Bboxx-EDF will get CFA7.2 billion (€11 million) from the Off-Grid Energy Access Fund (OGEF) to speed up the supply of electricity to 1.5 million more people in Togo. The signing of the related agreement was announced on  November 30, 2022. 

In line with the country’s electrification targets for 2030, the credit will help small farmers access solar irrigation. 

"This financing facility will help us significantly expand our product offering with EDF, expanding our distribution network in the country and putting us on track to provide clean energy to 1.5 million Togolese by 2030," said Mansoor Hamayun, CEO and co-founder of Bboxx. "It is encouraging that the private sector is starting to invest more in green initiatives, and we are grateful to OGEF for recognizing the critical services and solutions we provide," the Pakistani-born entrepreneur added.

In Togo, Bboxx has been active since 2018, under a Joint Venture with EDF. Since then, the two partners were able to impact more than 300,000 people across the country.

Ayi Renaud Dossavi

Togolese deputies recently greenlit a law that benefits investors and businesses active in the textile industry. The parliamentarians voted on the bill, which covers the free industrial zone, on November 30, during the sixth plenary session of the second ordinary session of the year 2022.

On the tax front, the law sets the dividend and patent tax on companies at 10%, starting from the 9th year of activity and forward. 

Moreover, investors and businesses operating in the free industrial zone will be exempt from paying some taxes such as the land tax, the income tax due to foreign technical assistance services, and duties and taxes that are not specifically mentioned. There is also a 50% cut on customs duties and taxes and the VAT on commercial vehicles.

The passing of the law by the deputies will, according to the minister for investment promotion, Kayi Mivedor, guarantee the “development of a fully integrated value chain from the production of cotton, the basic raw material, to the manufacture of clothing.”

For the government, the goal, with the new law, is to use the textile industry to create more jobs in Togo, in line with “the vision developed by the government roadmap to strengthen the attractiveness of the country to investors itolocally process cotton produced in Togo,” via the Industrial Platform of Adétikopé (PIA). 

 Esaïe Edoh

Togolese deputies began on Thursday, December 1, 2022, the examination of the 2023 draft finance law, which the government adopted a few weeks ago.

In detail, the people’s representatives will scrutinize the economic and financial prospects that Lomé expects in the coming year. Mainly, the parliament will focus on major sectors of activity, fiscal measures affecting the social environment, and the emergency program in the Savanes region.

The project for next year, let’s recall, has been set at CFA1,957.9 billion, up 4.4% from CFA1,887 billion in the 2022 rectifying law.  

Almost half of the forecast budget is devoted to social welfare – just like this year and the previous one.

Esaïe Edoh

Lomé is hosting the 38th Annual Meeting of the Food Crisis Prevention Network in the Sahel and West Africa. The meeting started on December 6 and ends on the 9th. 

Organized by the Sahel and West Africa Club and the Organization for Economic Cooperation and Development (OECD), it will allow participants to assess the provisional results of the 2022-2023 agropastoral campaign and the food and nutrition situation in the Sahel and West Africa.

Participants will also discuss pastoral and security crises, food and nutrition resilience, and investments to make food systems more resilient. The management of food and nutrition security will be also among the topics covered.

On the last day of the meeting, Togo will share its experience regarding investment in food and nutrition security, and resilience as well.

 Esaïe Edoh

During the roundtable held in Lomé on December 1 and 2, some financial institutions and international organizations promised to provide Togo with over €230 million (about CFA157 billion) to improve access to clean water across the territory.

Precisely, the World Bank promised $100 million for various water projects, the Banque Ouest africaine de développement (BOAD) promised $80 million, and the European Union said it would provide a financing guarantee of up to €21 million.

There is also the French Development Agency (AFD), which committed to spending €50 million to support Togo’s 2021-2023 Strategy for Access to Drinking Water (AEP). After the roundtable, the Togolese government signed with the agency a €10 million financing agreement. The financing, a grant, will help implement the Project to improve living conditions in schools and rural areas for the people of Savanes and Kara.

According to Bolidja Tiem, the Togolese minister of water, all the funds promised will help tackle issues faced by some local communities.

"Financing the water and sanitation sector also means financing inclusion, social cohesion, and the fight against violent extremism. Making water available to our populations means ensuring the development of a certain number of fundamental sectors such as industry, agriculture, livestock, the environment and fishing. Making water available to our people means promoting health by fighting against various waterborne diseases," said Tiem.

Let it be recalled that the government of Togo aims to make sure that the whole country has access to clean water by 2030.

Esaïe Edoh 

Togo recently adopted a guide to help startup founders raise funds. It was launched on November 30, 2022, in Lomé.

The document takes an in-depth look at the country’s financing ecosystem and financing opportunities available to Togolese entrepreneurs. "This guide provides information on the methodology of access to finance and also information on support structures, and the various existing sources of investment at the national level to support Togolese entrepreneurs, "said the head of the program to improve the competitiveness of the private sector in Togo (ProComp), Markus Schubiger.

Also, the 139-page document advises entrepreneurs on ways to secure funds and efficiently manage these funds. Accessible, the guide specifies the type of financing necessary based on the type of business. 

The document, which is currently available in digital format, was produced as part of the ProComp project. The elaboration was backed, financially and technically, by the German Federal Ministry for Economic Cooperation and Development (BMZ) through the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). 

In Togo, the ministry in charge of investment promotion will raise the awareness of entrepreneurs about the document. 

Esaïe Edoh

The 5th edition of the Togo Top Impact (TTI 2022) Awards was launched in Lome on December 3, 2022. Organized by the National Organization for Excellence and Integral Development of Togo (ONEDI-Togo), this is an event that rewards individuals or entities that have marked the country throughout the year. And this year, the focus is digital transformation.

For this edition, there will be 11 categories of prizes. According to Ali Tossa, promoter and chairman of the organizing committee of TTI, these awards will reward work done from November 2021 to December 2022. "In addition to these categories, there will be four special awards including the personality of the year," he said.

Placed under the theme "digital transformation: an opportunity for financial inclusion and entrepreneurship of women and youth," the 2022 TTI will last from December 10, 2022, to January 28, 2023.

Digital transformation was picked, according to organizers, as the focus due to its importance during the Covid-19 pandemic. During the event, there will be a women-only masterclass on digital professions. 

Esaïe Edoh