Togo First
Housing: Government plans to cap amounts paid for security and damage deposits
To end speculation in the real estate sector, the Togolese government plans to regulate residential leases. In this framework, a draft decree was examined last Thursday at the Council of Ministers.
Lomé in effect wants to set procedures relating to rental agreements, setting a price ceiling on both the security and damage deposits tenants must pay. According to the government, this measure is very necessary due to difficulties in getting housing as a result of low supply and abuses by owners and real estate agents.
Moreover, multiple major real estate medium and high-standing projects have been developed in Togo in recent years - such as the Well City, Renaissance, Eldorado (on the outskirts of Lomé) - which target the middle class; Projects that were promoted by the National Social Security Fund and other private actors.
Regarding social and low-cost housing, the country plans to build 20,000 units by 2022. In line with this objective, a private-public partnership was signed in early March between the government and Shelter-Afrique, for the construction of 3,000 low-cost housing units in the capital, Lomé.
Klétus Situ
Tunisian international soccer player Anis Ben-Hatira invests in Donald Sackey’s cryptocurrency
Timeless Capital Technology, the cryptocurrency fintech set up by former Togolese international soccer player Donaldson Sackey, has a new investor. His name is Änis Ben-Hatira, a Tunisian soccer player who has played many years in the Bundesliga.
The investor’s decision was driven mostly by the growth potential of Timeless Capital Coin, the cryptocurrency created last September by the fintech firm. “I think it's a great idea to invest in Timeless Capital Technology because I believe in the technology they are developing and the vision they have for Africa,” Ben-Hatira said.
Timeless Capital told Togo First that it is discussing with several potential institutional investors, and the governments of South Africa, Namibia, Ghana, Madagascar and Nigeria.
Read also: Meet Donaldson Nukunu Sackey, the Togolese footballer who launched his own cryptocurrency
Blockchain technologies, it should be noted, have gained much popularity in the sports world. Russell Okung and Sean Culkin, NFL players (American professional football league), are already being paid in Bitcoin. In March 2021, Juventus of Turin paid 770 JUV (the club’s cryptomoney) to Cristiano Ronaldo for his 770th career goal, thus making the star player the first soccer player to be paid in cryptocurrencies.
Klétus Situ
Government kickstarts the elaboration of a national policy to integrate ICTs into the education sector
On April 28, 2012, the Togolese government initiated in Lomé the elaboration of a national policy to integrate ICTs into education.
The document aims to promote digital education in a context where the Covid-19 pandemic has forced Togo’s public universities to start their transition to e-learning. The policy’s elaboration also aligns with the nation’s ambition to become a digital hub by 2025, as well as with its efforts to massively create jobs, in the digital sector in particular - one of the most promising development niches at the moment.
“There are several key areas such as cybersecurity, data center management, and other multimedia sectors in which companies are recruiting,” said Cina Lawson, minister of the digital economy and digital transformation. “We need to train our youth so that they find jobs in these areas,” she added.
Lawson expressed herself during a feedback seminar for the implementation of specialized training modules in ICT, organized under the West Africa Regional Communication Infrastructure Project (WARCIP).
While the government has only recently officially taken steps to accelerate the transition to e-learning, it should be noted that leveraging digital technologies as teaching tools is nothing new in Togo. Some projects, such as the Digital Work Environment, in technical high schools, and the Wifi-Campus project, in universities, were implemented way before the pandemic.
Séna Akoda
Africsearch picked to find experts who will make the ministry of finance more efficient
In Togo, the Ministry of Economy and Finance appointed AfricSearch to gather a group of experts, high-level and junior executives, with different specialties and who operate across various fields. The recruitment aligns with the World Bank's Economic Governance Support Program (PAGE) in the country.
In detail, the recruitment is aimed at bolstering the strategic and operational capacities of the budget and finance directorates as well as the economic studies and analysis directorate. It also covers the National Directorate of Financial Control and the one in charge of public debt management and financing.
Each of these directorates will be assigned a senior manager and two junior managers. The newly recruited experts will collaborate with the department directors and carry out multiple tasks, ranging from the development of plans, policies, and other strategic documents to monitoring their implementation and evaluation. Additionally, another senior manager will be assigned to each human resources department of these directorates.
Regarding the experts who will join the technical support unit of the ministry (of finance), their role will essentially consist of counseling the minister, providing him data, and in-depth analysis on sectoral issues. This would enable the minister of finance to better allocate available resources, hence ensuring efficient economic management of key sectors, as well as their development. These include education, health, agriculture, infrastructure, mining, energy, and water.
The Economic Governance Support Program or PAGE, it should be recalled, was officially launched in October 2018 for five years. The program which cost $20 million was financed by the European Union (EU) and the World Bank.
Klétus Situ
Gozem launches graduate training program for its future managers
To prepare its upcoming executives to better tackle its challenges, Gozem launched the Graduate Training Program in Togo and Benin. The initiative, which runs for two years, targets a dozen young graduates holding a masters’ in business administration, teaching them everything about the startup’s activities and reinforcing their skills.
“The Graduate Training Program aims to recruit our managers of tomorrow, in the local markets where we operate,” said Anne-Claire Longour, Global Human Resources Manager at Gozem.
“Candidates selected to join the program will have the opportunity to work on various projects, with various teams and functional units at all levels of the company. They will learn more about Gozem in general and develop the strategic and global thinking we expect from our future managers. It's a rich and comprehensive training that will help gain a broad knowledge of our entire company,” Longour added.
Sena Akoda
Togo hosts major roundtable to promote African robusta output
Lomé currently hosts the 9th ordinary general assembly of the African and Malagasy Robusta Coffee Agency (ACRAM), an international association gathering private and public actors of this sector. The event will end on April 30, 2021.
Besides representatives from the ACRAM’s 12 State members, other participants present at the roundtable include representatives of the World Bank, the United Nations Industrial Development Organization (UNIDO), and the European Union (EU). They discuss ways to revive the African robusta industry, as the latter was hardly hit by the Covid-19 crisis.
The meeting “aims to promote the sharing of practices and solutions that can enable producing countries best adapt to the impacts of the coronavirus health crisis,” said Togolese Enselme Gouthon, president of ACRAM.
Another hot topic at the center of the ongoing talks is the inclusion of women and youth in the coffee value chain.
Originally from Africa, the Robusta variety makes up 35% of the world's coffee production. It contains more caffeine than Arabica - between 1.7% and 4%, against 0.8% and 1.4%. In Togo, about 7,000 tons of coffee and 6,000 tons of cocoa are produced each year.
Daniel Agbenonwossi (intern)
Togo celebrates 61st independence day
Today, Togo celebrates its 61st independence anniversary. To commemorate the day the country’s first President Sylvanus Olympio declared its independence, a large military parade, preceded by a ceremony of taking up arms, took place this morning at the Place des Fêtes of the Presidency.
The parade was held in the presence of President Gnassingbe, members of the government, and officials. It should however be noted that official festivities started a few days ago, with religious services, and the traditional revival of the flame of independence carried out on April 26 by the Head of State.
Earlier yesterday also, President Gnassingbe inaugurated the Kekeli Efficient Power thermal plant, as part of the festivities. Located in the port area, this infrastructure is expected to increase Togo’s power production capacity by 50%.
Klétus Situ
President Gnassingbe inaugurates the Kekeli Efficient Power thermal plant
On April 26, President Faure Gnassingbe cut the ribbon on the Kekeli Efficient Power plant, three days behind the initially scheduled date.
The ceremony marks the industrial launching of the first production phase of the project, under which 47 MW will be generated (open cycle).
In effect, a 47 MW gas turbine (Siemens SGT-800) was started yesterday. A second turbine, the SST-200 steam turbine with an output capacity of 18 MW should be operational by the end of the year, thus enabling the plant to run at full capacity, generating 65 MW.
Kekeli Efficient Power is a joint venture between Eranove group, which holds a 75% stake in the infrastructure, and the Togolese State which detains the remaining 25% via Kifema Capital, an investment vehicle -controlled by Togo Invest, a State holding - whose shareholding includes the CNSS, the INAM, and the CCIT.
Overall, the plant is estimated to have cost CFA85 billion, 75% of which (CFA67 billion) is debt. The financing was raised mainly through pan-African financial institutions led by the West African Development Bank (BOAD) and Oragroup.
According to Marc Albérola, Managing Director at Eranove Group, “The Kékéli Efficient Power plant perfectly translates Eranove’s model recommended to tackle the issue of access to power in Africa: a robust and balanced public-private partnership that spans 25 years and which involves the State of Togo and renowned international players such as the German group Siemens (who supplied the turbines) and the Spanish TSK (who built the plant).”
For her part, the Togolese minister for energy and mines, Mila Aziablé said, “this plant represents a significant evolution, regarding energy transition in Togo, towards a more sustainable and inclusive model.”
In the long run, the plant will produce 532GWh yearly, supplying power to over 250,000 Togolese households or more than 1.5 million people. Also, it should raise Togo’s production capacity by 50%.
Klétus Situ
Togo again seeks CFA20 billion on the regional money market
Togo just announced a new recovery bond issue on the regional debt market - WAEMU securities market. The operation, which should enable the country’s public treasury to raise CFA20 billion, will close on April 30, 2021.
The nominal value of each bond issued is CFA10,000. They will mature over five years, at an interest rate of 5.8% per annum.
The issue’s proceeds will be used to drive economic recovery post-Covid.
The operation is organized in a context where investors are showing more interest in recovery bonds (ODR). Indeed, the country recently proceeded to a simultaneous issuance of these bonds and raised a total CFA82.5 billion while initially seeking CFA75 billion.
Recovery bonds, let’s recall, are new debt instruments created by the Central Bank of West African States (BCEAO) to help WAEMU member States restart their economies, as they greatly suffered the Covid-19 health crisis. These bonds are eligible for refinancing at the Central Bank’s traditional windows and also at a new one called the Relance window where investors can mobilize cash at a minimum bid rate of 2% (at the moment), over a 6-month period, renewable as long as the ODRs are alive.
Togocel loses arm wrestling against telecom regulator in Supreme Court
Today, Togocel, a subsidiary of the Axian Group, lost its case in court against the Togolese telecom and posts regulator, ARCEP.
The Administrative Chamber of the Supreme Court has rejected Togocel’s claim which states that it was accused and fined CFA1 billion for unfair competition practices and not for infringing the ARCEP’s non-differentiation rule. According to the Supreme court, the fine was in effect imposed for the latter accusation, not the former.
“The ARCEP did not sanction for anti-competitive practices but rather for a violation of the non-differentiation clause falling under article 23 of its specifications,” declared the Supreme court whose issues cannot be appealed.
Togocel’s basis for filing the case was an accusation of power abuse and incompetence against the ARCEP. “If the company had won the case, the regulator would have been judged incompetent and the fine would have been consequently. If that had happened, the case would have been settled by commercial courts,” a lawyer explained.
According to the regulator, the telecom company ceased violating its non-differentiation rule only after it was sanctioned with a fine, ignoring the many warnings it had been given beforehand.