Yassir, a transport and delivery startup that allows its clients to book drivers via a mobile app, will soon spread its net to Benin, Togo, and Côte d’Ivoire. The Algiers-based company which is already present in France, Canada, and the Maghreb (Algeria, Tunisia, Morocco) and recently came to Senegal, will in the new markets compete against Gozem and the Russian Yango.

“It’s imminent, we should have launched operations by the end of June,” Noureddine Tayebi, Yassir’s CEO, told Jeune Afrique.

Yassir was founded in 2016 by Amel Delli, El Mahdi Yettou, Mustapha Baha, and Noureddine Tayebi. To date, it claims over 2 million users, and 40,000 partners, and covers 26 cities in the countries where it operates. Since its launch, the company raised $67.6 million from around 30 venture capitalists and renowned business angels who have proven themselves at Uber, Spotify, Revolut, and Gojek. The name Yassir is an Algerian Arabic wordplay between “easy” and “driving.” 

Whether in Lomé, Cotonou, or Abidjan, Yassir wants to deploy its flagship services, transportation, and fast delivery. 

Noureddine Tayebi, the Algerian boss of Yassir, lives in Silicon Valley. For the company’s next funding round, Tayebi eyes more than double the amount raised in its first round in October 2021. Last year, the startup raised, through two Series A rounds, $37 million (October) and $30 million (November), according to data from Crunchbase, consulted by Togo First. Investors included WndrCo, VentureSouq, Spike Venture, K50 Ventures, and the famous Y Combinator, which was among the first to back the project. 

Beyond transport and delivery, Yassir also looks to conquer the financial services market.

“We are now introducing financial services to help our users pay, save and borrow digitally,” Noureddine Tayebi said.

Fiacre E. Kakpo

Appointed on March 18, 2022, the new executive board of the Chamber of Commerce, Industry, and Handicrafts of Guinea (CCIAG) is working to strengthen its cooperation with the Chamber of Commerce and Industry of Togo (CCI-Togo). Last week, a delegation from CCIAG was in Lomé for this purpose. On the occasion, Nathalie Bitho, chairman of the CCI-Togo delegation, met with the Guinean delegation.

"I think that with the same realities, if the West African chambers of commerce got together, we could largely overcome the problems we have because the most important thing is the value chain," said Eric Benjamin Collé, Vice President of the CCIAG.  According to the Guinean, it is time for the South-South partnership to become a reality because, "the people of different countries have the same realities with the same languages, and markets that are supplied in the same way.”

In addition to strengthening cooperation, Guinea aims to learn from reforms and other initiatives undertaken by the CCI-Togo, especially studies on the private sector, the business environment, and the legal framework, which, according to Guinea, are likely to “consolidate the place of the Chamber in the Togolese economic microcosm.”

Over the past 18 years,  the CCIAG was inactive; that is until its new board of directors was appointed by the Guinean government last March.

Esaïe Edoh

Two years after initial steps were taken to launch the project, Togo started building its first biomass lab (LABTOGO) last week.

On Friday 27, 2022, Togolese Prime Minister Victoire Tomegah-Dogbé laid the first stone of the lab at the University of Lomé (UL). It was during a ceremony held to celebrate the 10-year anniversary of the West African Science Service Centre on Climate Change and Adapted Land Use (WASCAL) which is backed by Germany.

Research on biomass will be conducted at the lab and it will help develop innovative technologies that foster the efficient and safe use of biomass energy and biogas in Togo.

PM Tomegah Dogbé said during the ceremony that modernizing agriculture and the 10-year reforestation program remain priorities for the Togolese government, as part of efforts to tackle climate change issues.

From 6.2%, the African Development Bank (AfDB) scaled down its 2022 growth forecast for the Togolese economy to 5.8%. The drop, which the AfDB attributes to the Russia-Ukraine war, Covid-19, and climate change, was disclosed during the Bank’s latest general assembly held in Accra. 

"For 2022, the economic outlook seemed favorable. However, the invasion of Ukraine by Russia could slow down the recovery that Togo initiated in 2021 (6% against 1.8% in 2020), with GDP growth expected at 5.8% against an initial forecast of 6.2% in early February 2022," said the Abidjan-based pan-African institution.

It should be emphasized that the AfDB’s initial forecast slightly exceeded that of the Togolese government; the latter expected a 6.1% growth rate in 2022.

Read also: Togolese government expects 6.1% economic growth in 2022, amidst post-Covid recovery

Growth slows, inflation rises

Regarding inflation, the AfDB now expects it will reach 4.6%, up from 2.4% initially. Most significantly, it will affect imported products like wheat.

"Togo could be affected because of its trade relations with Russia and Ukraine. About 40% of Togo's wheat imports in 2020 came from Russia, suggesting a strong likelihood of a negative effect on the availability and price of the grain," the AfDB wrote in a report.

Other issues concern relations with Togo’s partners, in Europe and Asia (China, India notably) who have to overcome energy (gas) supply hurdles paired with other consequences of sanctions imposed on Russia.

"The country could also be affected by the negative effects of the conflict on partner countries, such as those in the eurozone and Asia," the report says.

Let’s not forget Covid-19 and its variants, whose economic and health impacts still impair supply chains. This is particularly the case in China, whose strict anti-covid policy affects its major ports.

A new Novissi is needed

In response to the situation, characterized by soaring prices of consumer goods and energy, the AfDB recommended measures to bolster consumption and revive Togo’s economy. The measures resemble the government’s Novissi cash-transfer scheme launched in 2020 to help people cope with the Covid-19 crisis.

"Awareness of the above risks would make it necessary to scale up stimulus measures such as the NOVISSI program to alleviate the burden of soaring prices on households already hard hit by the effects of the health crisis," the AfDB said. 

Ayi Renaud Dossavi

In Togo, the second reforestation campaign will start on June 1, which coincides with the 46th edition of National Tree Day. The announcement was made on May 27, 2022, by Ministers Foli-Bazi Katari and Akodah Ayewouadan, respectively in charge of the environment and communication (and government spokesman), at a press conference.

This year, Togo aims to plant 21 million trees, against around 3 million trees planted last year, according to Katari. This is in line with the objective of planting 1 billion trees by 2030, an average of 100 million per year.

"This year, because we started early, we were able to mobilize 133,000 hectares of land, which we just need to plant 100 million trees," said the minister.

The government plans to finance reforestation initiatives, led by municipalities or private actors, to achieve its goal. 

On June 1, 2022, one million seedlings are scheduled to be planted.

For its latest recovery bond issue on the WAMU securities market, Togo retained CFA11 billion from a little over CFA36 billion. The operation closed last Friday, May 27.

According to the WAMU securities report, 10 investors subscribed to the issue. Compared to the initial target of CFA35 billion aimed by Togo, the amount subscribed translates to a coverage rate of 104%. 

The bonds have a nominal value, a maturity period of 180 months, and an interest rate of 6.1% per year. 

Including this latest issue, Togo has obtained on the regional money market CFA236 billion so far into the year. Throughout 2022, Lomé plans to raise CFA550 billion in this market; the funds will be used to finance its budget. 

 Esaïe Edoh

Togolese authorities are preparing to fight off monkeypox which is currently affecting some Western and African countries. They are taking measures though no case has been recorded yet in the country. 

Preventive measures were presented to some infectious disease specialists, virologists, bacteriologists, and other medical staff gathered at the Regional Hospital Center (CHR-Lomé Commune) of Lomé. Ihou Wateba, who coordinates the CHR’s care and is also the minister of higher education, presented them.

Wateba said Togo is preparing the necessary reception and support structures for possible confirmed cases of this disease. 

Towards an efficient response, the official took stock of the recommendations of the health sector on strategies to adopt. Their recommendations, he added, will be studied by the government.

By anticipating the virus, the government intends to protect the Togolese people and limit the impact of the virus in case it spreads to Togo.

The symptoms of monkeypox are very similar to those of smallpox–generalized or localized adenopathies, single or bilateral submaxillary and cervical. It is transmitted by direct contact, with an animal or a human, and through objects.

Esaïe Edoh

A project for sustainably managing waste and reducing organic pollutants in six WAEMU states, including Togo, was launched last Tuesday in Lomé. The regional project was launched in the presence of Kako Nubukpo,   WAEMU Commissioner for Agriculture, Water Resources, and Environment.

Funded by the West African Development Bank (BOAD) through a Global Environment Facility (GEF), the project aims to promote best practices and techniques to eliminate dioxin discharges (which are carcinogenic) and build local solid waste treatment facilities in various municipalities.

“The goal is to set up a robust waste management mechanism that integrates all waste management stages, namely collection, disposal, sorting, recycling, recovery, and final treatment," said Ibrahim Sow, Regional Coordinator of the Global Environment Facility (GEF).

"Urban waste management is one of the most pressing environmental issues for developing countries. In most African cities, less than 30% of waste is evacuated," said Foli-Bazi Katari, Togo's Minister of the Environment.

According to Katari, "West African cities produce between 20,000 and 30,000 tons of household waste daily, nearly half of which is not managed properly, causing health problems that impact the living environment of urban populations.

The sub-regional initiative is expected to be the subject of a signed convention between UEMOA and BOAD.