The Banque Ouest Africaine de Développement (BOAD) has joined the Finance in Common Coalition (FICS) to fight gender inequality. 

The African Development Bank (AfDB), a leading development finance institution in the UEMOA zone based in Lomé, Togo, has joined the Finance in Common Coalition (FICS), co-chaired by UN Women and the African Development Bank (AfDB), to fight gender inequality.

"Through this signature announced on October 20, 2022, by the circle of Women Leaders of the FICS Coalition, the BOAD commits to work with other Banks and Development Financial Institutions, members of the FICS Coalition, and to make their coordination and mobilization actions efficient, in favor of the fight against gender inequalities and the empowerment of women and girls,” the BOAD wrote in a statement dated March 13, 2023. 

By joining the coalition, the BOAD aims to improve access to employment opportunities, promote equal access to financial services, and more broadly, financing, in favor of gender equality, women's rights, and their empowerment, catalysts for sustainable development and economic resilience in our region.”

The BOAD will collaborate with other development banks and financial institutions to improve their actions against gender inequality and empower women and girls. 

BOAD’s adhesion to the FICS aligns with its DJOLIBA Strategic Plan (2021-2025) and its gender policy, which aims to promote gender equality and women's empowerment in the sub-region. 

Ayi Renaud Dossavi

In Togo, the edge-of-field price of cashew nuts for the new campaign is CFA325 per kilogram. The price was announced during the official launch of the campaign in Kara, under the aegis of the Cashew Coordination Committee (CCFA) in collaboration with the Interprofessional Council of the Cashew Sector in Togo (CIFAT).

Before the launch, several interprofessional agreements were inked on March 9, 2023, between the five links of the cashew nut sector.

Evolution of the industry

Togo produced 33,866 tons of cashew nuts in 2022, against 16,000 tons in 2016 (+112%). Over these six years, the crop generated over CFA76 billion and created more than 200,000 jobs. This year, production is expected to reach more than 40,000 tons.

Regarding purchase and sale, the CIFAT took practical measures to better trace the nuts, in line with the laws regulating the cashew sector in Togo.

During the campaign’s launch, the Director General of Private Sector Development, Bilakimwé FEOU, representing the Minister in charge of trade, invited all the actors of the sector to comply with the interprofessional agreements as well as the regulatory texts in force throughout the marketing campaign.

He then revealed that "a device will be put in place to monitor, track and severely punish violators". Moreover, "the government endorses the concerns of the sector's actors, and provisions are being made for structuring investments for the benefit of the different links in the sector with a view to the proper functioning of the cashew industry's management bodies from this year 2023."

Ayi Renaud Dossavi

The Togolese capital, Lomé, currently hosts a five-day seminar on the theme "Strengthening the Integration of Debt and Cash Management ". Started yesterday, March 13, the seminar is organized by the IMF's Regional Technical Assistance Center in West Africa (RTAC West Africa).

Several experts from WAEMU, Guinea, and Mauritania are attending the meeting which is held at the 2 Février hotel. These include debt and cash management executives from the 10 countries that RTAC West Africa covers.

The meeting was opened under the auspices of Akou Mawussé Afidenyigba, representative of the ministry of finance. IMF’s resident representative, Maximilien Kaffo, was also present.

"The main goal of the seminar that begins today is to raise awareness, introduce and provide you with practical training aimed at strengthening your knowledge relative to the importance of integrating debt management with cash management and the actions that can be implemented to facilitate this integration", said the representative of the ministry of finance.

The seminar, according to Maximilien Kaffo, should boost the capacities of the countries concerned, in terms of public debt and cash management.

RTAC West Africa was set up to increase technical support to the following countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, and Togo. Established in 2003 in Bamako, Mali, its headquarters were transferred to Abidjan, Côte d'Ivoire, in mid-2012.

Ayi Renaud Dossavi

Togo now uses Radio-Frequency Identification (RFID) to track goods that transit in the country. The Chamber of Commerce and Industry of Togo (CCI-Togo) and the Togolese Revenue Office (OTR) launched the new tracking system on March 10, 2023.

Thanks to the system's radiotags attached to the trucks, the tax authorities will receive data from the merchandise; the data is processed by transceivers fixed along the road corridors.

This should save time for business operators and all actors in the transport chain and road transit. It will also ensure the safety of goods in transit. 

The new system is important for Togo, according to CCI-Togo, and will contribute to its goal of becoming a regional logistics hub.  

"In line with Axis 2 of the 2025 government roadmap, this tool comes at the right time to help assert Togo's place as a logistics and services hub," said Nathalie Manzinèwè Bitho, president of the special delegation of the CCI-Togo.

By adopting the new system, Togo complies with the recommendations of the National Committee on Trade Facilitation (CNFE) in charge of implementing the Agreement on Trade Facilitation (AFE) of the World Trade Organization (WTO).

The RFID replaces the SSE system which consists of affixing beacons emitting signals on vehicles carrying goods in transit. 

Esaïe Edoh

The Minister of investment promotion of Togo is holding a virtual business meeting with Moroccan exporters next Tuesday, March 21. “Doing Business with Togo” is the name of the event. Organized in partnership with the Moroccan Association of Exporters, the meeting will take place at 9:30 AM (Togo time).

The meeting aims to boost investments and trade between Togo and Morocco. Companies interested in participating can register here. 

In the last quarter of 2022, Togo attracted more than CFA43 billion of FDIs, mostly in sectors such as clothing, wood and construction, agribusiness, and services.

For more information, visit the registration portal here. 

Ayi Renaud Dossavi

Togo raised CFA9 billion on the West African public securities market (MTP) on 10 March 2023. For the operation, a simultaneous issue of fungible treasury bonds (OATs) and fungible treasury bills (BATs), the country was seeking 25 billion.

In detail, Lomé secured CFA5 billion through the OATs and CFA4 billion through the BATs. The former will mature over 91 days and the latter over 5 years, at an interest rate of 5.7%.

According to the regional exchange’s report, only six investors bought the securities.

Adding this recent issue, Togo has raised CFA103 billion on the WAEMU market so far this year.

Esaïe Edoh

The Revenue Office of Togo (OTR) and Gabon’s General Directorate of Taxes (DGI) will bolster their cooperation, consequent with a new deal they signed on March 8. 

The documents were inked in Lomé by Philippe Kokou Tchodié, Commissioner General of the OTR, and Gabin Otha-Ndoumba, Director General of the DGI. 

Specifically, the deal should allow both entities to share their experience and practices, so they operate better and increase the capacities of their agents. A Gabonese delegation should also visit Togo to explore the implementation of electronic tax payment terminals, based on the models put in place for the Motor Vehicle Tax (TVM). 

Gabon is also interested in the Togolese model of the Institut de Formation Fiscale et Douanière (IFFD-OTR), which trains administration professionals in taxation and service management.

Togo has officially launched its Tinga Fund, a fund that facilitates household electrification in the country. The launching ceremony took place on March 9, 2023, in Atakpamé and it was presided over by the Minister Delegate, in charge of mines and energy, Mawunyo Mila Aziable.

The fund leverages subsidies that will allow households to connect to the grid with more ease. Instead of the CFA100,000 fee required to get connected, they will make an initial payment of CFA1,000 CFA to get connected. The remaining CFA99,000 is payable over up to ten (10) years depending on the income of the households.

According to Minister Aziable, this is a "government strategy to ensure the equitable distribution of electricity through reliable, lower cost energy in a sustainable and environmentally friendly manner."

The goal of this project is to achieve 100% connection coverage by 2030, and the fund should eventually provide access to electricity for 1,200,000 households in the country.

The project complements other ongoing initiatives including "CIZO" which provides a monthly allowance to households in rural areas.

Regarding the Tinga fund, there was a pilot phase in April 2022 and it covered the Savanes and Kara regions.

Esaïe Edoh 

A delegation of German businessmen, from Bavaria, is on a prospecting tour in Togo. Led by the former Vice President of the Bundestag (German federal parliament), Johannes Singhammer, the delegation was at the ministry of investment promotion on March 9.

The Germans came to explore opportunities existing in Togo, among others. "We expect from the Togolese authorities guidance to see what opportunities to seize," the head of the delegation said.

Industry and agribusiness are the two main sectors targeted, but they are not the only ones. 

"Our wish is that this is the beginning of a series of exchanges that will allow you to settle permanently in Togo," said Rose Mivedor, Togo’s minister of investment promotion. Togo, she stressed, is well located, has several partners, and is a gateway to a market of 320 million consumers.

The German delegation will spend many days prospecting the country. 

Octave A. Bruce