Moroccan group Bank of Africa (BOA) will spend CFA40 billion to support the private sector in 15 ECOWAS States. The funds - a credit facility - will be provided to the ECOWAS Bank for Investment and Development (EBID) which is based in Lomé, Togo. 

BOA and EBID signed the related partnership agreement last Wednesday in Lomé. The credit facility concerns the trade and industry sectors.

“This credit line will strengthen EBID's capacity to continue financing private sector projects that align with the Bank's primary intervention areas, notably the energy, infrastructure, and industry sectors,” said George Agyekum Donkor, president, EBID.

For his part, Youssef Ibrahimi, MD, BOA-TOGO, and the representative of the Moroccan group at the signing ceremony, said: "The provision of a credit line of CFA40 billion to our partner EBID demonstrates the commitment of the BANK OF AFRICA Group to contribute to the financing of ECOWAS economies which are affected by the health crisis we are aware of. And as an African bank, we reiterate our commitment to promote the economy of our countries.”

EBID covers 15 ECOWAS countries, supporting several key sectors in the region. In Togo for example it supports the growth of agriculture and agribusiness.

Ayi Renaud Dossavi

On Thursday, the Togolese parliament adopted, unanimously, the 2021 amended finance bill which increased the State budget from CFA1,521 billion to CFA1,702 billion, up 11.9%. The amendment is attributable to economic conditions that were more favorable than the government had expected for this year.

"After budget analysis, it appears that despite the persistence of the coronavirus health crisis, several socio-economic sectors have been recovering. This augurs a favorable macroeconomic outlook, and confirms the transition to a strong economic recovery,” the National Assembly said. 

More favorable economic conditions plus a boost from IMF

In addition to improved tax earnings, the government received around August financial support from the International Monetary Fund (IMF) in the form of Special Drawing Rights (SDRs).

"The budget bill that you just adopted makes it possible to take into account more favorable macroeconomic projections than expected" due to "the economic situation, a stronger economic activity in 2021 and its positive impact on the mobilization of resources, in particular tax revenues and cash resources linked to the collection of special drawing rights from the International Monetary Fund up to CFA111.7 billion,” Sani Yaya, the minister of finance, told deputies following the vote.

"By passing this amended bill, you are giving the government the means to act. This being said, the government plans to keep implementing structural reforms aimed at stabilizing the macroeconomic framework and consolidating public finances, feats that will require greater efficiency in managing public spending,” Yaya added.

The increased budget, the official stressed, will enable Lomé to sustain reforms that will help improve the business climate, but also accelerate the implementation of socio-economic measures identified across all socio-economic sectors existing in the country.

Ayi Renaud Dossavi

The Togolese minister for investment promotion, Rose Kayi Mivedor, is currently in Rwanda where she is meeting local officials and investment actors. 

Midevor on Tuesday met with Béata Habyarimana, the Rwandan minister of trade and industry. The two officials talked about common interest topics.

The following day, the Togolese minister visited the Rwanda Development Board (RDB), which is a government institution that brings together all public institutions in charge of attracting, retaining, and facilitating investment in Rwanda. 

Togo, it should be emphasized, was inspired by Rwanda’s RDB to establish its tax revenue authority (OTR).

The two countries inked a deal on the liberalization of air transport services across the continent in 2018. This deal enabled Rwandair (Rwanda’s public airline) and Asky Airlines (based in Lomé), to connect Kigali and Lomé with direct flights.

Esaïe Edoh

Coris Bank International (CBI) will soon launch in Togo its e-currency, Coris Money, sources close to the group told Togo First.

The app, which is being tested in Burkina Faso, since 2018, will allow the Togolese people - with or without an account at CBI Togo - to withdraw and deposit cash, make local and international transfers and pay their bills. 

Ahead of the app’s launch, the bank’s management is recruiting sales agents. In the same framework, the lender was recently appointed the chief of digital banking.

Present in Togo since 2015, Idrissa Nassa’s bank is growing rapidly. In 2020, it generated a total balance sheet of CFA309.9 billion against CFA205.38 billion in 2019, up by 50.9%. Over the same period, the number of bank accounts soared from 12,171 to 18,994 (+56.1%).

Esaïe Edoh

The Togolese ministry of economy and finance seeks an expert to coordinate the 2025 government roadmap, and adjust it to the African Union’s 2030 and 2063 objectives.

According to the related tender notice, the selected consultant will among others draw a schedule for all activities that fall under the roadmap’s coordination. They will also advise, support, monitor, and contribute to the preparation of technical documents needed for the coordination, as well as write reports for the implementation of SDGs and the 2030 Agenda.

The consultant will provide strategic advice to the cabinets of the President of Togo, the Prime Minister, the Minister of Economy and Finance, and the Minister of Planning and Cooperation, to ensure the optimal execution of the 2025 government roadmap.

The coordination is backed by the African Development Bank (AfDB), which finances part of the initiative, and the Projet d’Appui ciblé à l’exécution du plan national de développement (PAE-PND).

The selected consultant will provide its services over five months and they should start in February 2022, according to the ministry of economy and finance.

To improve the nation’s cowpea output for the 2021-2022 season, the Togolese government has supplied new Striga-resistant varieties to farmers. 

Provided by the Togolese Institute for Agricultural Research (ITRA), the newly-introduced varieties are the Nafi Sam and Wang-Kai varieties. With a cycle of 80 days, these varieties mature earlier than the old ones. 

The Ministry of Agriculture said cowpea is a popular staple food in the country; its leaves, green pods, and dry seeds are eaten and sold throughout the territory.

Togo produced 383,664 t of cowpea in the 2020-2021 season, according to the Directorate of Agricultural Statistics, Information Technology, and Documentation (DSID).  

Esaïe Edoh

Two cholera cases were recently detected in the south of Togo, in the Lakes II municipality (Maritime Region). This was revealed in a press release issued by the Ministry of Health and Public Hygiene.

After reassuring the population that “appropriate measures have been quickly taken to contain the public health emergency,” the ministry recommended vigilance and adequate hygiene measures, such as regularly washing hands with soap, protecting food from flies and dust, and washing fruits and vegetables before consumption. 

The public authority also said anyone suffering from severe diarrhea, with or without vomiting, should be quickly taken to the nearest health center for appropriate treatment.

Cholera, a deadly disease, is transmitted via contaminated food - especially food handled with dirty hands. It often spreads during heavy rainfall periods.

A new checkpoint is being built in Kémérida (northern Togo), a town located in the Binah prefecture and bordering Benin. The project was launched last week by the Togolese Ministry of Security and Civil Protection.

The first stone was laid by Yark Damehane, who heads the ministry of security, in the presence of representatives of the German Embassy in Togo, and the International Office for Migration (IOM), which financed the project.

Damehane said the checkpoint part aligns with efforts to improve border security in the Gulf of Guinea and make border communities living in the area more resilient.

The official added that this particular project should facilitate the work of security forces operating at the border, enabling them to better monitor migration flows, and defend against terrorists and extremists.

Lastly, the checkpoint’s construction aligns with the government’s 2020-2025 roadmap, specifically its first axis which aims to boost inclusion, social harmony, and foster peace, Damehane stressed.

The checkpoint is scheduled to be ready in six months.