In Togo, over 11,200 micro-businesses were officially created by young entrepreneurs over the past year. The figure, disclosed by the Ministry of Grassroots Development and youth employment, is up by 20% compared to 2020 ( 9,400 microenterprises).

The ministry attributes the growth to several initiatives, among which is an entrepreneurship training program that enrolled 14,351 youth and women. Moreover, in 2021, nearly CFA6.3 billion of loans were distributed to promote youth entrepreneurship and self-employment.

Over the same period, the ministry added, more than 26,000 sustainable jobs were created for young people for 13,500 planned. This corresponds to an achievement rate of 194%.

The results, which exceeded expectations, were lauded by Myriam Dossou d’Almeida, minister of grassroots development and youth employment. She, however, urged for more actions to achieve goals of the 2020-2025 government roadmap – goals that include more jobs for the Togolese youth. "2022 will not be a year of rest. Many challenges await us on all fronts," said the official. 

Esaïe Edoh 

In the past weekend, the 22 young entrepreneurs selected under the first edition of the Togolese Facility for Acceleration and Innovation (FTAI) program received their prize money. Per head, they received between two (2) and twenty (20) million CFA. Most of the funds came from the United Nations Development Program (UNDP) which backed the project with 200 million CFA.

In detail, the winners include 20 startups and 2 SMEs that operate in a wide range of sectors, from processing, services, to logistics, ICT, agriculture, and livestock. The 22 chosen ones were picked – out of 197 applicants – for the innovative nature of their projects which also match the needs of the Togolese economy.

"I note with great interest that the fields covered by the initiatives contribute to twelve of the seventeen SDGs, including poverty, hunger, and nutrition, health, education, renewable energy, terrestrial ecosystems, etc.," said Alioune Mamadou Dia, UNDP Resident Representative in Togo. Dia hopes that the facility will help beneficiaries "accelerate their march towards sustainable entrepreneurship," which, he believes, offers "innovative solutions to populations, especially the most vulnerable.”

Launched in July 2021, the FTAI is carried out by UNDP-Togo and the Ministry of Grassroots Development, Youth and Youth Employment (via the Support Fund for Youth Economic Initiatives or FAIEJ). With an annual budget of CFA265 million, the initiative supports entrepreneurial projects with a strong innovative character.

Esaïe Edoh

Last Saturday, the organizing committee behind the fourth edition of the Togo Top Impact (TTI) Awards named and rewarded all 17 winners it picked for the year 2021. These winners received 17 awards, including 7 special ones. 

Launched four years ago by the National Organization for Integral Development (ONEDI-Togo), the TTI Awards recognizes men, women, youth, organizations, and businesses that contribute – actively and positively – to the development of their respective communities. 

Every year, excluding special awards, a jury picks 10 people or entities spread across various categories. Then, after a public vote that counts for 60% of the final results, the jury proceeds to its vote (40%). This year, the jury was headed by Amégah-Atsyon Bertin, a bailiff. 

"It is the only event that puts under the spotlight, known and unknown women and men, who, through their professional but also human or social qualities, positively impact citizens and contribute in an exceptional, significant and innovative way, to the influence of our country,” the organizers said.

The theme picked for TTI 2021 was "Fiscal citizenship and development: assuming one's role as a citizen for the post-Covid economic recovery." The event was sponsored by Kodjo Adedze, Togo’s Minister of Trade.

Full list of winners 

• Personality of the Year: Serge Michel Kodom
• Woman Manager of the Year: Molgah Abougnima-Kadjaka
• Woman Leader of the Year: Kayi Dogbé
• Rural Entrepreneur of the Year: Dodji Kofi Ognankitan
• Young Leader of the Year: Beauty Sodokin
• Cultural Actor of the Year: Kodjo Enyonam Jacques Logo 
• Journalist of the Year: Jean-Paul Agboh-Ahouélété Paul
• Model Municipality of the Year: Commune Golfe 3
• Organization/Association of the Year: Wep-Togo
• Digital Innovation of the Year: Edole Africa

SPECIAL AWARDS

• Woman of Influence Award, in recognition of her commitment to the empowerment of women in rural areas: Zibo Laouratou
• Good Governance Award, in recognition of her professionalism, willingness, and commitment to business management: Nathalie Bitho
• Excellence Award, in recognition of his merits and actions for the Togolese private sector: Tamégnon Laurent
• Excellence Award, in recognition of her actions for the promotion of girls' leadership: Anaté Kouméalo Germaine
• Excellence Award for the most reforming Togolese institution: University of Lomé
• Jury Prize: Esther Sogbo
• Special Prize, in recognition of her quality work, dynamism, and her support to the authorities in the fight against Covid-19: Bilitis Adama

After imposing heavy sanctions on Mali, ECOWAS heads of state met on Friday to discuss the recent putsch in Burkina Faso, which led to the exit of Roch Marc Christian Kaboré. Unsurprisingly, they decided to suspend Burkina Faso from the sub-regional bodies. It is in this context of tensions between these two Sahel states and ECOWAS that we (Togo First), based on the latest economic data available, decided to review trade relations between Togo, Mali, and Burkina Faso. From trade and diaspora remittances to foreign direct investment (FDIs) and tourism, here, we look at all of it.  

In recent years, trade between Togo and its two Sahelian neighbors, Mali and Burkina, has grown steadily. That is a fact validated by data from both the BCEAO and the UN’s Comtrade aggregator.

Mali

In 2020, trade between Mali and Togo was estimated at CFA85 billion, with Togo selling more than it bought. Indeed, despite its size, Togo is Mali's third-largest supplier of goods in the WAEMU region, behind Senegal and Côte d'Ivoire. Fuel, fertilizers, basic food products, and pharmaceuticals ... Togolese exports to Mali stood at CFA75 billion in 2020, compared to about CFA10 billion for imports. 

Diaspora transfers

Remittances are another key component of economic relations between Togo and Mali. And just like in the case of trade, Togo seems to be winning on that ground as well.

In 2019, Malian migrant workers living in Togo sent CFA2.5 billion home (latest BCEAO figures). In the opposite direction, the Togolese diaspora living in Mali sent home CFA9.8 billion, almost four times more than the Malian diaspora did.

A source of FDI for Mali

Since 2017, foreign direct investments (FDIs) from Togo to Mali remained robust, year after year. Truly, except for 2020 when they dropped to CFA785 million, in part because of the pandemic, the FDIs stood above CFA3 billion over the period.

This year, Togo will allocate CFA4 billion to the Local Authority Support Fund (FACT) in line with its appropriation bill 2022. Compared to 2021, this is 36% lower. 

The amount allocated last year was broken down into CFA2.5 billion for projects carried out by the National Agency for Grassroots Development (ANADEB), and around CFA4 billion for the country’s 117 municipal councils. 

The FACT is a government-sponsored fund designed to support local authorities in mobilizing financial resources. It is backed by many technical and financial partners, such as GIZ, AFD, and the European Union (EU).

For example, in 2021, Germany and the EU provided 10 Togolese municipalities with modern premises and trained many municipal councilors on local governance. They did so via the Decentralization and Local Governance Program (ProDoGoL), in which they injected over CFA18 billion.

Esaïe Edoh

The Togolese subsidiary of the Compagnie Financière Africaine (COFINA) will reinforce its financial inclusion policy. This ambition was revealed on Jan 27 by the institution’s MD, Digbé Marcel, during an audience with Prime Minister Victoire Dogbé.

"We will accentuate financial inclusion,” Marcel said, adding that COFINA was open to "supporting and financing the government in its various endeavors.”

In Togo, the Ivorian group’s main goal is to "participate, sustainably, in the economic development of the country by contributing to the emergence and consolidation of SMEs." In this framework, COFINA Togo will support SMEs and all entrepreneurs left out of traditional financial systems.

In March 2021, the group partnered with CUBE, a Togolese incubator, to provide up to CFA25 million to growing businesses that have been operating in the country for a minimum of three (3) years.

In September 2021, the financial institution also signed a financing agreement with the Risk-sharing-based Mechanism for Incentive Agricultural Financing (MIFA), in favor of agricultural SMEs.

Esaïe Edoh

GuarantCo has granted Orabank-Togo a CFA14.55 billion guarantee to finance road and telecom development projects in Togo. This is the second time that the subsidiary of the Private Infrastructure Development Group (PDG) is providing a guarantee to support infrastructure development in Togo. The first time was in 2019 when the fund helped Togo’s commercial banks support the Kekeli Efficient Power project.

Commenting on the new facility, GuarantCo said in a statement obtained by Togo First on Jan 27, 2022: "The guarantee provides Orabank with capital relief, allowing it to expand its infrastructure portfolio while remaining within the limits of a single debtor. The projects supported include telecommunications and road projects in Togo."

Moreover, "This portfolio guarantee improves Orabank's prudential ratios by 742 basis points and 837 basis points for Tier 1 capital and solvency ratios respectively," the fund said. This, it added, should allow Orabank to better support the government’s 2025 roadmap. 

Guy Martial Awona, CEO of Orabank Togo, welcomed "GuarantCo's support for [Orabank's] portfolio guarantee, which increases its ability to finance business growth in the telecommunications, energy and infrastructure sectors. Once again, the bank is proud to contribute to the government's efforts in implementing the National Development Plan (NDP) launched in 2018."

GuarantCo is backed by several western governments as well as the World Bank Group.

Ayi Renaud Dossavi

For its third issue on the WAEMU market this year, Togo will seek CFA35 billion. The first two were successful. 

The issue - of fungible Treasury bonds - is scheduled to close on Feb 4, according to WAEMU-securities. It is set to mature over 120 months (10 years), has a nominal value of CFA10,000 and an interest rate of 5.9%. 

So far into the year, Togo has raised CFA64 billion on the regional money market, out of the CFA533 billion it aims at for the whole of 2022.

Esaïe Edoh