Togo lost at least $3.9 billion between 2008 and 2017 due to trade misinvoicing. The figure is disclosed in a report recently published by Global Trade Integrity. 

The American NGO said that on average Togo lost about $361 million or 30% of its total trade, per year, with the 36 advanced economies in the world, over 2008-2017. This makes it the second developing country worldwide, after Gambia (whose average is 37% per year), to have lost the most over the period.  

The administration of Pfizer vaccines, 100,000 doses of which Togo received last month, will begin tomorrow, July 7, and end on July 22, 2021. 

Set to take place in two phases, the vaccination campaign will cover only the Grand Lomé area. In the first phase, going from July 7 to 14, people of 50 years and more will be vaccinated. In the second, which will start on July 15 and end on July 22, those aged 20 years old and above will receive the vaccine. 

The campaign is in line with the government’s ambition to achieve collective immunity and halt infection. 

“Registration process is the same,” said the government while urging “those concerned to go get their first dose in the nearest health center.”

It should be noted that the country recently carried out a campaign to administer AstraZeneca vaccines. More than 300,000 people were vaccinated during the campaign, according to the Togolese authorities.  

Esaïe Edoh

A total of 7,311 new businesses were registered in Togo during the first half of this year. The figure was released on July 2 by the Business Formality Center (CFE). This is up by 21% compared to the number recorded in H1 2020. 

In detail, 60.83% of the businesses registered (4,447) were owned by natural persons, while the remaining 39.17% or 2,864 were held by legal persons. 

The data also reveals that 5,375 of these businesses were launched by men, against 1,936 by women. A majority of the businesses, 82.2% exactly, were owned by Togolese, and the remaining 17.18% by foreigners.

It’s worth noting that last month alone 1,184 businesses were registered at the CFE - 732 by natural persons and 452 by legal persons. 

Number of businesses registered in Togo from January to June 2021 / Source: CFE 

According to Togolese authorities, the increase recorded is attributable to several reforms introduced by the government in recent years to improve the country’s business climate. These include reducing the time needed to register a business, canceling the fees previously demanded to publish legal notices, and dematerializing registration procedures.  

Amid the Covid-19 pandemic that hit Togo in 2020, and the resulting health crisis, 12,529 businesses were formally established; that is 9% more than in 2019 where 11,482 businesses were registered. 

Esaïe Edoh

Robert Dussey, the Togolese minister of foreign affairs, was in Qatar last Sunday. He met with his Qatari counterpart, Sheikh Mohammed Bin Abdulrahman, and talked about investment opportunities available in Togo. 

After the meeting, Dussey tweeted: “Qatari investment in Togo and a business meeting between the two countries were the main topics of discussion.”

Three years ago, in May 2018, Faure Gnassingbé, Togo’s Head of State, visited the gas-producing country. That trip led to the signing of three major deals between the two countries. The first was a memorandum of understanding on economic, commercial, and technical sectors. The second was a cooperation agreement on reciprocity in the promotion and protection of investments. And the third aimed to set up a channel for political and diplomatic consultations on matters of common interest  

Since then, Togo and Qatar have committed to mutually supporting each other during international forums. 

Esaïe Edoh

On July 1, 2021, during the CIAN Africa Forum held in Paris, Shegun Adjadi Bakari, Advisor to the President of Togo, said Togolese agriculture is booming and that the sector is promising. 

The official who was speaking during a panel of the “agro-industrial transformation in Togo” shed light on the Togolese government’s efforts to develop agriculture, by bolstering local transformation. These efforts include setting up a €200 million industrial platform in Adetikope (PIA). Inaugurated on June 6, 2021, the infrastructure was financed by the State and Arise Integrated Industrial Platforms.

The PIA, which has industrial and commercial spaces, warehouses and logistics, roads, container parks, and housing for workers, is, according to Bakari, an important asset to developing agriculture in Togo. The infrastructure, he added, holds various investment opportunities.

Besides the PIA, Shegun Adjadi Bakari mentioned ‘agropoles’ and planned agricultural development areas (ZAAP).

“We are laying the bricks and pieces of the puzzle that will support Togo's growth in the future,” he affirmed. 

The Togolese ministers of trade - Kodjo Adedze, agriculture - Antoine Lekpa Gbegbeni, investment promotion- Kayi Mivedor, and Delegate to the President of the Republic in charge of Energy and Mines -Mawunyo Mila Aziable were also at the panel. They all presented and praised the ambitions of the Togolese government set in its 2020-2025 roadmap. 

 Esaïe Edoh

CUBE, the Togolese incubator, released last Thursday a list of 20 startups selected to take part in the Kpital Race fundraising. 

In addition to Millenium Microfinance and Cofina, more than 10 business angels took part in the selection process, sorting submitted projects by their relevance, the needs they meet, and turnout potential. 

Nine of the selected startups operate in agribusiness and agritech, two in ICTs, three in craftsmanship, two in education, and the last in the cleaning industry. They will now go through a six-week preparation phase at the end of which they will present their respective projects to a panel of investors. 

“This process just began and these projects will now start the most important phase which is to get ready for the fundraising that will begin with the elaboration and testing of a business model and market studies, for projects which are still at the ideation and prototype level, and full due diligence for expanding projects. It’s only at the end of this process that the best projects will be submitted to financial partners for funding,” a statement on CUBE’s website reads.

Let’s recall that Brightmore Capital, the West African impact investment fund is also engaged in the initiative. 

Klétus Situ

The interprofessional council of the soybean sector (CIFS) recently had its general assembly. On this, the council’s members said the sector needs to be restructured to generate more revenues. 

“The government is currently working to develop the sector and promote the bean’s processing. This means the interprofessional has a special role to play, and this must be done through concertation, in agreement with us, the actors of the sector,” said Komlan Kadzakade, chairman of the CIFS.  

In the coming days, the council will set soybean’s buying price. It will also take steps to foster the inclusion of all actors concerned and promote dialogue. This, the CIFS says, should help ramp up production. 

In 2019-2020, Togo produced 176,000 t of soybeans, of which 160,000 t were exported for CFA50 billion. 

Esaïe Edoh