Schadrac Akinocho
Covid-19: Control measures relaxed for some passengers coming and leaving the Lomé airport
Travelers under 12 are no longer required to show their PCR test results when arriving or departing from the Gnassingbé Eyadema International Airport. This is part of relaxation measures implemented by the Togolese airport, and it was announced by the ministers of health, Moustafa Mijiyawa, and transport, Atcha-Dedji Affoh. The ministers issued a joint statement on August 30, 2022.
The document added that passengers who are more than 12 don’t need to show PCR test results when landing in the country, provided they present proof of full vaccination.
For non-vaccinated passengers over 12 years of age arriving in Togo, proof of a negative PCR test is still required. Otherwise, they will be subjected to a PCR test at the airport. In Togo, let’s recall, PCR test results are accepted only within five days after their issue.
The relaxation was recently suggested by the National Coordination of Response Management against Covid-19 (CNGR) in Togo. This recommendation took into account a drop in the number of cases and the disease’s overall progression.
Written by: Ayi Renaud Dossavi
Translated from French by Schadrac Akinocho