Togo First
World Investment Forum: Minister of Investment Promotion, Rose Mivedor, praises Togo as a top destination for FDIs
The Togolese Minister of investment promotion, Rose Mivedor, participated in the World Investment Forum held last Friday. The virtual event was organized by the United Nations Conference on Trade and Development (UNCTAD) and focused on the contribution of foreign direct investments (FDI) to the world’s economic recovery. On this occasion, Mivedor praised her country as a model in terms of FDIs.
In a ministerial and business executive roundtable gathering ministers from Bangladesh, Angola, Uganda, Timor, Cambodia, and Haiti, the Togolese official explained her comment by mentioning “the recent reforms introduced by the country enabling the development of an economic and logistics framework to boost the key sectors identified by the Togolese State.”
Togo was, according to UNCTAD, the top African destination for FDIs in 2020. The country attracted $931 million (CFA512 billion) of FDIs last year, up by a staggering 85% compared to the year before.
Rose Mivedor, in her address, stressed that “Togo wished to, through its development plan, attract a maximum of FDIs in its top-priority sectors.”
The West African country also plans to “build partnerships with other nations, as it did by signing a memorandum with Singapore, to mutually leverage opportunities that each party has to offer.”
Esaïe Edoh
Private companies, Individuals, State...who were the banks’ favorite customers in 2020?
The 13 banks active in Togo seem to be coping well against the Covid-19 pandemic which has spurred uncertainty in the country’s banking industry - an industry that was already facing many challenges.
Last year, these intermediaries lent a little over CFA615 billion to economic actors, pushing outstanding debt around CFA1,428, or somewhere above. This amount is 7% less than the amount loaned in 2019 - CFA62 billion. Also, the amount supplied in 2020 is the lowest since 2016, according to BCEAO data compiled by Togo First.
Who do banks lend to?
In 2020, banks in Togo loaned mostly to companies in the production sector. Indeed these companies secured over 61% of bank loans disbursed that year; up about 3% compared to 2019 where they grabbed 55% of all loans the lenders gave out.
After private companies, individuals were the ones most backed by banks that operate in the country. They received CFA125 billion - 20% of the total portfolio - from the lenders in 2020. The sum is 6% down compared to 2019.
Meanwhile, banks were more reluctant than usual to lend to individual entrepreneurs. Last year, bank loans to these actors plummeted by 30% compared to the year before. Regardless, this segment remains in a tie with the State and its arms (public companies included).
However, the data available reflects an increase of loans to the government in 2020, even though banks tightened their lending terms.
An in-depth analysis
46% of the new loans provided by banks in 2020 - CFA285 billion - served to support the cash flow of businesses as they were struggling amidst the pandemic.
Regarding lending to back exports, while still very low, they bounced from CFA1.3 billion in 2019 to CFA1.6 billion in 2020; though borders were closed. The increase contrasts with 2018’s dip (CFA100 million). As for consumer loans, in 2020 they stood at CFA114 billion which is more than 18% of the total sum loaned by banks over the period.
Fiacre E. Kakpo
Lomé International Cyber Security Summit postponed
Initially set to take place in Lomé on October 25-26, the International Cyber Security Summit has been postponed. This was disclosed in a press release issued by the event’s organizing committee.
While the new date is yet to be known, the release reads: “The Togolese Republic and the United Nations Economic Commission for Africa (ECA), organizers of the event, reaffirm their commitment to make cybercrime a top priority of African states.”
The two-day meeting was to review the state of cyber security in Africa and submit proposals to the Heads of State of the continent.
Togolese Minister of commerce invites Turkish investors to Togo
Kodjo Adédzé, Togo’s minister of commerce, is heading the delegation sent to the 3rd Turkey-Africa Economic Forum in Istanbul. At the event, he presented the various investment opportunities Togo has to offer Turkish investors.
The Togolese minister, during a meeting with the top brass of Istanbul’s Chamber of Commerce and the Turkish minister of commerce, referred to Togo as “the privileged destination for investment in Africa, a market of 1.3 billion consumers.” He notably pointed out some of his country’s assets: peace, security, stability, continuous efforts to improve the business climate, an attractive legal framework for investors, and the government’s roadmap with its 42 projects and reforms.
After the talks, Lomé and Istanbul’s respective chamber of commerce revealed plans to start a collaboration project.
A day before the forum began, Turkey’s President, Recep Tayyip Erdogan, was in Togo on an official trip - a trip after which several deals were announced, to boost cooperation between the two countries.
Esaïe Edoh
Togo: OTR delegation goes to Mali after Burkina Faso
From Burkina Faso, the Togolese delegation from the Tax Revenue Authority (OTR) moved to Bamako, Mali. According to a tweet by the OTR, the delegation went to present tax incentives on goods that transit between Mali and Togo.
The initiative was part of an open house at the Port of Lomé. Held on October 19, the event was themed: “Revitalizing business relations between Malian partners and economic operators and the Port of Lome.”
Behind the tour project is Alliance pour la Promotion du Port de Lomé (A2PL) (Ed. note: Alliance for the Promotion of the Port of Lomé). The project, A2PL said, aims to promote the port to Malian economic operators, providing them with competitive business opportunities.
Back in Ouagadougou, Burkina Faso, the Togolese delegation had presented both tax and non-tax facilities on transiting goods, as well as reforms introduced to dematerialize tax procedures and lower costs for operators. They also talked about the introduction of a cutting-edge scanner to accelerate controls.
Coming soon: Moov and Togocel users will be able to switch operators while keeping their numbers
It will soon be possible in Togo for Togocel and Moov users to switch networks without changing numbers. The initiative, aimed at increasing portability, is pushed by the country’s telecom regulator - ARCEP.
“The regulatory authority has launched a public consultation which aims to explain to people the advantages of mobile number portability and conditions for its implementation in Togo,” a note issued by the ARCEP reads.
The consultation, the authority stresses, will either be carried out via call campaigns, on the ARCEP’s website, or the consumers’ association, or through the USSD code *880#. It ends on October 31, 2021.
“Portability,” the ARCEP adds, “will enable users to switch operators, while keeping their original numbers, in case the quality/service of one network or the other is poor, and/or to enjoy better tariffs and products of the competition.”
Ayi Renaud Dossavi
Ministry of maritime economy warns fish importers to renew sanitary certificates
Fish importers whose sanitary certifications expired must renew them by November 20, 2021, latest. The warning comes from a statement recently issued by the Togolese Ministry of maritime economy.
Concerned companies are those with expired certificates that cover the period between 2015 to 2018.
The ministry’s warning aligns with the law regulating fishing and sales of sea products in Togo. This law protects people against health risks and based on it, the government banned the importation of tilapia in April 2018.
Between 2018 and 2019, Togo’s fish production passed 37,000 tons, according to data from the Fishery and Aquaculture Office (DPA).
Esaïe Edoh
Cooperation: Togolese PM in Gabon for work visits
Victoire Tomégah-Dogbé, Togo’s PM, has been in Gabon since last Wednesday, on an official visit. Upon arrival, Toméga-Dogbé met with her Gabonese counterpart, Rose Christiane Ossouka Raponda, and they discussed ways to boost cooperation between the two countries.
In detail, the two Prime Ministers talked about common-interest issues and emphasized the need for their respective countries to innovate, to mutually benefit from their cooperation. “During yesterday’s work session with our Gabonese counterparts, we noticed the convergence between the development projects of Presidents Faure Gnassingbé and Ali Bongo, regarding industrialization, inclusion, and sustainable development; areas where we plan to improve our cooperation,” the Togolese PM said.
Besides these areas, the two countries plan to “define new mechanisms that will help leverage investment and development opportunities for the good of their respective people.” This will be discussed further at the 7th session of the Gabon-Togo mixed great commission.
According to Ossouka (Gabon’s PM), over the past decades, Gabon and Togo have sustained “a cooperation model, an exemplary and dynamic partnership.”
It should be recalled that the two nations sealed in March 1975 a deal on the free movement of people and goods.
Esaïe Edoh
Togo-Gabon: PM Tomégah-Dogbé talks development with President Bongo
The Togolese Prime Minister, Victoire Tomégah-Dogbé, met yesterday with Gabon’s President, Ali Bongo Ondimba. They talked about development topics concerning their two countries.
Some of the topics covered include agricultural development, digital transformation, women's promotion, and gender equity. They also reviewed the Transformation Acceleration Plan (PAT) and investment policies in the environment sector.
After the meeting, PM Tomégah-Dogbé praised Gabon for its economic performance, having a diversified economy, and creating added value, jobs, and wealth. “While lauding Gabon’s economic model, she noted that it inspired Togo to set up an industrial platform where raw commodities will be processed and develop an attractive ecosystem for investors,” Gabon’s presidency reported.
The day before meeting the Gabonese leader, Wednesday, the Togolese official had met with her counterpart, Rose Ossouka Raponda. The two women talked of ways to strengthen cooperation between the two countries.
Esaïe Edoh
A Togolese delegation promotes the private sector at the Turkey-Africa Economic Forum
A Togolese delegation led by the minister of trade and industry, Kodjo Adedze, is currently in Istanbul, Turkey, for the 3rd Turkey-Africa Business and Economic Forum. The event which started today ends tomorrow, according to the ministry of trade which disclosed the information.
Adedze went to promote Togo’s private sector. He is accompanied by some representatives of that sector, such as the boss of the national employers’ association, the head of Togo’s Large Enterprises Association (AGET), and the second vice-president of the special consular delegation of the chamber of commerce and industry (CCIT).
On the sidelines of this forum, the Togolese delegation met, on October 20th, the president of Istanbul’s chamber of commerce, Sekib Avdagic. They talked about potential cooperation between the two countries’ chambers of commerce.
The forum which aims at promoting Turkish and African investments takes place two days after Turkey’s President, Recep Erdogan, was in Lomé. On this occasion, officials from the two countries looked at ways to improve their commercial and diplomatic relations.
Ayi Renaud Dossavi