This year, Africa must make financial inclusion a priority. Mazamesso Assih, Togo’s minister for financial inclusion and the informal sector, claimed in a recent statement. 

According to the official, there are three main reasons African nations must focus on financial inclusion. First, making financial services more accessible fosters the empowerment of the most vulnerable people, women especially. “Women,” Assih said, “are disproportionately affected by financial exclusion.” “Including them requires specific measures and greatly benefits society,” she added.

The second thing financial inclusion can help tackle are criminal networks. "Moving from an exclusively monetary economy to a digital financial infrastructure makes it easier for authorities to trace transactions and deal with smugglers and traffickers, most of whom thrive by exploiting the monetary economy," the Togolese minister stressed.

Lastly, financial inclusion will boost private and public sector connectivity for sustainable growth. In this regard, Mazamesso Assih urged African governments to "support African fintech entrepreneurs whose start-ups can transform the economy and society, especially if they have the right channels to collaborate with telecom giants and big banks."

In her statement, the minister pointed the example of Togo, saying it took various steps to improve inclusion nationwide. These include microcredit programs, digital banking, entrepreneurship incentives, and financial education. 

Esaïe Edoh

The Artisanal fishing port of Lomé (POPEL) caught over 4,000 tons of fish in 2021, up around 18% from 3,450 t in 2020. The figure was recently disclosed by the Ministry of Maritime Economy and Fisheries.

"The growth can be explained by the attractiveness of the new port, inaugurated in 2019, which offers a modern framework to the actors of the fishery," said the Minister in charge, Edem Kokou Tengue.

In detail, the port recorded its biggest catches in July (511 tons), November (465), and June (430), while March and February recorded the lowest numbers, 166 and 191 tons respectively. 

The POPEL was built two years ago, in Gbetsogbe-Baguida, an industrial zone. The infrastructure which was established to boost fishing in the country can host up to 300 pirogues and employ 8,000 people including fishermen, processors, and fishmongers. 

In Togo, over 20,000 people work in the fishing industry and the latter contributes nearly 4.5% of GDP, according to the latest data available.

Over the past year, 13,770 new businesses were established. The figure, a new record, is up 9% compared to 12,500 businesses created in 2020, according to data from the Centre de formalités des Entreprises or CFE (Center for Business Formalities) compiled by Togo First.

In detail, in Q1 2021, 4,087 companies were created against 3,224 in Q2, 3,495 in Q3, and 2,964 in Q4. January was the month where the most businesses were created – 1,390 – and December was the month to record the least registrations: 817 

Also, out of the 13,770 that were registered at the CFE in 2021, 11,629 are owned by Togolese. This is 16% more than the number recorded the year before, knowingly 9,701. While Togolese-owned businesses rose, foreigners opened fewer businesses in the country last year. From 2,831 in 2020, the number of businesses created by them slumped by about 24% to stand at 2,141 in 2021.

Another remarkable fact is that more women officially started businesses last year than in 2020. Indeed, the CFE data indicates that in 2021, women created 3,793 rbusinesses, against 3,426 the year before (+10%).

However, it appears that men registered far more businesses than women in the last 12 months, exactly 9,977 or 72% of the total recorded.

In addition, the number of businesses registered by natural persons stood at 8,327, against 5,443 for legal entities.

The positive performance recorded amid the Covid-induced economic and health crisis is attributable to several reforms introduced by the government to improve the business climate. Such reforms include notably reducing the time and cost needed to set up a business as well as digitization of formalities.

Esaïe Edoh

In Togo, more than 600 people died in road accidents in 2021, up from 556 in 2020. The figure was recently reported by the Minister of Security and Civil Protection Gal Yark Damehane.

According to the official, the causes of these accidents were the same as in previous years: recklessness, drunk driving, non-respect of the highway code, overloading, speeding.

These causes persist "despite the government’s awareness campaign and efforts," Damehane lamented while announcing new safety measures for this year. The latter include urging both bike passengers and drivers to wear helmets. He also said existing measures would be intensified, the category A driving license would be reintroduced, and awareness and repressive actions would be sustained.

Toward the same goal, improving road safety, Affoh Atcha-Dedji, the Minister of transport, launched in December 2021 the pilot phase of the Road Safety Strengthening Project (PPRSR). Expiring in 2025, this project aims to improve road safety through the organization of driving tests throughout the country for more than 7,000 drivers of two- and three-wheeled vehicles and awareness-raising campaigns on the highway code and the dangers associated with certain behaviors in traffic.

Esaïe Edoh

In addition to backing the second construction phase of the PIA, the African Export-Import Bank (Afreximbank) said last Thursday it would help Togo develop its industrialization projects. The commitment came from Benedict Okey Oramah, chairman of Afreximbank’s board of directors, during a meeting with the Togolese Head of State, Faure Gnassingbé.

"We are planning other projects, especially the development of integrated industrial parks...,” announced Benedict Okey Oramah.

The announcement follows Togo's adhesion to the Agreement establishing the Fund for Export Development in Africa (FEDA), last August. The FEDA is an Afreximbank platform that allows its members to foster the development of industrial infrastructure.

Moreover, Afreximbank added that it is ready to help Togo implement social projects. "We have also discussed with the President of the Republic of our bank’s contribution to the realization of the government's roadmap so that at least 75% of the Togolese population gets access to electricity and drinking water in the coming years. We have also agreed to collaborate in the health sector," Oramah said.

So far,  the executive added, Afreximbank’s ongoing projects in Togo are valued at 500 million euros.

Esaïe Edoh

Togo produced and sold less coffee and cocoa in the 2020-2021 campaign than it did the campaign before. This is what data from the Coffee-Cocoa Coordination Committee reveals. 

In detail, the country’s coffee output fell by 4%, from 2,500 t in 2019-2020 to 2,400 t in 2020-2021. As for cocoa production, it plunged by over 70% over the two periods concerned - from 10,600 t to 6,100 t.

Regarding sales, coffee sales were down more than 23%; 2,000 t against 2,600 t. The drop in cocoa sales was more significant. They fell from 10,600 t in 2019-2020 to 5,400 t last year; thus about 50%. 

It should be recalled that in June last year, the ICAT or Institute for Consulting and Technical Support said it would provide respectively 635,000 and 560,000 of coffee and cocoa seeds to help boost yields in the sector.

Cocoa and coffee are respectively Togo’s second and third agricultural exports.

Esaïe Edoh

Togo successfully raised CFA27.5 billion on the regional money market - UMOA securities market - last Friday. This was the country’s first issue on the market for the year. It issued fungible treasury bills.

Lomé, it should be highlighted, was initially seeking CFA25 billion but retained 27.5 billion out of over 77 billion mobilized. The latter figure translates to a subscription rate of 308.75% for the securities. 

With CFA1 million as minimum value, the operation matures over 182 days or 6 months. The country's last intervention on this maturity dates back to January 8, 2021, also its first issue that year.

The recent issue’s success shows that the country is well seen by regional investors. 

Last year, Togo raised a total of CFA557 billion on the UMOA market, thus 11% less than it did in 2020, knowingly CFA623 billion.

Esaïe Edoh