Togo presented its post-Covid-19 recovery strategy to the international actors of the LDC (Least Developed Countries) Group, during a ministerial meeting last weekend. The country was represented by Sandra Ablamba Johnson, Minister Secretary-General of the Togolese Presidency.

“The Covid-19 crisis is unprecedented in both scope and suddenness. Estimates show it cut the GDP by 4 percentage points (from 5.3% in 2019 to 1.8% in 2020),” Johnson said.

That is why, added the official, Togo adjusted its development strategy, by adopting a new government roadmap covering the 2020-2025 period and launching a Response-Resilience-Recovery strategy to contain the virus, ensure growth, and achieve the 4.8% growth forecast for the year.

Moreover, the country will keep fostering investment in high-potential sectors - a strategy marked by the launch of the PIA and solar plants.

During the recently held international forum, Lomé asked for a greater international mobilization for poor countries - especially regarding access to vaccines - as financing to LDCs “has dropped drastically.”

“This is the place to solicit once again the support of the United Nations for the mobilization of international partners and financial institutions through the reallocation of Special Drawing Rights (SDR) to support the recovery of African economies and universal access to vaccines,” the Secretary-General declared.

There are currently 46 countries falling under the LDC category and most of them are in Africa. This category was created in 1971 by the UN.

So far into the month, Togolese financial institutions asked and obtained CFA610 billion from the Central Bank of West African States (BCEAO).

In detail, the entities secured CFA425 billion on Sept. 6. The funds were collected separately - CFA243 billion at the monthly window and CFA182 billion (for the interbank market) at the weekly window.

The remaining CFA185 billion were raised on September 1, via the weekly refinancing window. Again, the funds were destined to the interbank market.

The BCEAO has poured CFA7,919 billion in all WAEMU countries since the beginning of this month - respectively CFA1,709 billion via the monthly window and CFA6,255 billion in weekly refinancing (on Sept. 6 and 13).

Togolese lenders secured 7.7% of the total amount the Bank injected in the region over the past three weeks. Côte d’Ivoire had the lion share (25.3%), followed by Senegal (19.6%) and Benin (14.3%).

Togolese businesses that want to attend World Expo 2020 in Dubaï have until October 31 to register. The deadline was recalled today by the country’s ministry of trade.

According to the ministry, participating in the event will enable Togo to “show the world the Togolese innovation and genius,” by showcasing some local inventions and products.

The event will not host only exhibitions. Among others, there will be the economic day scheduled for December 19. Togo will, on that day, have the chance to present investment opportunities and facilities available in Togo. Moreover, Togolese entrepreneurs will be able to meet business actors from other countries via B2B meetings.

Apart from the economic day, a startup day and a national day are scheduled for December 21, 2021, and February 8, 2022.

Esaïe Edoh

The Development Bank of Mali (BDM) was recently introduced to the National Council of Employers of Togo (CNP) by Guindo Amidou, the lender’s MD. BDM-Togo is registered at the Centre de Formalités des Entreprises (CFE). 

While the new bank will, in general, conduct all financial, commercial, industrial, and securities operations, its MD talked with Coami Sedolo Tamegnon, chairman of the Employers’ Council, about how it could support the local private sector. This was reported by the Council. 

In Togo,  BDM will be headed by Souleymane Keita and based at Place Anani Santos (formerly Place de la Libération).

With a capital of CFA25 billion, the lender has subsidiaries in Africa (Guinea Bissau, Ivory Coast, Burkina Faso, Senegal) and Europe (France and Spain). It received the 2021 best regional bank award in West Africa at the Banker Awards.

Esaïe Edoh

Within the framework of the Kennedy Round food aid program and the 2021 economic and social development project, Japan recently donated 500 million Yen (about CFA2.5 billion) to Togo.

The grant agreement was signed on Sept. 16, between Japan’s ambassador to Togo, Hideaki Kuramitsu, and Togolese ministers of agriculture and health, Antoine Lékpa Ggbegbeni and Moustafa Mijiyawa, respectively.

The first part of the grant - 400 million Yen (about CFA2 billion) - falling under the Kennedy Round (KR) program should help Togolese authorities provide food to the poor.

“Beyond supplying food to the Togolese people, the projects helped secure counterpart funds, part of which is currently financing the project to support the development of planned agricultural development zones (zaap) in Togo, in line with the government's  2025 roadmap,” the minister of agriculture said.

The rest of the grant - 100 million Yen (about CFA500 million) - falls under the 2021 economic and social development project and will be used to support the government's anti-Covid-19 response. “This donation will help us secure medical and technical equipment essential for diagnosis and treatment,” said the minister of health.

The Kennedy Round food aid program was launched in 1968 by the UN. It aimed at developing cooperative relations between countries of the North and the South.

Mawulolo Ahlijah

Togo received 101,760 new doses of Astrazeneca from Germany, via the Covax initiative. The donation falls under the country’s Covid-19 vaccination campaign.

According to Prof. Moustafa Mijiyawa, Min. Health, the provision “will further strengthen Togo’s vaccination system,” at a time when “more people are getting vaccinated against Covid-19.” Last Thursday alone, 40,608 people got vaccinated, the Ministry of Health reported.

It is worth noting that the ongoing vaccination campaign was launched by the government to achieve herd immunity. 

The authorities plan to vaccinate 60% of the population and to do that, they need 4.5 million doses of vaccine.

Esaïe Edohd

Togolese SMEs, SMIs, and artisans will soon get part of the public procurements issued by the State. This is one of many reforms found in the public procurement draft bill examined and passed last Wednesday during the council of ministers. 

Another reform is the reduction of the time needed to provide public contracts from 180 to 90 days. 

The new law should soon be submitted to the Assembly for approval. Mainly aimed at dematerializing all procedures related to public procurements, the document, according to the council of ministers, “aligns with the government’s sustained efforts to improve the business climate.” It should also “help rapidly implement public investment projects to benefit the people.”

It is worth noting that since April 2019, young and women entrepreneurs have had access to 25% of all public procurements. 

Esaïe Edoh

The French Development Agency (AFD) has spent, so far, CFA130 billion to support projects in Togo. The information was revealed last Tuesday by the Presidency during the first review of the institution’s portfolio.

“The total amount that the AFD invested in Togo is CFA130 billion, including CFA49 billion in subsidies. The portfolio covers ten projects in agriculture, education, professional training, energy, water, and sanitation,” said Sandra Ablamba Johnson, minister secretary-general of the Presidency, while in the company of AFD’s country director, François Jacquier-Pélissier. 

The two parties said they were satisfied with the portfolio assessment but mentioned there are still challenges to overcome to better execute the projects. To tackle these, periodic reviews will be conducted,  for “more efficiency and efficacy in the execution of projects.”

The AFD, let’s recall, is one of Togo’s leading technical and financial partners. It supported the suspension of the debt service initiated by the Club de Paris in April 2020 and committed last April to back with CFA49 billion (€75 million) the PERECUT project - a project aimed at providing electricity to 50 Togolese municipalities.

Klétus Situ

Togo Invest Corporation SA and Kara Investment Fund recently signed an MoU to support Togolese businesses. 

Through the deal, the two entities will combine their efforts to “raise funds to support Togolese micro, small, and medium enterprises (MSMEs),” especially businesses in their growing phase.

In detail, the signatories will finance agricultural, clean energy, airport infrastructures, road, telecom, and digital projects. They will also share opinions and information “frequently about the mobilization of funds from European institutional investors.”

The end goal of Togo Invest and Kara Investment Fund is to bolster the country’s economic fabric, in line with the government’s 2020-2025 roadmap.

Kara Investment Fund is a Luxembourg-based Africa-focused fund. Primarily, it backs projects that have social and economic impacts, as well as environment-friendly projects. In Togo, the Fund is engaged in agribusiness with its investments forecast at CFA5 billion.

Togo Invest, for its part, is a Holding established by the Togolese State. It supports the latter in key investment projects.

Esaïe Edoh