Togo First
President Erdogan expected in Lomé on October 20
President Recep Erdogan from Turkey should be in Lomé on Oct. 20, 2021, for an official visit. The news was disclosed by TVNET, a Turkish media.
According to the same source, the leader, who will meet President Gnassingbe, will first be in Angola (October 17), and Nigeria (October 18).
President Erdogan’s trip to Togo is announced at a time when Lomé and Ankara want to boost their cooperation, economically notably. Last August, 13th, President Erdogan and President Gnassingbe, several media reported, had a phone call to discuss regional and bilateral issues.
At the time, Erdogan had also hinted at strengthening cooperation between the two countries, especially in the field of defense. Partnership agreements are thus expected to be signed during his visit -the first- to Lomé.
President Erdogan comes after several trips to Ankara by Togolese officials, including Togo’s foreign affairs minister, Robert Dussey, and the minister of security, Yark Damehane.
Last April, Turkey opened an embassy in Togo.
Ayi Renaud Dossavi
Togo: Microfinance loans up 38% in Q2 2021, y/y
Togolese microfinance institutions loaned CFA47 billion between April and June 2021. That is CFA10 billion more than they did in the quarter before, and 38% more than in Q2 2020.
Similarly, loans by traditional banks stood at CFA217 billion in Q2 2021, up by 59% compared to the same quarter last year. Results for Q1 2021 were also satisfying, according to conclusions of the latest National Credit Council which was chaired by Minister-Counsellor Simfeitcheou Pré.
In parallel, by the end of June 2021, banks and microfinance institutions were, respectively, able to recover more than half and a third of their outstanding debt. “All these encouraging evolutions helped increase lending to the economy by 4%, year-to-year, to stand at 1,376 billion at June 30, 2021; that is 30% of the GDP,” the ministry of finance and economy indicated.
Though he lauded managers of banks and microfinance institutions for their results, Simfeitcheou Pré still urged them to lower their interest rates and lend more to very small and medium-sized businesses, explaining that the low financing of these enterprises “was impairing their contribution to wealth and job creation.” The Minister-Counsellor added that lending to agriculture and housing sectors should also be raised.
“In the second quarter of 2021, new bank loans granted to the agriculture and housing sectors accounted for only 1.1% and 1.8%, respectively, of their total lending. I hope that during our next CNC sessions, we will be able to assess, in-depth, factors that prevent the financing of these two sectors that are conducive to inclusive growth,” said Simfeitcheou Pré.
Klétus Situ
Togo-Brazil: Outgoing Brazilian ambassador sums up bilateral cooperation achievements to President Gnassingbe
After six years of service in Togo, Brazil’s ambassador to Togo, Antônio Carlos De Salles Menezes, is ending his mission in the country. In this framework, he met with President Faure Gnassingbe to recapitulate progress made relative to the cooperation between the two countries.
According to the diplomat, trade between Brazil and Togo soared in recent years, reaching $97 million in 2017. Regarding agriculture, the South American country backed Togo’s cotton development policy, via the second phase of the Coton4+ project launched in 2015. The latter enabled 500 Togolese farmers to boost their capacities, relative to techniques to growing improved seeds.
Looking back at the progress achieved over the period reviewed, Antônio Carlos De Salles Menezes lauded the improving cooperation between Brazil and Togo.
“Throughout my stay in Lomé, we have started some projects,” the outgoing ambassador said while regretting their disruption by the pandemic.
It is worth noting that Togo and Brazil have been cooperating since 1972.
World Bank scales up growth forecast for Africa but remains prudent
The World Bank has scaled up its growth forecast for sub-Saharan Africa and expects the region to come out of the Covid-induced recession.
“Sub-Saharan Africa is expected to emerge from the recession caused by the Covid-19 pandemic with an expected growth rate of 3.3% for 2021,” said the Bretton Woods institution in its latest semi-annual Africa's Pulse report, released on Wednesday, October 6.
The forecast is about 1 percentage point higher than last semester’s forecast - the World Bank, in April, expected SSA to grow at around 2.3% “given policies adopted by countries in the region and the international community.”
The Bank attributes the increase to high commodity prices and the easing of Anti-Covid measures and recovery in global trade. The dynamics, the Bretton Woods institution adds, should be sustained in 2022 and 2023, with the growth rate expected to reach about 4%, “continuing to lag the recovery in advanced economies and emerging markets, and reflecting subdued investment in SSA.”
However, the World Bank points out some weaknesses in the region, such as low vaccination rates and more lasting effects of Covid on SSA economies.
More vaccines
To speed up economic recovery in Sub-Saharan Africa, the World Bank recommends greater access to Covid vaccines.
“Fair and broad access to effective and safe COVID 19 vaccines is key to saving lives and strengthening Africa’s economic recovery,” said Albert Zeufack, Chief Economist for Africa at the World Bank. He added: “Faster vaccine deployment would accelerate the region’s growth to 5.1 percent in 2022 and 5.4 percent in 2023- as more containment measures are lifted, boosting consumption and investment.”
Togolese authorities optimistic but prudent
In Togo, the government, like the World Bank, also scaled up its growth forecast for the economy.
From 1.8% in 2020 (due to Covid-19), Lomé expects a growth rate of 4.8% this year. The country is one of the most vaccinated in the SSA, per habitant (right after Cape Verde).
While optimistic, Togolese authorities remain prudent, expecting real GDP to grow at 6.1% in 2022. They also concur with the World Bank that the global context is uncertain, relative to pressures sparked by Covid-19.
Ayi Renaud Dossavi
Covid-19: Togo is the most vaccinated country in the WAEMU
Togo has administered over 1.1 million doses of the Covid-19 vaccine to date, the government said.
“1.13 million doses of vaccine have been administered to date. Covid-19 infections are down slightly thanks to your increasingly massive involvement,” the government indicated while urging the population to continue getting vaccinated, at a time when the momentum seems to be waning, according to the findings of the National Coordination for the Management of the Response to Covid-19 (CNGR).
According to the Financial Times, the number of doses administered so far corresponds to about 13.6 doses per 100 inhabitants, covers 4.9% of the fully vaccinated population, and means that 8.7% of the country’s population have received at least one dose.
Togo is the most vaccinated country in the West African Economic and Monetary Union (WAEMU), ahead of Senegal (7.3% of the population have received at least one dose), Côte d'Ivoire (6.6% have received at least one dose), Guinea Bissau (4.4%), Niger (1.7%), Mali (1.6%), Benin (1.9%), and Burkina Faso (0.8%).
It is also ahead of Ghana and Nigeria, with 2.8% and 2.3% respectively. The most vaccinated English-speaking country (concerning its population) is The Gambia, with 7.6% of the population having received at least one dose of vaccine.
Togo owes its performance to recent measures introduced by the government, including the requirement that citizens show proof of vaccination before entering administrative buildings. The measure was recently extended to structures such as the University of Lomé, the Port and Airport of Lomé.
Ayi Renaud Dossavi
Togo: Ministry of maritime economy gets new premises
The Ministry of Maritime Economy, Fisheries, and Coastal Protection of Togo now has its premises since Monday, October 4, 2021. The information was disclosed in a statement issued Tuesday by the head of the ministry, Edem Kokou Tengué
“Progress and a new address, one year later…,” the ministry wrote on its website to announce its new address located on Avenue Nicolas Grunitzky, within the walls of the Post Company of Togo (SPT), and not far from Orabank Togo’s headquarters.
Let’s emphasize that the ministry, established in October 2020, plans to speed up its activities’ implementation, in line with the government’s ambitions falling under the National Development Plan (PND). “Now, more than ever, we must move forward with the concretization of our roadmap, to ensure that the blue economy has a real impact on the national economy,” the ministry said on its website.
It should be noted that “a large part of the country's economic activities is related to the port sector. Also, fishing contributes to 4.5% of GDP and employs over 20,000 people,” according to recent data.
Esaïe Edoh
Togo: Tax Authority offers major tax abatements for some second-hand vehicles
The Togolese Tax Authority (OTR) issued tax abatements on vehicles parked at the customs which are over five years of age. The abatements which range from 25 to 40%, depending on time spent at the customs, are effective since October 1 and will expire on December 15, 2021.
The following table details the various abatement rates and the corresponding periods:
|
DATE OF ENTRY INTO STORES AND AREAS OF CUSTOMS CLEARANCE |
ABATEMENT RATE |
|
December 1 and 15, 2021 |
25% |
|
January 1 and December 30, 2020 |
30% |
|
January 1 and December 31, 2019 |
35% |
|
Before January 1, 2019 |
40% |
For old and damaged vehicles, the depreciation of the customs value will be assessed by the specialized services, depending on how much they are degraded. Those interested must pay the due duties “no later than December 31, 2021,” the OTR informs.
According to the tax authority, the incentive aims to support taxpayers “in these times marked by the Covid-19 pandemic,” and “decongest” storage sites.
Ayi Renaud Dossavi
Mono Basin Authority seeks a consultant to elaborate a new strategic plan for the Mono River management
The Mono Basin Authority (ABM), an entity created by Benin and Togo to ensure the rational management of the Mono River, plans to adopt a new strategic plan for the 2022-2026 period.
The document will replace the 2016-2020 strategic plan which recently expired and whose impacts will soon be evaluated.
The ABM seeks a consultant to assess the previous strategy and elaborate the new one. The authority launched a tender last week to this end.
Those interested can contact ABM’s secretariat, via mail (This email address is being protected from spambots. You need JavaScript enabled to view it.) to get more information about the tender and the mission’s details. They have until October 14, 2021, to do so.
The Mono River spans around 25,000 km2 and is shared between Togo and Benin. In Togo, the basin is exploited mostly for agricultural projects, such as the agribusiness transformation zone development project (ZTA). This project is steered by the Agency for the Promotion and Development of Agropoles in Togo (APRODAT).
Ayi Renaud Dossavi
Saudi Arabi to invest in Togo
In Saudi Arabia since Monday, Togo’s Foreign Affairs Minister, Robert Dussey, recently met with the Saudi Minister of Investment, Khalid Al Falih. “I thank my dear elder Khalid Al-Falih, the Saudi Minister of Investment for his willingness to invest in Togo. In comparative terms, our country is very attractive,” the Togolese official wrote in a tweet posted on Tuesday. Dussey presented partnership opportunities that exist for the two nations’ private sectors.
“I discussed possibilities of partnerships between our two governments and also between the private sectors in the areas of trade, agriculture, tourism industries. I explained to the Minister of Trade that in line with the 2018-2022 PND and the government's 2020-2025 roadmap, Togo launched an industrial platform in Adétikopé (PIA), and put in place mechanisms and infrastructure to boost agriculture," the foreign affairs minister said.
Besides investment opportunities, Dussey emphasized “the opportunities and comparative advantages of Autonomous Port of Lomé,” and positioned the platform as an entry point for Saudi goods in the sub-region.
The port is the best, both in the sub-region and Africa, when it comes to container traffic and transhipping.
Robert Dussey, it should be recalled, was in Saudi Arabia last July, as part of efforts to boost economic cooperation between Lome and Riyadh.
Ayi Renaud Dossavi
WAEMU Commission launches 2nd edition of Tremplin Startup WAEMU contest
The WAEMU commission has recently launched, in partnership with its regional consular chamber (CCR-WAEMU) and national consular chambers of its member states, the second edition of the Tremplin Startup WAEMU contest. The five best startups will get respectively CFA14 million, CFA13 million, CFA12 million, CFA11 million, and CFA10 million to grow their activity.
A CFA5 million prize will also be given to each of the three best startups from every participating country.
It should be emphasized that only startups officially registered after January 1, 2017, and operating in the WAEMU can participate. Primarily, these are businesses that leverage digital technology to boost productivity in the agro-industrial sector.
The main goal of the commission, via this contest, is to foster modern and innovative entrepreneurship, as well as support the efforts of entities that support entrepreneurs in the region.
Startups interested have until October 25 to apply. Application forms are available at national consular chambers.
The previous edition of the contest was won by a Burkinabe Startup, TECO2.
Esaïe Edoh