Togo First
Togo: 7,195 new businesses registered in H1 2022
From January to June 2022, 7,195 new businesses were registered at Togo’s Center for Business Formalities (CFE). That is 1.5% lower than the number recorded over the same period in 2021.
Out of the 7,195 businesses created last semester, 6,092 were registered by Togolese and the rest by foreigners. The man-to-woman ratio is 59% (4,288) to 41% (2,907), with men leading. Also, natural persons declared 4,379 of the new businesses and legal entities declared 2,816.
Togo, it should be emphasized, is currently recovering from the Covid-19 pandemic’s impact. With this in mind, the government encourages entrepreneurs to launch businesses, especially businesses involved in local product processing.
Esaïe Edoh
Togo: Measurement tools at gas stations inspected by the ministry of trade
Last week, the ministry of trade, in collaboration with the directorate of metrology, conducted an unannounced visit to check if gas pumps in service stations meet commercial measurement standards. The operation was carried out in the greater Lomé area.
Agents of the directorate of metrology were the ones who carried out the operation. They used reference materials to ensure that measuring instruments used in the gas stations are “compliant and reliable.”
"These controls are done from a purchase of 5, 10 to 20 liters of fuel and aim to regulate the level of quality and the true value of the measures of the petroleum product concerned and especially to reassure consumers," said Piya-Abalo Bataba Bebei, head of the metrology division at the ministry of trade.
"If pump operators do not comply with these guidelines, penalties include fines of up to 10 million CFA francs or even imprisonment," he added.
The controls are set to continue across the country.
Esaïe Edoh
Togo: PIA presents a new app to trace organic products
The Industrial Platform of Adétikopé (PIA) announced an app that traces organic products.
“The application will provide Togolese farmers with details regarding all cultivation steps, as well as on the location of plantations using integrated geolocation functionalities,” the PIA said in a note published at the beginning of the week.
With this tool, farmers will quickly be informed about, and deal with infected crops. They will be able to take pictures of these crops and share them on the app. Subsequently, a support team will analyze the data and provide recommendations.
“The farmers, therefore, benefit from real-time support that allows them to mitigate potential losses,” the PIA said. The app will “help farmers in their sales decision, reduce production costs, and get weather forecasts, etc, by giving them key information in real-time,” the organization added while presenting the new digital tool.
IDA20: Togo among African countries to get $65 billion from the World Bank
Over the next three years, Africa will get $65 billion from the International Development Association (IDA), the World Bank’s arm that helps the world’s poorest countries. This amount represents 70% of the $93 billion support package that IDA committed under its IDA20 replenishment program.
In Africa, 39 countries, including Togo, will be covered by the program which extends to June 30, 2025. The $65 billion, a record, will help beneficiaries recover from the pandemic which has brought about major challenges.
The Dakar Heads of State Summit
The financing was disclosed on July 7, 2022, during the Dakar Heads of State Summit where African leaders convened. Togo was represented by its minister of finance, Sani Yaya.
On that day, Macky Sall, on behalf of the African Union (AU) which he chairs, said the IDA’s package should be used to tackle key issues like job creation, wealth-generation activities, the overhaul of education, reinforcing crisis-response capacities, and accelerating access to energy and supply of quality seeds and fertilizers.
The World Bank, for its part, noted that the IDA20 will aim at “a robust and resilient recovery of Africa,” with a focus on five important areas: economic transformation, agriculture, husbandry, and food security, human capital, digital and technological innovation, and energy transition.
Good times for Togo
The record package is announced in a context where Togo has improved its rating on the IDA resource allocation index, through several reforms introduced in the past four years.
Read also: Public Policies: Togo sustains its performances in the World Bank’s latest CPIA rankings
To date, the World Bank’s portfolio in Togo weighs more than $917 million. That is four times more than it did in 2018: around $236 million.
Ayi Renaud Dossavi
LCT to spend €50 million on the expansion of its terminal at the port of Lomé
Lomé Container Terminal (LCT) will expand its terminal with €50 million (CFA32.79 billion). Besides the expansion, part of the money will serve to buy equipment, including cranes and trucks.
Expansion works at the terminal started last Friday, July 8, in the presence of Edem Tengue, minister of maritime economy. They will yield a storage space spanning five or six hectares.
Thus, the terminal will house more containers, in a context where authorities expect container traffic at the port to increase.
The investment will also“allow to purchase handling equipment, create direct and indirect jobs for Togolese citizens,” the minister said.
LCT, let’s recall, is a consortium regrouping MSC and China Merchant Holding.
Last year, MSC announced a €30 million investment program aimed at boosting LCT’s annual capacity to 2.7 million TEU, from 2.2 million TEU at the time of the announcement. The Italian-Swiss shipowner should increase its position at the port of Lomé, through the acquisition of Bolloré’s logistics assets.
Ayi Renaud Dossavi
Togo: Seven killed in a deadly explosion in the Savanes region
Seven people were killed by a deadly blast in northern Togo last Saturday night. The incident, according to the country’s armed forces, happened in the Tone prefecture (Savanes region).
An investigation was started to identify the cause of the explosion, shortly after members of the Koundjouaré unit were deployed to rescue the injured.
"An investigation has been opened to clarify the circumstances of this explosion and identify those responsible," said Brigadier General Maganawe Dadja, Chief of Staff of the Togolese Armed Forces (FAT), on Sunday 10 July. "In these circumstances of great pain and emotion, the Chief of Staff presents his sincere condolences to the families of the victims and wishes a speedy recovery to the injured," he added.
It should be recalled that the part of the country where the tragedy happened has been facing terrorist attacks in recent months. The latest attack took place in Kpekpakandi, near the border with Burkina Faso, on the night of May 10 to 11. Eight soldiers were killed in that attack.
In this context, the government warned the people of the area against “unnecessary movements at night,” in line with the state of emergency it declared.
Ayi Renaud Dossavi
Togo: More than 90% of the revenues generated by State companies in 2021 come from three firms
In Togo, 11 out of the 16 fully-public companies generated a turnover of CFA167 billion in 2021. That is 11.5% more than in 2020 when they generated CFA149.8 billion.
The increase was driven mainly by three companies: UTB (which is being privatized), the Autonomous Port of Lomé (PAL), and LONATO.
Together, these three firms generated CFA154.3 billion, or 92% of the total reported for the 11 companies in 2021. Separately, they generated CFA22.8 billion (UTB), 34.9 billion (PAL), and 96.6 billion (LONATO), increasing from 17.9 billion, 30.8 billion, and 87.8 billion, respectively.
In 2019, the UTB-PAL-LONATO contributed 90.8% or CFA132.9 billion of the amount generated by State-owned companies that year, CFA146.3 billion. Then, the figure was divided as follows: CFA19.3 billion for UTB, CFA30.2 billion for PAL, and CFA83.4 billion for LONATO.
Read also: Togo: Dividends received from State-owned companies dropped by 40% since 2019
It should be noted that in 2021, profits of State companies slumped by 22.6% to CFA14.7 billion. This was because the operating income of UTB collapsed by 95.9% as the lender struggled to establish a profitable business model.
Fiacre E. Kakpo
Togo: The government is looking to set up a free-trade area in its textile and clothing sector
The government of Togo wants to set up a free-trade zone in its textile and clothing sector. The Council of Ministers held last Wednesday examined and adopted a draft bill that aligns with this goal.
“This draft bill defines an incentive framework for the textile and clothing industries. It is part of efforts to make the legislative framework for investment more attractive, hence accelerating the transformation of the national economy, enhancing job creation and social inclusion amidst the implementation of the Industrial Platform Adetikope (PIA),” the government noted.
This will, the authorities add, especially “equip our country with a real tool to rapidly set up textile and clothing industries, and bolster this sector which has a high labor intensity.”
It should be recalled that the PIA is looking to set up a textile factory. Earlier this year, it also partnered with the ANPE to train 1,000 young Togolese (from 18 to 30 years old) in textile works.
Ayi Renaud Dossavi
Togolese government seeks to reinforce women’s rights
Gathered last Thursday, the council of ministers of Togo assessed and adopted a draft bill amending laws in favor of strengthening women’s rights in the country.
The Council, in line with its ambition to promote equal rights between women and men, approved the draft bill. The latter aims to “further strengthen the rights of women in the areas of marriage, maternity, work, protection against domestic abuse and economic violence, social security,” according to the Council’s minutes.
Now, the draft bill is to be validated by the parliament.
Meanwhile, the government lauds “constant efforts” that “helped improve women’s conditions and put our country at the same level as exemplary States, especially in the economic, social, legal, and political areas.”
Togo is one of the countries that improved the most in the women's economic inclusion area in recent years, according to a World Bank report. With a score of 84.4 over 100 in this report, Togo was the seventh in Africa (just after Mauritius), and second in West Africa (after Cape Verde), when it comes to protecting equal opportunities between men and women.
Ayi Renaud Dossavi
WAMU securities: Togo retains CFA30 billion out of CFA80 billion mobilized
Togo raised CFA30 billion on the WAEMU market last Friday, July 8. The country issued recovery bonds with maturities of three and seven years.
In detail, CFA20 billion was retained on the five-year bond and the remaining CFA10 billion on the 10-year bonds.
According to the WAMU securities agency, regional investors mobilized more than CFA87 billion for this operation. This corresponds to a coverage rate of 292%.
The bonds have a nominal value of CFA10,000 and interest rates of 5.8% and 6.15%. Proceeds will help finance the State’s budget as part of efforts to recover from the pandemic and return to the performance levels recorded prior to the subsequent health crisis.
Esaïe Edoh