Of all WAEMU countries, Togo was the one that recorded the highest growth for bank credit supply–the amount of credit made available by the country’s banks–in 2022. According to the WAEMU’s Central Bank, the BCEAO, the figure stood at CFA1,265.9 billion, against CFA812.9 billion in 2021, or 55.7% more.

The upward trend was extended to the whole WAEMU region, where the volume of credit available rose by 9.9% to 19,539.1 billion. Right behind Togo (+55.7%), the best performers were Benin (+46.6%), Senegal (+10.2%), and Mali (+8.3%).

While the surge was more significant in Togo, in terms of amount, other countries did better than President Gnassingbé’s country. In Benin, for example, the figure stood at CFA1,491.3 billion in 2022. In Burkina Faso, bank credit supply grew by “only” 8.2% over the period reviewed, but the figure stood at CFA2,595.3 billion. The region’s economic powerhouse, Côte d’Ivoire, for its part, recorded a growth of 1.3%, with the figure standing at 6,463.8 billion–Over five times what Togo recorded. 

Good winds didn’t blow on all of the Union’s nations. In Niger and Guinea Bissau, the figure decreased by 3.4% and 22.9%, respectively. In the former, bank loans supplied stood at 730.3 billion CFA and in the latter, they stood at CFA108 billion. 

According to official data, Togo had, last year, 17 credit institutions, including 14 banks (with Orabank, Ecobank, and Coris Bank leading in terms of asset volumes) and 3 financial institutions.

Ayi Renaud Dossavi

Togo raised only CFA16 billion on the WAEMU-securities market last Friday, July 14. The country was seeking CFA30 billion through the issue of fungible bills and bonds of the treasury (BATs and OATs in French). 

According to the issue’s report, the bonds or OATs generated CFA14 billion. They mature over 3 and 5 years. As for the bills or BATs, they earned Lomé the remaining CFA2 billion. They mature over 182 days. 

Overall, 28 investors participated in the operation. And though only CFA16 billion were retained, total subscriptions amounted to CFA33 billion, thus representing a coverage rate of 110.94%.

Adding this last issue, Togo has raised CFA430 billion on the regional money market so far this year. This means the country has about 144 billion more to reach its target for the year. 

Esaïe Edoh

A new bus station was inaugurated last week, on July 12, in Kara, northern Togo. The ministers of trade and transport, Kodjo Adédzé and Affoh Atcha-Dédji, both attended the inauguration ceremony. Launched in 2017, the project cost CFA1.2 million. Its goal is to modernize transport in Kara.

“The effective and long-term operation of this bus station will, I am sure, contribute to enhancing the attractiveness of the city of Kara,” said Trade Minister, Kodjo Adedze. The station, according to him, should help “connect producers, processors, traders and consumers of our local products, consequently creating jobs for our young people and women, and improving the quality of life of our citizens.”

Construction was financed by the Togo Chamber of Commerce and Industry (CCI-Togo). The land where the station was built spans 11,250 m². It was provided by the municipality.

The new bus station includes a three-story building housing administrative services and a restaurant. It also has 15 shops of 45 m² each, equipped with storage and integrated toilets. Two other buildings are dedicated to police and civil security services, while a plaza of 2,120 m² has been set up. The infrastructure also has an inner courtyard of over 8,000 m² comprising a shed with five counters, an area that can accommodate more than 200 travelers, as well as a block of latrines for men and women, and an elevated 5 m³ water tank.

During its inauguration, the Trade Minister highlighted that the station will provide workers optimal conditions to work and contribute to the growth of the Togolese economy. For her part, the president of the special consular delegation of the CCI-Togo, Bitho Nathalie, claimed that the facility would boost transport and trade in the Kara region. 

Ayi Renaud Dossavi

Togo celebrated World Population Day, on July 11, by launching the 2023 Global Population Status Report. Adjovi Lolonyo Apédoh-Anakoma, Minister of Social Action, Women's Protection, and Literacy, attended the ceremony. There were other key stakeholders, such as representatives of the United Nations Population Fund (UNFPA) which initiated the report.

Titled "Eight Billion Humans, An Infinite Horizon of Possibilities: Defending Rights and Freedom of Choice”, the report presents the latest demographic perspectives alongside specific challenges.

More than half of the projected growth of the world population by 2050 is concentrated in just nine countries, according to the report. The global fertility rate, which decreased from 3.3 births per woman in 1990 to 2.5 in 2019, is expected to decrease further to 2.2 by 2050.

In sub-Saharan Africa, the population is expected to double by 2050. These prospects revive debates on family planning and demographic dividends on the continent, as well as women's rights.

"Women's bodies should not be used to achieve demographic goals," said Dr. Natalia Kanem, Executive Director of UNFPA. "To build prosperous and inclusive societies, no matter the population size, we must radically rethink how we talk about demographic change and plan in this area," she added.

The report also calls for reflection on the use of demographic statistics. It urges policymakers and the media to abandon alarmist discourses on demographic growth and focus instead on the freedom of individuals, particularly women, to make their own reproductive choices.

The Togolese government highlighted its commitment to promoting women's rights and gender equality. Legal reforms have been adopted to strengthen these rights in various areas. Togo accounts for about 0.1% of the world's population, with a population of around 8 million people, of which 51% are women, according to the latest census. The natural population growth rate is projected at 2.3%, with the population expected to double in the next 31 years.

Ayi Renaud Dossavi

Since they partnered two and half years ago, the Togolese Ministry of grassroots development and Ecobank have financed 32 young native entrepreneurs with CFA1.78 billion. This is out of CFA4.72 billion of requested financing.

The figure was recently disclosed by Myriam Dossou-d’Almeilda, the minister of grassroots development. The official spoke during a meeting between Ecobank’s local subsidiary and her department.

Dossou-d’Almeida also encouraged the lender to speed up fund disbursement, since there are more requests to process. She then asked young entrepreneurs to remain committed, and keep up their performances, ambition, and focus on available business opportunities.

The deal between the two sides was signed exactly in January 2021. Under its terms, Ecobank Togo is to finance the projects of young people and female entrepreneurs with CFA5 billion. The beneficiaries are also backed by the Support Fund for Youth-Led Economic Initiatives (FAEIJ). 

The project aims to secure funding for promising youth projects.It was launched by Prime Minister Victoire Dogbé with the support of the Cellule présidentielle d'exécution et de suivi des projets (CPES).

Ayi Renaud Dossavi

Togo is looking for a third party to hand over its land register digitization project. The country’s Ministry of Economy and Finance recently launched an international tender to hire this party.  

According to the tender notice, consulted by Togo First, the successful bidder must complete the task within 3 months, after securing the deal.

The tender should help modernize Togo’s land conservation system through digitalization. It falls under the Support Project for Governance and Private Sector Development (PAFDSP).

The resulting digital land registry will be an automated management system for digital data, intended for the registration of buildings and the publication of real estate rights.

The project aligns with Lomé’s land governance reform, initiated some years ago.

Esaïe Edoh

Togo should soon have Citizen offices that will facilitate dialogue between municipal authorities and their constituents. 

The Minister of Territorial Administration, Decentralization, and Territorial Development, Payadowa Boukpessi, recently issued a decree to establish these structures. They will collect citizens’ expectations, concerns, and suggestions and relay them to mayors, thus fostering citizen involvement in the management of local affairs.

Each citizen's Office will reportedly be composed of a coordinator and a rapporteur. The two officials will be natives of the concerned municipality and members of the civil society. They will work hand in hand with the mayor to promote citizenship and facilitate communication between citizens and local authorities. Citizen's offices will also provide information on local government management to inform citizens and raise awareness about their rights and responsibilities.

Located in the capital of the municipality they cover, the offices must develop a work plan and an annual budget, which will be taken into account in the municipal budget, subject to available resources. They may also be supported by municipalities' technical and financial partners, with the government's agreement.

However, it is cautioned that in case of non-compliance with the obligations of the Office members, the mayor may terminate their duties, after consulting the municipal council.

Ayi Renaud Dossavi

From CFA14.6 billion in 2021, Togo's State financial holdings grew by 6% in 2022, reaching CFA15.5 billion. The figure, which was disclosed in a report obtained by Togo First, ends the downward dynamic that started in 2018. That year, the country’s financial holdings were estimated at CFA27 billion.

Despite the recent increase, the State’s dividends still fall short of the government’s budgetary forecast in the 2022 revised finance law; the forecast was CFA19.75 billion.

The gap between the forecast and actual figures underscores efforts needed to fully capitalize on the State’s financial holdings. For 2023, Lomé expects to collect CFA21.8 billion in dividends.

Dividends, it is worth noting, contribute almost a quarter of Togo’s non-tax revenues; about 26% in 2022 compared to 25% in 2021.

In the report, the exact contribution of the different companies was not specified, but according to a recent publication from the Ministry of Economy and Finance, the Togolese state holds stakes in 55 companies. Among these companies, 18 are fully controlled by the State, including Lonato, the Autonomous Port of Lome (PAL), UTB, SNPT, Togo Invest, and several hotels such as Sarakawa, Kara, Roc Hotel, as well as CEET.

In addition, the Togolese state owns majority shares in companies such as SOTRAL, SALT, Nosophat, Adétikopé Pineapple Factory, and T-oil, often in partnership with private entities. It also holds minority stakes in companies such as Togocom, recently sold to the Axian group, as well as Sunu Bank, BIA, Orabank, Wacem, NSCT, Scan Togo, among others.

In recent years, Lomé sold some of its assets to private actors. The goal was to boost the assets’ value, by leveraging the efficiency of the private sector in terms of business management and operation. This is a bold bet and the government hopes that in years to come it will help raise its dividends and earnings. However, the success of this strategy requires careful supervision and rigorous implementation to ensure a positive impact on the national economy.

Fiacre E. Kakpo