Transportation fares have not been reduced in Togo. The rumor circulating on social networks over the past few days was denied by the government. 

The claims are “purely manipulative,” reads a joint statement issued by the ministry of transport and the ministry of trade and promotion of local consumption. “Tariffs for transporting people and goods in the country are the same set by inter-ministerial decrees. Failing to use these tariffs is punishable by law,” the statement adds. 

Thus, despite the reduction in fuel prices at the pump, fares are the same. However, due to the pandemic, authorities have reduced the number of passengers that can board public transport vehicles.

The third international conference on social businesses and corporate social responsibility (CIESRES’20) will take place virtually, on June 29 and 30, 2020. 

This year, the theme picked for the event is Social entrepreneurship and CSR: Concrete solutions to challenges and for innovation. Participants will include, as usual, advocates of the social solidarity economy (SSE), politicians, development experts and partners. 

The conference, which will take place amidst the covid-19 crisis, aims at increasing the number of social entrepreneurs active in Togo’s agriculture, energy, and technology sectors. It is organized by the ministry of grassroots development and the US embassy in Togo and is backed by various partners such as Ecobank ETI.

Lomé prepares to invest XOF46 billion in the PERECUT project (Programme d’Extension de Réseau Electrique dans les Centres Urbains du Togo). The latter aims at expanding the power network across the country’s urban centers. 

The funds will be mobilized with the help of technical and financial partners including Agence française de développement (AFD), Germany’s Kwf, and the European Union (EU). In effect, more than 500,000 people will have access to electricity as a result of the project. 

The PERECUT, according to the ministry of energy and mining, is divided into three axes. First is the rehabilitation, reinforcement, and extension of the distribution network serving 53 municipalities situated across all five economic regions of Togo. The second axis concerns additional support for grid access while the last relates to support and consolidating capacities. 

Among others, sources mention a 48-km Medium Tension line and more than 145 substations which are to be rehabilitated and/or reinforced; more than 226 new substations to set up and more than 1,164 low tension networks, as well as the extension of the network to supply 142 medium tension stations. 

Séna Akoda

Clinker dealer Wacem-fortia has been allowed to sell its products in the Togolese customs territory “up till the demand of cement factories are met.” 

The company was approved by the order of President Faure Gnassingbé. According to the local newspapers L’Union Pour la Patrie, the order lifted the 30% limit that companies operating in the free-trade area are allowed to sell in the customs territory.

“WACEM is authorized to sell its clinker output, as recorded by the customs office, to cement makers across the customs territory, in line with their expressed needs,” the order states.

The document also indicates that Scantogo’s rival in the clinker sector will pay duties and taxes on the sales. 

Séna Akoda

Banque de Développement du Mali (BDM) will be entering the Togolese market soon. According to the BCEAO’s latest updates on banks in the WAEMU, the lender obtained approval to set up a subsidiary in the country. 

Among others, the update recalls that African Lease Togo - ALT- has also secured its accreditation to operate as a bank (via a ministerial decree issued on August 16, 2019).  

Then also, the WAEMU apex bank has validated the name change of the Banque Populaire pour l’Epargne et le Crédit to Sunu Bank (via a ministerial decree issued on November 20, 2019). 

Since no delisting took place over the period reviewed, Togo, therefore, hosts 14 operational banks (11 subsidiaries and 3 branch offices), 3 financial institutions with bank attributes (including 2 subsidiaries). 

Ayi Renaud Dossavi

Under the second part of the Decentralization Support Programme (PAD 2), five Togolese municipalities will soon get economic and/or administrative infrastructures.  

In line with the same project, the Lagbonou market in Aneho will be cleaned. Similar works should be carried out in Sotouboua (Sotouboua1) and Dapaong (Tone1). Moreover, a commercial center will be built at the Nyékonakpoè bus station; market stalls in Agbonou (Ogou1). In Kara, an administrative building and a polyvalent hall are planned. 

For the various works, the government has started hiring firms to monitor them. The hiring process will end next July 28. 

PAD 2 it should be recalled is financed by Germany’s KfW bank. Last month, the European country backed the decentralization process with XOF3.3 billion. 

Séna Akoda

The Togolese government should soon take concrete steps to help private schools cope with the Covid-19 crisis. 

One of these steps includes “postponing for 3 to 6 months all tax payments for private schools,” PM Komi Sélom Klassou recently said.  

Also, “the minister of economy and finance will discuss with banks so that they keep backing founders.” While further details regarding the support the State plans to give private schools are yet to be released, it is indicated that volunteer teachers will also be covered since they represent a large portion of teachers in the country. 

Let’s recall that students in final examination classes have resumed today, June 15. However, a battery of safety measures to contain the covid-19’s spread has been taken in this framework. These include social distancing (one student per desk and a minimum distance of 1m between students) and the free supply of face masks to every teacher. 

Ayi Renaud Dossavi

The government’s decision to provide free electricity to the poorest in April, May, and June 2020 will cost it more than was expected. 

According to sources at the ministry of mines and energy, the exact amount is around XOF6 billion, which is nearly one billion more than initially estimated (5.1 billion for the three months). 

The measure in effect exempts the payment of bills for power users with a consumption of 40 kWh, which corresponds to a bill of XOF4,760. The latest updates show that 404,819 households (against 340,000 expected) benefit from the measure. Out of the beneficiaries, 172,011 are on post-paid and the rest are on prepaid. 

Per month, more than XOF1.842 billion is spent in the framework of this measure. This is against 1.7 billion planned initially. 

Séna Akoda

For its 2019 financial year, Oragroup reported a net income of XOF18.327 billion. This is 46.7% more than the year before where the bank reported a net income of XOF12.491 billion. 

The figure was published as part of the lender’s latest financial statements, released ahead of its next general assembly scheduled for June 29, 2020. 

Out of the amount reported, dividends that will be shared between Oragroup’s shareholders is estimated at XOF4.4 billion. 

For the recently ended financial year, the group’s balance sheet total was up by 21% (it stood at XOF2,634 billion, against XOF2,171 billion in 2018) while its net banking product increased by 15.6% to reach 146.8 billion. The bank’s equity for its part stood at 140.6 billion according to IFRS standards. 

Ayi Renaud Dossavi