The Eco, the projected currency of the ECOWAS, should become a reality in 2027. This date was set in the new roadmap for the single currency recently adopted by the Authority of the ECOWAS Heads of State and Government. 

The leaders, who were holding an ordinary session in Accra, Ghana, adopted a new convergence and macroeconomic stability pact to ensure that the Eco is effectively used six years from now. In line with the pact, ECOWAS States are to meet related convergence criteria between 2022 and 2026. “We have a new roadmap and a new pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” said Jean Claude Kassi Brou, President of the ECOWAS Commission, at the end of the session. 

The community should enter a stability phase starting from January 1, 2027 - if commitments are met. The new roadmap, the fourth, comes in about a month after the General Assembly held on the Eco. The latter, an international summit on the currency, was held in Lomé and was chaired by Kako Nubukpo, a Togolese economist and advocate of the Eco. 

The roadmap was proposed then by economists who attended the summit. They had suggested the creation of a central bank that would manage the single currency. 

Klétus Situ

On June 17, the Togolese parliament unanimously passed the bill relating to the reform of the goods and asset declaration procedure. 

The new bill facilitates the declaration, allowing actors concerned to only fill a form, online and physically, that will be submitted to the Mediator of the Republic. 

Regarding the declaration basis, the minimum single fee which was supposed to be perceived, under the Jan 24, 2020, organic bill, has been canceled. New minimum fees will be fixed by a future decree, taking into account the type of property being declared. 

“This decree,” reads a report from the Parliamentary Committee on Constitutional Laws and Legislation, “will help adjust fees, up or down, depending on the assessment of institutions involved in the declaration process.” 

Klétus Situ

Last Thursday, Vliet Automotive Togo supplied 11 MAN trucks and 11 SCHMITZ CARGOBULL trailers to the hauliers of Brasserie du Bénin (BB Lomé). The provision of the equipment, worth CFA700 million, is part of a strategy to renew the brewer’s commercial fleet. 

Keys of the vehicles were given to the hauliers in Lomé (where Van Vliet is based) by African Lease, the lessor that financed the purchase.

We are very grateful for the trust put in us, again, by the hauliers of BB Lomé who picked us to supply their road equipment, said Marc Boisgarnier, managing director of the Dutch manufacturer.

According to him, “there are too few new trucks sold in Togo” at the moment. To change this, he added, tax cuts and VAT exemption are necessary. “Our wish is that authorities maintain tax incentives as long as possible to renew the fleet of trucks, most of which have become too old.” 

On their side, the hauliers, RANSPORT NASSIF, AFRIQUE DES 2M, and RADJI TRANSPORT, welcomed the arrival of new trucks which should allow them to provide the best services to BB Lomé. 

Séna Akoda

In the past three years, Togo’s néré seeds output rose from 110 t in 2018 to 126 t in 2020. The figure was reported in a study conducted by the FAO and the Agricultural Statistics, Information and Documentation Directorate (DSID).

According to this study, the earnings of actors operating individually in the sector rose from CFA42 million in 2018 to CFA79 million last year. As for those regrouped as cooperatives, their gross sales generated CFA1.3 million in 2018, CFA1 million in 2019, and 1.2 million in 2020. 

Sales of mustard and néré juice generated CFA70 million for actors operating individually and nearly CFA4 million for cooperatives, over the same period.   

Overall, there are 1,321 individual actors and 14 cooperatives active in the sector, the study shows. A majority of the former (58.6%) are in the Kara region, while the Savanes region is home to 71.4% of the cooperatives. 

Esaïe Edoh

The government plans to amend the chart of micro and medium-sized enterprises, to make it match the current economic and social context more. This was discussed during this week’s council of ministers, held on Wednesday.  

“Due to the challenges preventing a true expansion and growth of the people’s entrepreneurship capacities, it became necessary to amend the existing chart to adapt it to our current social and economic environment,” the statement of the council reads. 

This revision directly aligns with the government's efforts, started a few years back, to push the youth towards entrepreneurship. 

It should be recalled that in Togo, micro and medium-sized businesses are mostly financed by family and friends as they struggle to get bank loans. 

Esaïe Edoh

From October 5 to 7, this year, Lomé will host the Rencontres Africa summit, a gathering of French investors and African economic operators. 

This was disclosed yesterday by the event’s general commissioner, Marc Hoffmeister, in the presence of Jocelyne Caballero, France’s ambassador to Togo, Laurent Tamegnon, president of the national employers’ council of Togo, and Rose Kayi Mivedor, the Togolese minister for investment promotion. 

The event’s promoters hope to attract 150 French decision-makers, physically, and between 700  to 1000 of them virtually, and introduce them to business and partnership opportunities available in Togo. 

During the three days the summit will be held, top-level conferences, B2B meetings, networking sessions, and many more, will take place. "We believe that beyond the public support needed for development, it is up to the private sector to create value through sustainable partnerships; and Togo is a good example with structuring projects such as the PIA, the Kékéli Power Plant, and the Data Center,"  indicated Marc Hoffmeister.

Meanwhile, Minister Midevor urged local companies to participate in the upcoming forum, saying they could win contracts and secure investments by doing so. 

Séna Akoda

Preliminary works for the construction of two solar plants, one at Salimde (in Sokodé), and another one at Awandjelo (Kara), will commence soon. Two decrees were passed to this end during the government’s latest council of ministers, held on June 16. 

The council said adopting the decrees would “enable the start of compensation and expropriation procedures to secure the areas needed for the project.”

The plants will respectively have an installed capacity of 60 MWp and 80 MWp. The government, it should be recalled, had launched in March 2020 a pre-qualification notice in the framework of the project. 

The latter, authorities emphasized, will allow the government to complete its diversification strategy and boost the national power output. This strategy was recently enacted as the country commissioned the Kekeli Efficient Power plant and the Blitta solar plant. 

Togo wants to achieve universal power coverage by 2030, having 50% of its energy mix coming from renewables. 

Esaïe EDOH

So far, the government of Togo has mobilized CFA363 billion out of the CFA400 billion it set its eyes on for its Covid-19 recovery and solidarity fund. This was recently disclosed by the minister of trade, Kodjo Adédzé.

According to the official, the sum came mostly from goodwill donors, technical and financial partners, but also the private sector. “Part of the money came from technical and financial partners. We appreciate the key role which the private sector played by supporting the government throughout the mobilization process.”  

With the funds raised, the government covered the costs involved in supporting the poorest (Novissi scheme), countering the pandemic, and various measures aimed at ensuring economic resilience. In all, these were estimated, Adedze said, at CFA132 billion. The Novissi alone, a cash transfer scheme, cost more than CFA13 billion.

Recently in Togo, Gerd Müller, Germany’s minister for economic cooperation and development, inked a new partnership with Togo. The €142 million deal will revolve around three axes that will contribute to the country’s socio-economic development. 

In detail, the first axis of the agreement aims to improve Togo’s business environment, by leveraging quality professional training, one that matches the labor market. The second axis will bolster processing in the agro-industry, in addition to fostering job creation and growth in related value chains. 

The third, and last axis focuses on the promotion of good governance and the development of territories, using those as leverage to achieve inclusive growth.

Commenting on the partnership, President Faure Gnassingbé tweeted: “This new partnership attests to the dynamism of the bilateral cooperation and is an important support to the transformation of our economy, in line with the governmental roadmap.”

For his part, Müller said, “We wish to cooperate with Togo in the economic area, to further promote agribusiness, youth training and partnership relative to energy.” 

Germany, let it be noted, is one of Togo’s key partners. It spent over CFA6 billion to support the Togolese government’s actions to tackle the Covid-19 pandemic.