Togo First
Sandra Johnson, Kako Nubukpo, Kossi Amenounve, and others create think tank to boost access to fair financing in Africa
Sandra Ablamba Johnson, secretary-general of the Togolese Presidency, Prof. Kako Nubukpo, Economic Advisor of the WAEMU, and Kossi Amenounve, MD of the Bourse Régionale des Valeurs Mobilières (BRVM), and some other pan-African figures created A New Road, a think tank dedicated to “boosting access to financing at appropriate and fair conditions, to enhance economic transformation, industrialization, and value-added investment funding.”
The entity, according to a statement obtained by Togo First, which is set to be launched on April 21, 2021, in Abidjan, has two main objectives: “Change the paradigm regarding issues about financing African economies, and serve as a reflection framework for handling and structuring debt.”
Created amidst the pandemic which has greatly affected African economies, the think tank firmly believes that public debt in Africa should be handled with more consideration of African States’ sovereignty and that the latter should be reinforced.
A new ROAD is a non-lucrative and apolitical entity. The initiative was pushed by Nicolas Jean, associate, and member of the Gide lawyers executive committee, and also of Global Sovereign Advisory (GSA).
Séna Akoda
Works to rehabilitate 30 km of roads in Atakpame begin
Works to rehabilitate 30km of roads in Atakpamé (161 km from Lomé) were recently launched by the mayor of the Ogou 1 municipality, Yawa Kouigan.
The works should add to the government’s efforts to further modernize Togo. “For many years now, the Togolese government has been implementing ambitious development programs aimed at creating a modern country with a sustainable and inclusive economic growth,” said the Atakpamé native.
Details such as the project’s cost, how long it will take, and the names of companies in charge of the works were not disclosed since these works’ volume is yet to be determined.
According to Kouigan, a participative approach was adopted to carry out the project. “We participate based on our capacities. Together, we reflect on what needs to be done. A party provides equipment, another provides fuel to power them, another pays workers, and another looks for materials,” she said.
“If we don’t start somewhere on our own, we will vainly ask others to provide us with what we need…,” the mayor declared.
However, Kouigan urged companies located in Atakpamé to enter “a virtuous and fruitful partnership with the municipality, through the exercise of a societal responsibility freely subscribed where they will support the municipality to develop economic projects and preserve the environment.”
Séna Akoda
Poland to boost collaboration with Togo, in industry and trade sectors especially
Poland - the world’s third-largest apple producer and the first in Europe - wants to reinforce its economic relationships with Togo. In this framework, the new Polish ambassador to Togo, Joanna Tarnawska, met earlier this week with the Togolese minister of trade, industry, and local consumption, Kodjo Adedze.
On this occasion, the diplomat expressed Poland’s interest in various projects falling under the Togolese government’s economic development roadmap. The European nation is especially interested in the industry and trade sectors. The two officials also talked about Poland providing Togolese SMEs and SMIs technical support in these sectors, as well as in trade between the two countries’ various economic operators.
Togocom and Axian Foundation commit to developing education in Togo
Togocom and the Axian Foundation, respectively the subsidiary and foundation of the Malagasy group Axian, launched on March 25, two 5-year schemes to support education and health in Togo. The programs which were launched in Lomé are called Nunya Togocom and Lanmesen TMoney.
Through Nunya Togocom, the firm wants to “improve access to primary school and improve education conditions, by building classrooms in areas that have little or no access to decent school infrastructure.” Lanmesen, on the other hand, will mainly target youths and promote preventive health through physical exercise.
A convention was signed in this framework between Togocom, the Axian Foundation, and the Ministry of Primary, Secondary, Technical Education, and Craftsmanship.
Moreover, the Axian Foundation is elaborating and deploying the group’s corporate social responsibility strategy in partnership with its diverse subsidiaries.
Klétus Situ
Sixth-round of talks for Togo-Ghana maritime borders ongoing
Togo and Ghana continue negotiations regarding the delimitation of their shared maritime borders. On March 23, 2021, the technical negotiating committee set up for this purpose started a meeting in Lomé.
This meeting, the sixth since the process began, could lead to the elaboration of a draft agreement and a delimitation plan that will be proposed to the governments of both countries for adoption. “It is important that these talks are conclusive by the end of 2021 so that our States can truly leverage resources offered by the sea,” said Kokou Edem Tengue, Togolese Minister of Maritime Economy, Fisheries and Coastal Protection, who opened the meeting.
On the Ghanaian side, they insist on the clear will at the summit of the two States to settle the dispute by consensus. “You will recall that there were some problems at the border, but the two Presidents have committed to negotiate to resolve these problems to advance economic activities between the two countries,” said General Emmanuel Kotia, coordinator of the National Border Commission of Ghana and head of the delegation.
The last meeting, held in the Ghanaian capital last August, had resulted in the identification of the coordinates of the first good land border between the two countries.
Government to reinforce controls after a surge in Covid-19 cases
The government of Togo has issued new measures to tackle the Covid-19 pandemic in a context where the country faces a surge in cases (over 700 in the past week).
In the council of ministers held on March 25, 2021, Lomé decided to reinforce the Covid-19 Monitoring Mixed Taskforce, adding at least 1000 members of the security and defense forces to the group.
Also, the authorities deemed it urgent to speed up the vaccination campaign across the Grand Lomé region. They also stressed preventive measures such as the ban on mass gatherings (sports events, burials, weddings, cultural events). Regarding burials especially, the council of ministers recalled that only up to 15 people are allowed to regroup for the occasions.
In the same vein, gatherings at places such the Bonké Place, Tiens Casablanca, the LONATO’s agencies, and the Limousine roundabout (Avedji) are also not to be frequented.
According to the government, controls at borders and entryways giving access to markets will be reinforced. Meanwhile, access to the beach is still banned.
As for places identified as vectors for the disease, knowingly bars, and places of worship, they will be subject to strict controls regarding the respect of barrier measures.
The government is also looking at imposing a new curfew in the coming days, depending on how things progress. It warns in the meantime against misinformation on social media and networks, saying those behind the practice are punishable by law.
Séna Akoda
Global Trade Corporation ordered to cease its irregular activities
Only a few days after Ghislain Awaga publicly tried to reassure concerned investors, the youth and his company - Global Trade Corporation (GTC) - were warned to immediately cease their irregular activities by the Regional Public Savings and Capital Markets Council (CREPMF).
In a statement, the Abidjan-based Council noted: “Global Investment Trading (Liyeplimal), Global Trade Corporation, High Life, and Chy Mall which claim to be specialized in cryptocurrency trading, dropshipping, etc., proceed to the irregular collection of funds from the public promising them returns.” The list provided by the CREPMF “is not exhaustive given that new unauthorized operators keep emerging.”
The CREPMF urges the GTC and other companies mentioned to contact competent authorities “ to conform to the regulation in place, at the risk of facing sanctions.”
According to a report by a cheated Chy Mall client, the firms do not have the approval they need from the regional council to proceed to public fundraising on the WAEMU regional financial market.
The CREPMF’s warning further jeopardizes Awaga’s efforts to put back his struggling business afloat. The entrepreneur for his part attributes his troubles to his recent decision to migrate towards the real economy.
Séna Akoda
MSC to inject €30mln in Lomé Container Terminal by 2022
By 2022, MSC plans to spend €30 million (CFA19.6 billion) to boost the annual capacity of the Lomé Container Terminal (LCT) to 2.7 million twenty-foot equivalent unit (TEU) from 2.2 million TEU now.
This commitment is the first step in the company’s 10-year investment strategy valued at €500 million (CFA328 billion). The latter was revealed in 2019 by Amnar Kanaan, then MD of the Geneva-based firm.
The investment strategy should ultimately raise the port’s annual traffic to 4 million TEU. This volume compares to 1.1 million TEU in 2019 and over 1.4 million TEU in 2020 - a good performance despite trade slowing worldwide due to the Covid-19 pandemic.
The LCT is controlled by International Limited (TIL), a full subsidiary of MSC. The single deep-water port terminal in the Gulf of Guinea is a transhipping hub and a gate connecting Togo’s coasts to Mali, Burkina Faso, and Niger. Since it launched its activities, the platform almost tripled its container traffic.
Fiacre E. Kakpo
Key highlights of Sandra Ablamba Johnson at the CIAN Africa Forum
The Covid-19 health crisis and its management, economic recovery post-Covid, and digitalization were the main topics covered by Sandra Ablamba Johnson, minister, and secretary-general of the Togolese presidency in charge of the business climate, during the 2021 CIAN Africa Forum held last week. The official intervened on a virtual panel themed “The private sector, a driving force for recovery post-Covid. ”
On the occasion, Johnson, acknowledging the exceptional nature of the health crisis, listed a battery of measures and mechanisms put in place to mitigate its impacts. “We handled the situation efficiently by setting up very early a crisis committee chaired by the Head of State himself,” she said adding that this committee “worked with health workers.”
A resilient economy!
Owed to its management, the West African country was resilient to the pandemic and even though the economic growth rate expected in 2020, notably 5.3%, was not achieved, the economy did not collapse under the shock. Minister Johnson attributes Togo's resilience to “the quality of bold reforms introduced to improve the business climate.”
Let it be recalled that many tax, fiscal, and economic incentives were also adopted by Lomé to support business owners. These include tax exemptions and facilities to pay social contributions for employers. Also, a CFA400 billion solidarity fund was set to contain Covid-19’s effects on businesses, in addition to water and power being supplied to a specific group of households, the minister said.
Novissi, a scheme for national solidarity amidst the Covid
During the panel, Sandra Ablamba Johnson talked about the Novissi, a mobile money sharing initiative targeting people affected the most by the Covid-19 restriction measures. In less than a week, says Johson, “we developed a digital platform that enabled the victims of the crisis to receive the State’s financial support.”
Besides, the minister who believes in Togo’s capacity to recover from the pandemic also stressed the importance of the digital revolution in the government’s 2020-2025 development roadmap. In this regard, she said the government, “as part of its development strategy, is committed to making Togo a digital revolution hub.”
“Our goal now is to digitalize all public services, create a single social register, implement biometric identification and invest massively in digital infrastructures”, Johnson emphasized.
Séna Akoda
Togo, 6th best reformer in Africa and the best in the ECOWAS (CIAN Barometer)
Togo ranks as the sixth-best country in Africa, in terms of ease of doing business. It also ranks as the first-best country in which business is easiest to conduct in the Economic Community of West African States (ECOWAS). This is according to the 2020 barometer of the French Investors’ Council in Africa (CIAN).
Results of the CIAN’s survey were published on March 18, 2021, on the sidelines of the 2021 African Forum of the CIAN, subsequent to a webinar themed “Africa’s recovery will also come through businesses!”
On this occasion, Sandra Ablamba Johnson, general secretary of the Togolese Presidency, and minister in charge of business climate, hosted a panel themed “The private sector, a driving force for recovery post-Covid”.
Togo, which was ranked in the 2020 Doing Business report as Africa’s top reformer and the third-best in the world, obtained a score of 2.9 points in CIAN’s barometer. According to the latter, the country is, alongside Benin and Ghana, the best reformer in West Africa.
“Togo now enjoys the trust of foreign lenders and investors, and this is why some famous international firms have decided to invest in Togo, among them are Bolloré, Eranove, Total, Olam, Canal Plus, Dangote, Agou Holding, HeidelbergCement”, said President Faure Gnassingbé at the opening of the 2021 CIAN Economic Forum.
In the same vein, Togo which recently adopted a pro-business finance act, recently announced the digitalization of all of its port’s operations and the canceling of fees required to get connected to the power grid for SMEs.
Out of the 31 countries ranked in the CIAN’s barometer, 15 had a score equal or lower than the 2.5 pts average and 16 were above that average. These countries did well especially in the following areas: infrastructure, administration, economy, finances, social activities, production factors, and sustainable development.
In Africa, the CIAN’s barometer indicates that, the five countries standing before Togo are Mauritius (3.3 pts), Morocco (3.2 pts), Mozambique (3 pts), Egypt (2.9 pts) and South Africa (2.9 pts). At the bottom of the ranking are; Equatorial Guinea, Chad, the Central African Republic, Tanzania and the Democratic Republic of Congo.
Séna Akoda