Togo First
Lomé Container Terminal sets new record
Over the past 11 months, the Lomé Container Terminal (LCT) handled one million containers or 1,450,000 TEU. The figure, disclosed last Tuesday, is a new record for the platform which was launched in 2014. Also, it makes the Togolese port the top port of the Gulf of Guinea, in terms of transhipping.
The LCT also drove Lomé among the top 100 ports worldwide, regarding container traffic. In 2020, the Terminal, which was yielded by a JV between China Merchant and Terminal Investment Limited (TIL), handled 1,366,114 TEU, up by 20% compared to 2019, despite Covid-19 hampering economic activity worldwide.
Since its commissioning (which necessitated the financial support of several major actors, such as IFC and Proparco), the volume of containers handled by the Lomé Container Terminal grew nearly 40 times (3,952%).
For the port operator, which receives an average of forty ships per month, "one of the pillars of this growth is the contribution of its main client, which is none other than MSC Mediterranean Shipping Company, which has made the Port of Lomé its preferred destination to serve Africa.” The world's second-largest shipowner said it plans to invest more than $30 million in the port by 2020 and $500 million by 2030.
Overall, the Port of Lomé - which has gradually become, since the launch of LCT, the port of reference for transshipment in the sub-region with over 70% of containers handled being transshipped- continues to distance itself from its main competitors, in this segment.
Fiacre E. Kakpo
SGI-Togo allowed to conduct online trading operations on the BRVM stock market
The Société de Gestion et d'Intermédiation (SGI-Togo) has been allowed to conduct online operations on the BRVM stock market. It obtained, on Nov 25, the approval of the Conseil Régional de l'Epargne Publique et des Marchés Financiers (CREPMF) to do so.
The firm can therefore launch digital services that enable its clients to directly manage their accounts (invest on the BRVM, check their wallets, etc.).
It should be emphasized that the SGI (which applied for approval on November 4, 2021) is not the only institution that obtained the BRVM’s approval to use its online tool. The latter, let’s recall, was launched in September 2020, by BOA Capital Securities.
By allowing several entities to trade on its market, the BRVM aims to modernize faster - using digital tools- and attract more individual investors to foster the private sector’s growth in the region, and boost market liquidity.
Fiacre E. Kakpo
Togolese minister Sandra Johnson asks the international community to increase its financial support for LDCs
Sandra Ablamba Johnson, the Togolese Minister and Secretary-General of the Presidency took part in a top-level meeting held On Dec. 8, in preparation for the fifth UN Conference on Least Developed Countries (LDCs). On this occasion, she made five major recommendations to better leverage international aid and overcome LDCs’ challenges.
Among others, the Togolese official suggested more financing for LDCs and the private sector, ensuring that developing countries have greater access to Covid-19 vaccines and health infrastructure. Johnson also recommended efforts to dynamize partnerships aimed at boosting LDCs’ capacities and reallocating Special Drawing Rights (SDRs) to support economic recovery and achieve universal access to vaccines in Africa.
Before her address, a brainstorming session on the following theme took place: “To what extent has LDC membership reduced the structural handicaps of LDCs and how can international support measures be improved?” The Togolese minister took advantage of this opportunity to present LDCs’ mitigated achievements.
According to her, LDCs are still vulnerable and progress slowly, especially regarding their structural transformation and productive capacities. This, despite producing more wealth and having higher GDPs. However, Johnson noted that “some countries like Togo are doing well in terms of economic and social development, and show encouraging results.” The development index level of her country, the official reported, grew from 0.46 in 2010 to 0.51 in 2020.
She then expanded on the significant efforts made by the Togolese government to stabilize the macroeconomic framework and greatly improve the business climate.
Esaïe Edoh
Investment in Togo: API-ZF to soon adopt a new operational model
The Togolese Agency for the Promotion of Investments and the Free-Trade Zone (API-ZF) will improve its operational model. The move aims to make Togo more attractive to investors. In this framework, the organization held yesterday an information session to discuss the model it will adopt. Other participants included several representatives of the public and private sectors, amongst other stakeholders.
The new model was designed after consultations between 41 public and private institutions, and it lays the roadmap which will guide the agency’s objectives. Ultimately, the model should allow the API-ZF to better play its role as a cross-cutting body, covering all business sectors.
According to the Minister for Investment Promotion Kayi Mivedor (photo), the goal is to enable the API-ZF "to fully play its role and help attract investment, facilitate the installation of investors in Togo, and also handle post-investment service.”
Adopting a new model also aligns with Togo’s ambitions, set under its five-year roadmap. In particular, to sustain progress made in recent years as part of improving the business climate and attracting FDIs.
Recently, the country launched a website exclusively dedicated to investment. The platform enables investors to access relevant information, proceed to administrative procedures and facilitate their installation, among others.
AFD allocates €8 million to ECOWAS Commission to improve food security in the region
The French Development Agency (AFD) awarded a new grant of €8 million (about CFA5.24 billion) to the Ecowas Commission this week. The funds will help the Commission bolster its food storage and security program in West Africa, according to the Regional Agency for Agriculture and Food (ARAA).
In the short term, the three-year facility aims to consolidate achievements of the first phase of the Regional Food Security Reserve (RFSR). This regional mechanism, adopted in 2012, enables ECOWAS countries to show regional solidarity in the event of a major food crisis in the region.
"We are convinced that this new support will contribute to the sustainability of the food security storage system in West Africa and will make it possible to mobilize other development partners to further strengthen resilience against the various shocks affecting food security in the region," explained the Director of AFD Nigeria.
Before providing this grant, the EU released a €56 million financing (including €31.9 million allocated to the AFD) for the pilot phase of the ECOWAS regional storage strategy, which covers the project that was recently backed by the AFD.
Adopted in 2012, the ECOWAS Regional Storage Strategy tackles needs arising from a major food crisis in one country or more in the subregion. To do so, the strategy leverages local and national stocks and the RFSR.
Togo’s employers’ council launches campaign to secure new members
It is now possible for businesses and professional associations active in Togo to apply to join the national employers’ association (CNP). The 60-year old association recently launched a campaign in this framework.
CNP-Togo offers its new members several advantages, including information services, capacity-building workshops, legal counseling, economic and social advice. It also helps them speed up their growth leveraging its network of over 1,500 businesses and 24 professional associations, said CNP chairman, Laurent Coami Tamegnon.
The institution also defends the interests of its members with the State and its branches.
CNP-Togo, as a representative of the private sector in the face of the government and international organizations, acts as negotiator and flag-bearer of Togolese businesses.
Esaïe Edoh
Nearly 1.4 million people have been vaccinated in Togo
As the year is about to end, Togo has reached its goal to vaccinate at least a million people against Covid-19. About 1.4 million adults (+18 years) have received at least one dose of the vaccine, according to the minister of health who disclosed the figure during the council of ministers held yesterday, Dec. 8.
The official attributes the achievement to the fast-paced vaccination campaign launched by the government on November 22 and ended on December 6.
Last October, the government said 1.3 million doses had been administered across the country.
Also, data gathered by the Financial Times reveals that 4.9% of the Togolese people are fully vaccinated, and 8.7% have received at least one dose. This makes Togo the country with the highest vaccination rate in the WAEMU.
Despite these encouraging results, the council of ministers urged the government to be more involved in the sensitization of the people regarding safety measures and vaccination.
Esaïe Edoh
Ivorian fintech CinetPay secures $2.4M seed funding to expand its activities in francophone Africa
CinetPay, an Ivorian payment gateway active in many African countries including Togo, has secured $2.4 million (CFA1.4 billion) in seed funding from 4DX Ventures, a Pan African venture capital fund, and unicorn Flutterwave. The financing will enable the startup to expand its digital payment services in francophone Africa.
CinetPay said it will “boost its sales and marketing efforts across the markets in West and Central Africa.” “Our vision is to be the first payment aggregator in Francophone Africa by 2025. First in terms of our geographical presence in 15 countries in Francophone Africa. First in terms of innovation, first in terms of market share,” said Idriss Marcial Monther, founder of the startup.
For Flutterwave, the partnership with CinetPay is a diversification from the mobile money moves the unicorn has made, notably by partnering with MTN to enable a set of businesses to receive MTN mobile money via the gateway.
According to Olubenga Agboola, CEO of Flutterwave, the goal is to “simplify payments on the continent.”
CinetPay operates in nine French-speaking African countries, namely Ivory Coast, Senegal, Cameroon, Mali, Burkina Faso, Togo, Congo, Guinea, and Benin. It allows merchants and e-merchants to accept money payments from more than 130 mobile money operators, bank cards, and digital wallets. It started operations in Togo in June 2020.
Esaïe Edoh
Bboxx and EDF have more than 50,000 customers in Togo
Bboxx, a British solar energy startup, has 50,000 customers in Togo. The firm owes this performance to the government’s efforts to democratize access to reliable, clean, and affordable electricity in the country.
Bboxx and EDF are involved in the government’s CIZO scheme to boost access to power in Togo. As part of the program, the British startup provides solar panels to households and SMEs, as well as solar-powered pumps to farmers. So far, it has impacted more than 200,000 Togolese people.
Now, “the ambitions of Bboxx EDF Togo for the next two years include distributing 50,000 more domestic solar panels and 5,000 solar-powered water pumps.”
To this end, the firm plans to collaborate with the government to boost agricultural production, via a partnership with the ministry of agriculture.
Under the CIZO, Bboxx plans to soon deliver smartphones to Togolese citizens on a pay-as-you-go model. It has already signed an agreement with the government in this framework.
Esaïe Edoh
ECOWAS: Land borders may reopen on January 1, 2022
After remaining closed for the past two years, land borders in the ECOWAS land region could reopen next month, on January 1 to be exact. The date was suggested on December 6 during a meeting gathering some of the region’s ministers and the West African Health Organization.
The recommendation, which was addressed to ECOWAS presidents, includes the effective implementation of harmonized instructions at the borders, mutual recognition of PCR tests for Covid-19, and the harmonization of their period of validity.
“The recommendation was made based on the lessons learned over the two years the borders were closed. The pandemic has disrupted demand, supply, and investments in key economic sectors. It has also negatively impacted trade and people’s movements,” the meeting’s participants declared.
Due to the closure, ECOWAS States lost 6.7% of their GDP between 2020 and 2021, the officials estimated yesterday. This corresponds to about $50 billion. The losses show that reopening borders is important for economic recovery and it is “a fundamental issue.”
The suggestions will be presented next Thursday and Friday in Abidjan, during the ECOWAS ministers’ council. They will be subsequently sent to heads of State and government for adoption.
Let’s recall that ECOWAS leaders decided to shut their borders to stymie the spread of the Covid-19 virus across the region.
Esaïe Edoh