Togo First
Serge Ekue appointed as the new head of the BOAD
Serge Ekue is the new boss of the West African Development Bank (BOAD). The Beninese thus takes the place of his fellow countryman, Christian Adovelande, who had been in office since 8 February 2011.
In a statement issued by the Bank, Togo’s minister of economy and current chairman of the WAMU council of ministers, Sani Yaya, announced Ekue’s appointment - a decision that was approved during the WAMU Conference of Heads of State and Government.
Before his appointment, Ekue, a seasoned financier, worked at Natixis as senior country manager for the UK, the head of global markets EMEA, and head of Africa for Corporate and Investment Banking.
Serge Ekue will assume the new position on August 28th, for a 6-year term.
Ayi Renaud Dossavi
Exports of soybean from the recent campaign generated CFA 50 billion for Togo
In the past soybean marketing year (Oct. 2019 to July 2020), Togo’s export revenues amounted to around CFA 50 billion. The figure was disclosed last week by the interprofessional soybean council and relayed by republiquetogolaise.com.
Overall, the country which is striving to become a leading producer of organic soybean produced 167,100 tons of soybeans (organic and non-organic) over the period concerned.
Of this volume, 160,000 t were exported, 6,000 t were consumed locally and about 1,000 t remained with producers. A little over CFA 39.5 billion served to finance purchases from producers.
During the season reviewed, around 70,000 permanent and temporary jobs were created in the sector.
The figures, which are encouraging, according to actors of the sector should not overshadow challenges that the country still needs to overcome to consolidate good results in the coming season. Togo, it should be noted is the largest exporter of organic soybean to the European Union.
Ayi Renaud Dossavi
IRENA launches call for proposals for a major power grid project in ECOWAS
The International Renewable Energy Agency (IRENA) seeks consultants to implement a program to strengthen electricity grid infrastructure in the Economic Community of West African States (ECOWAS).
A call for proposals was launched in this framework. Applicants picked for the project will work closely with power companies, country regulators, and the ECOWAS regional center for renewable energy and energy efficiency. They will develop the best solutions (from a technical and economic perspective) to boost the potential of solar and wind energy in the region. Also, they will help build up national expertise in the sector.
In Togo, the project should significantly support the national electrification strategy. Under the latter, the country hopes to increase renewables share in its energy mix to 50% by 2030.
Let’s recall that at the moment, the ECOWAS has an installed capacity of 16 GW, generated mainly by thermal (68%) and hydropower (32%) plants, according to IRENA.
Consult the call for proposals here.
Deadline for applications: 31 August 2020.
Covid-19: Togolese government extends emergency state for the second time
Togo has again extended anti-Covid19 measures taken within the framework of the state of health emergency to September 15, 2020. The related order was issued on August 14.
Initially declared on April 1, the state of emergency was supposed to last three months but was later extended to August 16.
The exceptional situation, let it be recalled, allows the Togolese Head of State, Faure Essozimna Gnassingbé, to govern by ordinance to deal with the pandemic.
Togo: All mining data now accessible online
An online mining registry has just been launched in Togo. The platform was developed by the Direction Générale des Mines et de l’Energie (Directorate General of Mines and Energy or DGME).
Users can access, on the website, up-to-date data, mine maps, deeds, licenses, active firms, and the types of ores extracted in the country. This information will be updated daily, according to the DGME.
The creation of the digital platform was financed in line with Togo’s Mining Governance and Development Project (PDGM). With the website, Togolese authorities hope to boost mining activities, foster transparency in the sector, and attract more investments.
Séna Akoda
Covid-19 has affected 62% of jobs in Togo
In Togo, the anti-covid-19 measures affected around 62% of jobs. The figure was revealed in a World Bank report published recently.
The document also highlights a fall in production and sales across many sectors. Among the latter, the services sector is the most affected by the pandemic with 49% of jobs affected. The remaining 13% of jobs affected are in the industrial sector, retail, construction, and tourism.
The World Bank’s findings align with those of the Central Bank of West African States (BCEAO) which reported that the tertiary sector is the most hampered by the coronavirus crisis in the West African Economic and Monetary Union (WAEMU). For Togo, whose economy is mainly tertiary and where services spearhead growth (airport and port activities), the situation is particularly challenging.
However, the Togolese government, well aware of the challenge it faces, launched last week a tax relief mechanism which covers sectors most affected by Covid-19.
Ayi Renaud Dossavi
Togo sustains its performance in the World Bank’s country policy and institutional assessment (CPIA)
For the third consecutive year, Togo improved its score in the World Bank’s country policy and institutional assessment (CPIA).
According to the latest update of the document released this month, the country scored 3.3, thus 0.1 points more than last year and above the average score of sub-Saharan countries.
Togo performed especially well - with a score of 3.6 - under the cluster of policies for social inclusion and equity while the public sector management and institutions cluster is the country’s Achilles heel with a score of 3.1.
The efficiency of revenue mobilization
Worth noting is the nation’s efficient revenue mobilization score (it appraises tax policies and tax administration) which contrasts with an overall decrease across the region. Indeed, in a context where the regional average for this criterion slumped from 3.4 in 2018 to 3.3 in 2019, only one country - Togo - improved its score while it fell in six countries, knowingly Burkina Faso, Eritrea, Liberia, Sao Tomé & Principe, Tanzania, and Sudan.
A big reformer
Already praised by the Doing Business, Togo’s efforts at improving its business climate were again confirmed by the CPIA authors who consider the country as a “big reformer.”
Among others, key improvements include broadening the tax base, introducing a new tax code, and creating a single account for paying VAT loans.
Gender equality
One of the main areas where Togo performed was the gender equality criteria which assesses the extent to which a country has created institutions and programs to enforce laws and policies that promote equal access for men and women in education, health, the economy, and protection under the law. While the regional average stands at 3.2, Togo, with a score of 3.5, is the only country where the equality rating has increased over the past year.
Regarding equity in the use of public resources, policies and institutions focused on ecological sustainability, the country scored 4.0. This makes it one of four nations to have improved under this criterion and one of two (the other being Mali) to have recorded an increase.
In the Africa zone
Out of the 39 IDA countries in sub-Saharan Africa that were featured in the World Bank’s CPIA, Togo ranked 15th. Rwanda obtained the highest score, 4.0, the same as last year. It is followed by Cape Verde (3.8), Senegal, Kenya, Uganda (3.7 respectively).
With a score of 3.2, Nigeria is behind Togo. Sudan comes last with a score of 1.4. Overall, 15 of the 39 countries assessed had a score lower than the average for the region.
Ayi Renaud Dossavi
Togo to introduce an automated tracking system to fight smuggling and illegal trade
Togo’s revenue authority (OTR) will soon launch an automated tracking system (ATS) to maximize revenue collection, trace some goods, and ease tax collection. The news was disclosed on republiquetogolaise.com, the government’s official portal.
Unveiled last week, the tool will also help ensure the safety and authenticity of goods concerned, expand the legitimate economy, prevent illegal imports, as well as the production and sale of fake goods.
The new system will be reinforced by a secure tax marking mechanism which will cover imported goods and goods consumed in the country.
Commenting on the new system, the OTR declared: “From now on, it will be impossible to import goods to Togo without the administration being aware. Every product that is not marked by the ATS will be seized by the customs office.”
Bridging a tax gap of nearly CFA15 billion
The move, according to the tax commissioner Adoyi Essowavana, should “boost the State’s revenues.” Indeed, the new system should help reduce the tax gap (the gap between expected and actual tax incomes) recorded for many consumer goods. This gap, estimated at nearly CFA15 billion, is due to parallel trade circuits, under-declaration, and under-evaluation of goods.
Ayi Renaud Dossavi
Togo successfully closes the second round of Covid-19 bonds issuance
Togo has successfully completed its second issue of Covid-19 bonds, getting WAEMU investors to raise CFA160 billion for the securities. The operation, through which the country was seeking CFA70 billion, was oversubscribed at a rate of about 230%.
Of the 160 billion mobilized, the Togolese treasury will retain 108 billion to tackle Covid-19. Nominal value for the securities issued - fungible treasury bills - is CFA1 million and the maturity period is three months.
This second issue, it should be noted, comes after the first one that took place three months ago and closes the second phase of Covid-19 bond issuances within the WAEMU.
Séna Akoda
Covid-19: "The government’s efforts will be in vain without everyone playing their part"
Last week, Togo recorded 82 new Covid-19 cases, after 92 the week before. This spike shakes the relatively stable epidemiological situation the country had been experiencing for many weeks (one of the least affected by the pandemic in West Africa).
The resurgence is attributable to new outbreaks in “Assoli, Soudou, Tachoudjo (where cases increased exponentially and should continue rising for another week since the people in these parts of the country recently celebrated Eid al-Adha), and Kozah,” according to Col. Djibril Mohaman, head coordinator of the Covid-19 response cell (CNGR).
Co-morbidity and mortality
It is worth noting that in the past week, seven succumbed to the pandemic. This is over a total of 26 deaths recorded since the disease broke out in the country around 6 months ago.
The CNGR says the relatively high proportion is due to patients with comorbidities such as diabetes.
“We are therefore urging those suffering from diseases, such as diabetes, that weaken their immune system, to protect themselves and we also urge those without medical conditions to do the same to avoid affecting them,” Mohaman stressed.
Bars to systematically close during traditional feasts
Besides populations being less compliant to safety measures, the Covid-19 response cell believes the recent peaks were fostered by gatherings in bars during traditional festivities.
Therefore, in addition to measures in place, it has been decided that “bars will be systematically closed in any area where traditional festivities are held.”
A joint effort
Lastly, concerning the pandemic’s dynamics relative to newly imported cases reported after the ban on flights was lifted, the CNGR highlighted the need to comply with safety measures, adding that “the government’s efforts will be in vain without everyone playing their part.”
To date, Togo has confirmed 1,092 Covid-19 cases, including 284 active, 782 recoveries, and 26 deaths. Meanwhile, in Africa, 1.078 million people have been infected, with 24,300 dead.
Ayi Renaud Dossavi