The month of local consumption or “consommer local” officially started in Togo on October 9. This edition, the fourth, was launched by the Minister of Trade and local consumption, Rose Mivedor.

This year, the event will mainly focus on finding "strategies to stimulate the consumption of local goods and services". There will be discussion panels, centered on the main theme, and on issues like product quality, and product certification, as well as the impact of analytical laboratories on the competitiveness of local products and services.

Sales exhibitions will also be organized throughout the country, highlighting "Made in Togo" products and services. Company visits and media campaigns will also be carried out.

Concerned stakeholders will also, throughout the event, take stock of previous editions and define new strategies to make Togolese companies more competitive, both locally and internationally.

According to Minister Mivedor, the three previous editions significantly benefited local producers, processors, distributors, and consumers.

"These first three editions have led to a nearly 40% increase in sales and a strengthening of the workforce in the cosmetics, clothing, and agri-food sectors. These editions were also an opportunity for the government and players to get to grips with the main needs and challenges of promoters and consumers in terms of product traceability, quality, and standards," reported Rose Mivedor.

The local consumption month aligns with the decision taken by the trade ministers of UEMOA member states in October 2019, to reorient consumption patterns to bring value to nationals, through the processing of local products and services.

Esaïe Edoh

Togo’s top mesofinance institution, Société Générale de Micro & Méso Finance (SOGEMEF) has loaned out CFA30 billion since its launch in 2017. This is twice the amount the lender reported in 2021.

The figures were disclosed by SOGEMEF’s acting MD, Zankou Abla Mawussé, last week. This was during the official inauguration of the lender’s branch in Kara.

The finance institution loaned the money to business owners active in sectors such as agriculture, livestock breeding, crafts, trade, hotels, tourism, and public works.

With over 17,000 clients, SOGEMEF attributes its growth to "solid partnerships" with the Agence Nationale de Promotion et de Garantie de Financement (ANPGF), the Mécanisme incitatif de financement agricole, fondé sur le partage de risques (MIFA) and the Fonds d'appui à l'employabilité des jeunes (FAIEJ).

Esaïe Edoh 

Togo has started preparing for the next Conference of the Parties on Climate Change (COP28) which it will attend. The meetings focus on strategies for mobilizing financing for environmental projects at the conference.

The projects Togo will present at the event this year are aimed at fostering "sustainable agriculture and a climate-resilient, low Co2 emission economy."

So far, the country has submitted 23 projects to its environment directorate. The latter will filter the most bankable and search for potential partners to finance them.

Like many other countries, Togo did not have its expectations and concerns met at the COP27, in Egypt. Mainly, the country had presented its actions and projects –in the energy, transport, water, and agriculture sectors, primarily– to fight climate change.

Togo has also taken part in talks relating to the effective implementation of rich countries’ commitment to provide least-developed countries and island States with $100 billion every year, to help them adapt to or mitigate the effects of climate change.

The Cop28 is scheduled to take place in Dubai, United Arab Emirates, from November 30 to December 12, 2023.

Esaïe Edoh

Togo’s National Assembly revised its 2023 finance act last week, at the request of the government. Initially set at CFA1,957.9 billion, the national budget was scaled up to CFA1,975.5 billion, revenues and expenditures.

In detail, revenues now stand at CFA1,204.1 billion, against CFA1,187.2 billion before the revision. Expenditures, for their part, were scaled up by 1.1%, from CFA1,554.7 billion to CFA1,572.3 billion.

The government said the amendment was necessary given the current global environment, marked by Covid’s return in China, the war in Ukraine, and Central Banks tightening their monetary policies.

According to the Minister of Finance and Economy, Sani Yaya, the revision will allow the authorities to “continue and strengthen the efforts undertaken on the security front".

Yaya added that "the vote of this rectifying finance law by the elected representatives of the people gives the government the means to pursue its action plan, notably structural reforms and improving the business climate."

According to the government, this budget readjustment will also enable the construction of bridges, a major cancer center, and the rehabilitation of university hospitals.

Esaïe Edoh

Arise IIP, a key manager of industrial parks in Africa and active on the Industrial Platform of Adetikope (PIA) of Togo, just partnered with French tracking firm Crystalchain. 

In a statement issued on October 9, Arise IIP said it has acquired a 17.6% stake in Crystalchain. The move, Arise IIP said, will help the PIA reduce its carbon footprint by better tracking its emissions. 

"Thanks to this new move, ARISE IIP will be able to keep introducing innovative solutions to monitor and assess the environmental impact of its supply chains," the statement reads.

Commenting on the acquisition, Gagan Gupta, Founder and CEO of Arise IIP, said: "At ARISE IIP, we are deeply committed to finding a balance between economic development and the fight against climate change."

Arise IIP announced it would leverage the new partnership to track carbon emissions in all countries where it manages industrial platforms, including Togo (in the soybean, sesame, and cotton sectors). The firm is also active in Benin (cotton, cashew, and soya), Gabon (timber), Côte d'Ivoire (cashew), Republic of Congo (timber), Nigeria (agricultural products) and Chad (meat), among others.

A Cameroonian app, Koree, won the 6th edition of the Ecobank Fintech Challenge. Koree stood out among more than 1,490 fintechs in the competition. 

Founded and headed by Magalie Gauze-Sanga, Koree aims to solve the small change issue in Francophone Africa. Right behind the Cameroonian app were Makuta (Democratic Republic of Congo) and Flexpay (Kenya), second and third, respectively. The three were picked out of eight finalists. Koree, Makuta, and Flexpay won $50,000, $10,000, and $5,000, respectively.

Why Koree?

In detail, Koree allows its users to get their small change, on their mobile phones, from sellers who have partnered with the startup. The solution deals with the issue of small change scarcity in Francophone Africa. In addition, Koree has a cashback system that allows its users to recover some money on their purchases. The money goes to a digital fidelity card available on the app. The money saved can then be used to make purchases later, from partner shops. This offers users more flexibility and bolsters financial inclusion.

A first for Cameroon, francophone Africa, and women

This is the first time a Francophone startup has won the award, the first time for Cameroon, and, most importantly, it is the first time a woman has won the prize. 

Magalie Gauze-Sanga, Koree’s founder, graduated from Paris 1 Panthéon-Sorbonne and EM Lyon. She has two Master’s degrees – International Economics and Management. 

Gauze-Sanga started her career as Regional Head of Financial Services at JumiaPay for West Africa, before joining the African Women in Fintech & Payments network. She was also COO at Julaya and Head of Payments at Anka, before founding Koree.

"I'm very happy to have won this challenge", said the Cameroonian, whose application had been rejected the year before. "We applied last year, but alas, being still in the initial phase with only a few months of existence, we weren't very successful, which blocked our way to selection. We've come back much stronger for this edition", she added.

Next step: Côte d’Ivoire

Koree plans to deploy in Côte d'Ivoire by the end of this year. The startup intends to take advantage of the African Cup of Nations (AFCON) which the country will host. 

At present, the app has about 11,000 users and 40 partnering shops. This year, the fintech has recorded 40,000 transactions in Douala, according to its founder and CEO. Recently, Koree raised €20,000 from the Cameroon Angels Network (CAN), to finance its growth.

Regarding the Ecobank Fintech Challenge, the event’s goal is to foster innovation in the African fintech sector. The contest’s finalists join Ecobank’s Fintech Fellowship program, which allows them to secure deals and enter business partnerships with the Ecobank Group.

Fiacre E. Kakpo

In Togo, the health authorities started distributing long-lasting impregnated mosquito nets (LLINs) last Saturday, October 7. The campaign, the fifth of its kind, will end on October 18. A total of 6,547,600 LLINs will be distributed, door to door.

The new campaign aims to reduce deaths by malaria, according to Wotobe Kokou, Secretary General of the Ministry of Health. "One thing is to have the mosquito net, but the end goal is to avoid getting sick," the official declared. 

Citing the 2019 World Malaria Report, the Ministry of Health stated that malaria’s incidence in the country regressed by more than 25% between 2015 and 2018, while mortality fell by over 8%.

Specific malaria mortality fell from 0.3‰ in 2011 to 0.12‰ in 2018. Lethality, meanwhile, fell from 3.1% in 2011 to 2.4% in 2018 in adults and from 6.5% to 3.5% in children under 5 over the same period.

It is worth noting that a few days before the campaign was launched, the World Health Organization (WHO) approved a second malaria vaccine for children.

Esaïe Edoh

Togo and three other West African countries will share €200 million which they will receive as part of the second phase of Agence Française de Développement's (AFD) Choose Africa initiative. According to the AFD, the money will target the informal sector, as well as SMEs and startups. It will run from 2024 to 2027. 

The funds should serve in setting up public mechanisms to support entrepreneurship, with grants and sovereign loans. Overall, the program aims to support 22,500 African startups, and micro, small, and medium-size businesses (MSMEs), both formal and informal. They will receive loans and online training.

At the same time, Proparco, a member of the AFD Group, will be responsible for implementing support to the African private sector, while Bpifrance will support French and African companies looking to expand their activities in Africa. 

The Choose Africa 2 initiative comes after a successful first phase, Choose Africa 1, launched in 2018 in Ouagadougou by French President Emmanuel Macron. Under the former phase, the AFD invested  €3 billion –loans, capital investments, and technical support–in 26,000 African startups, and MSMEs (which account for some 60% of formal employment and 40% of the national GDP in Africa). 

The project was announced last May in Togo, by AFD representatives.

Ayi Renaud Dossavi

Ecobank Togo just opened, through the Sephis Foundation, a CFA1 billion credit line for Togolese businesswomen. The investment aims to boost female leadership in the country, where over 32% of businesses set up last year were set up by women. 

The financing agreement was signed on October 4, by the lender’s managing director, Souleymane Touré, and Sefora Kodjo, president of the SEPHIS Foundation. The facility, it is worth noting, will only benefit women who meet the criteria of the bank’s “Ellever” program, an initiative that supports businesswomen. 

According to Souleymane Touré, “the Sephis Foundation…is committed to implementing workshops for beneficiaries of the “Ellever” program, and to evaluate them toward their selection,” to receive part of the new financing. 

 “This collaboration with Ecobank Togo will be a real financial support that will enable us to strengthen our actions, to better assist women entrepreneurs in a more effective financial inclusion,” said, for her part, Sefora Kodjo. 

Ecobank and the Sephis Foundation are not new partners. In 2021, they inked a similar agreement in Côte d’Ivoire, where the foundation is also active (in addition to 4 other countries).

Ayi Renaud Dossavi