SGI (Société de Gestion et d'Intermediation) BOA CAPITAL Securities, launched on Sept. 16 its online trading platform, the first of its kind on the Regional Stock Exchange.

The platform, which was launched by videoconference, will enable users to issue stock market orders directly, consult their portfolio 24/7, and access financial information on listed securities and economic news of the WAEMU zone - all with a few clicks. With this major innovation, WAEMU investors will be able to buy or sell shares without resorting to the SGI.

“The online stock exchange makes it possible "among other advantages to improve market liquidity and reduce transaction costs,” said Dr. Edoh Kossi Amenounvé, CEO of the BRVM. He hopes that by 2020, at least 10% of stock market transactions will be carried out online and encourages other SGIs to follow the trend and complete their digitization latest by January 2021.

Séna Akoda

In 2019, Togo exported more than CFA63 billion worth of cotton, against 49 billion the year before. In terms of volume, exports last year were almost 61,000 t, up from 44,000t in 2018. 

Comparing export earnings over the 2009-2019 decade, they were not stable. Indeed, from around CFA29 billion, they soared above CFA37 billion the following year before falling again. 

However, from 2017, as a result of the high output and other market-related factors, Togo’s cotton exports started growing again.  

Séna Akoda

In Togo, businesspeople were introduced to the new investment code on Sept. 15, 2020. This was during an outreach workshop under the country’s private sector development strategy. 

The meeting, to which the Chamber of Commerce and Industry of Togo (CCIT) contributed, was where actors of the Togolese private sector got to know more about the overhaul of the investment frameworks initiated by the country.

The new investment code, promulgated in June 2019 by the Head of State Faure Gnassingbé, includes amendments to certain parts of the 2012 code and new tax benefits.

These changes are part of an economic reform program undertaken by the government to make the country more attractive to national and international investors (notably in support of the national development plan).

Around one out of four (23.1%) of businesses ceased operations in Togo after the government imposed restrictive measures to contain the spread of Covid-19. Out of those, only 2% of them had to shut down completely. 

The World Bank revealed this in its latest report of the economic situation in Togo, published on Sept. 8. The related study was conducted at the beginning of June and businesses surveyed had been closed for about 10 weeks. 

Impact of shutdowns: Size matters

According to the document, small and big businesses responded to the closure differently. Big firms were more resilient than small ones. 

“Closing rates vary depending on the size of businesses and are higher for micro and medium businesses (22-30%) than for big businesses (around 13.6%),” the report states. No big business was shut down at the time of the study. 

Additionally, the World Bank noted that SMEs that closed down were those without appropriate protection against the crisis. According to the institution’s pundits, they were already going through tough times or had difficulties getting emergency funding, unlike big companies.

Fewer local businesses closed 

Similarly, there is a disparity between businesses owned by Togolese citizens and foreigners. 

“Almost 42% of the private companies owned by foreigners have closed, against around 20% of local private firms.” 

A significant impact on earnings

In terms of revenues, according to the WB, the pandemic had a significant impact on businesses' earnings. 

Here, however, the fall did not vary based on the size or the sector of activity of businesses. 

Data available indicates that “96.2% of businesses reported a drop in sales in the past 30 days.”  Let’s recall that according to the report, around 62% of jobs were affected, including 49% in services and 13% in the industrial sector. 

Ayi Renaud Dossavi

Over the 2009-2019 period, Togo’s phosphate exports to its WAEMU neighbors generated a little more than CFA562 billion. This is revealed in the 2019 WAEMU report on foreign trade published by the Central Bank of West African States (BCEAO). 

In terms of volume, the exports which fluctuated over the period were estimated to have exceeded six million tons. And while exports (by volume) fluctuated throughout the decade under review, starting from 2019 an upward trend was noted and a significant rise of about 150,000t was recorded in 2019. 

At the regional level, the BCEAO estimated phosphate output at 800,000 tons in 2019 while exports within the WAEMU (in the same year) were observed to have generated CFA55.8 billion. 

It is important to note that in 2010, the Union’s phosphate export revenues stood at CFA34 billion, their lowest level, against CFA42.5 billion. The record during the decade concerned was in 2012: CFA70.9 billion. 

Séna Akoda

Since Sept. 10, 2020, the Togolese Fintech Semoa has made it possible for Ecobank customers to transfer money from the lender’s mobile App to their Tmoney e-wallet (owned by Togocom). This is done via a Bot called Dédé. 

This service allows “Ecobank customers to transfer money from home in a context where they presently have to go to an ATM, withdraw their funds and look for a place where they can make a T-Money deposit.” 

In addition to this solution, Edem Adjamagbo’s startup works to deploy its WhatsApp Banking services for Orabank.

As a reminder, the parent company SEMOA Group has already signed operating agreements with the Moroccan BMCE Bank and SUNU Bank Togo. Ultimately, it aims to establish the service in at least 15 African countries.

Ayi Renaud Dossavi

In the last few weeks, Togo has recorded a surge in the number of Covid-19 cases in the regions of Kara and the Savanes. New outbreaks have been reported in the prefectures of Assoli, Tchaoudjo, Kozah, Sotouboua, and Tchamba while some weeks ago the pandemic was stabilizing. 

This has led authorities to place the concerned localities under lockdown. For now, the restrictive measures have helped contain the propagation of the virus. 

The information was disclosed during the latest press briefing of the national team coordinating the response to the pandemic: the CNGR, which is led by Col. Djibril Mohaman. 

Community-based transmission and related challenges

Considering the spread and distribution of cases, the country seems to be moving toward a community-based transmission mode. This means it will be more difficult, or even impossible, to track all cases as new outbreaks erupt.  

“Currently, we are witnessing a shift in the disease at the community level, and therefore an increase in cases,” the CNGR said. This would result in “higher risk in hospitals and health workers, as the number of suspected cases increases.”

In this framework, the government has announced special insurance for all health workers. 

Number of deaths on the rise 

In terms of figures, the last few weeks have been marked by a sustained but stable increase in cases.

Last week, 112 new cases were reported. This is against 107 cases the week before that. As for recovered individuals, they were 109 last week and 116 the previous one.

The main issue, according to the CNGR, is the number of deaths which has recently worsened. Last week, six people died. However, two-thirds of deaths recorded in the country so far are strongly related to comorbidities. Actually, “since the pandemic broke out in the country, only 11 or 12 deaths were exclusively caused by Covid-19.” 

Slowing propagation and raising awareness

The CNGR noted that the main factors behind the surge in numbers are movement between prefectures, traditional feasts, weddings, burials, and not respecting safety measures imposed by the government...or even the denial of the disease’s existence. 

In response, authorities are putting more pressure on local elected officials to raise awareness regarding these measures and their application. Also, towns celebrating traditional feasts are systematically locked down; as it was recently done in Aneho. 

As of Sept. 11th, Togo had officially reported 1,537 cases of Covid-19, thus 185 cases per million inhabitants, 37 deaths, 1,145 recoveries, and 355 active cases.

On the same date, the number of cases across the continent was 1.33 million (644,000 in South Africa alone), 1.07 million recoveries, and 32,000 deaths. Worldwide, 28.4 million cases have been reported; 915,000 died and 20.4 million recovered. The US, India, and Brazil have the highest number of cases. 

Ayi Renaud Dossavi

A smart road is expected to be built as part of the Lomé-Ouaga-Niamey corridor project.

In detail, countries involved in the project, namely Togo, Burkina Faso, and Niger, will have to build and launch smart transportation systems which are apps or advanced services that combine tech, geolocalisation, and transport engineering. 

Once these systems are developed, the corridor should be managed digitally. Services such as electronic toll collection, automatic incident detection, and electronic traffic management will be developed to improve traffic flow along the roads. Navigation assistance systems such as GPS and GSM will also be implemented.

With the support of the World Bank through the Regional Corridor Project, a feasibility study will be carried out for the deployment (of smart roads). To this end, the Government of Niger has launched a notice of expression of interest to recruit a firm to carry out the study. Firms interested can consult the notice here.

Séna Akoda

From now till December 2020, the World Food Programme’s office in Togo will share foodstuff and make cash transfers to the poorest people. 

These fall under the Limited Emergency Operation (LEO) project approved by the UN body for the July-December 2020 period. This initiative aims to support households and people affected by the Covid-19 health crisis, especially families of quarantined people. 

This support will be extended to HIV and tuberculosis-infected individuals affected by climate shocks in the Maritime, Kara, and Savanes regions. 

The initiative, it should be noted, targets more than 250,000 people and backs the government’s response to the health crisis caused by Covid-19. 

Séna Akoda