Michel Yaovi Galley is the new director-general of the telecommunications and posts regulatory authority, the ARCEP. The decree appointing him was released on October 15. 

Before that, Yaovi Galley was the technical advisor for digital transition projects at the ministry of posts, digital economy, and technological innovations. 

As director-general of the ARCEP, his mission consists of contributing to the development of telecommunications and posts, overseeing licensed telephony operators, and approving the issue of approvals for independent networks, and managing radioelectric spectrum. 

The ARCEP was established in 2015 to replace ART&P. Earlier this year, four new members joined its board of managing directors.

Togo’s power utility, Compagnie Energie Electrique du Togo (CEET), is carrying out a promotional campaign in the Plateaux regions. Under the promotion, which will end on 30 March 2021, fees to get connected to the grid can be paid in installments.

In detail, the people of Agou, Ogou Anié, Est-Mono, and Haho will be able to get a prepaid meter (Lafia 2 fils 5 A) with an advance payment of CFA20,000. The total amount, CFA49,000 for the meter and CFA80,000 for the connection, is payable over 11 months, according to sources at the CEET. 

This aligns with the government’s goal to boost access to power in rural areas in a context where only 8% of these areas currently have access to electricity. 

Séna Akoda

The second edition of the FERIN fair, an event that is aimed at improving trade and investments in Togo, began yesterday. Due to the Covid-19, it is held online this year. 

The theme of the fair is Man at the heart of economic and sustainable growth. 

Organized by the Terreau Fertile Association, the two-day meeting will gather many panelists, notably the Togolese economist Kako Nubukpo, the minister of trade, Kodjo Adedze, UNDP’s resident representative, Aliou Dia, entrepreneur Ghislain Awaga, the tax authority head commissioner, Phillipe Kokou Tchodie, and Didier Acouetey. 

According to the president of Terreau Fertile, Bileyo Donko, the panelists will discuss key topics like the importance of investing in human capital, challenges related to digital transformation, local consumption and its promotion, taxation, decentralization, and public procurements. 

Also, a contest - the T-Fertile contest - will take place in the framework of the fair, and entrepreneurs taking part in it will have the chance to win one million CFA as first prize. 

In the first edition of the FERIN fair, more than 700 young Togolese were trained, 30 projects received support and two innovative projects were distinguished.

Cofina, Compagnie Financière Africaine, has selected AG Partners to be its strategic communication advisor for its opening in Togo. 

Cofina enters Togo with AG Partners! We have the pleasure to announce that AG Partners is the agency that won the bid to help Cofina launch its activities in Togo, the commercial leasing and finance firm declared. 

Togo is the ninth market that Cofina enters in Africa. There, the Abidjan-based group will be competing against Sogemef, which is at the moment the only firm operating in the same sector. Once established, Cofina will help very small and small enterprises, as well as young entrepreneurs to secure financing to expand.

Séna Akoda

After its growth forecasts for 2020 were hampered by the pandemic, Togo foresees a recovery in the next two years with a projected growth of 4.7% in 2021. 

Farther ahead, Lomé hopes to see its real GDP grow by 5.8% growth in 2023, in the best-case scenario. Similarly, the inflation rate would shift from 1.7% next year to 2% in 2022 and 1.9% in 2023. 

Budget resources slightly down

In the process, the country expects its budget earnings to stand at CFA842.9 billion next year, thus 2.7% less than in 2019 but far better than when they were forecast to fall by 40%. Optimistic, despite circumstances, Lomé anticipates budget revenues to rise to CFA887.7 billion and CFA903.5 billion in 2022 and 2023, respectively.

For their part, treasury funds should increase by 2.6%, from CFA657.2 billion this year to CA674.5 billion in 2021. However, by 2023, they should fall to CFA618.7 billion. 

These initial projections are found in the Pluriannual Economic and Budget Planning Document (DPBEP 2021-2023). The document is presently being discussed by the national assembly. 

Ayi Renaud Dossavi

On Wednesday, Oct. 21, Serge Ekue, president of the Banque Ouest Africaine de Développement (BOAD), signed with the Development Bank of Austria, OeEB, a convention to inject €30 million into the WAEMU’s private sector. The signing took place in Vienna, the Austrian capital. 

The same day this credit line was secured, the OPEC Fund for International Development announced that it had signed a framework agreement with the BOAD. A move that aims to improve the Fund’s actions for development in WAEMU states.

Let’s recall that a few days ago, the board of directors of the BOAD approved the creation of a €350 million fund by Société Générale and JP Morgan, out of which €200 million are to be devoted to the private sector. 

Séna Akoda

In Togo, the number of mobile money users rose from 83,000 in 2013 to 1.9 million in 2017 and 2.3 million in 2018 (nearly 30% of the Togolese population). This represents an annual growth of 95% over the period considered (2013-2018), with a peak of 21% over the last two years (2017-2018). 

This was disclosed by the country’s Posts and Telecommunications Regulator (ART&P), in a report that highlights the sustained growth of Mobile Money - a major “booster” of financial inclusion - in recent years. 

In terms of value, says the ART&P, mobile money transactions in 2018 amounted to CFA607.7 billion for 61 million transactions. Daily, around 10,000 transactions, generating an average of CFA1.6 billion, were recorded throughout that year. 

Compared to 2017, the volume of transactions recorded in 2018 surged by 54%; a trend recorded by sales points as well (+9% between 2017 and 2018). 

The increase was driven by the digitalization initiated in Togo. They were bolstered amidst the pandemic as physical contacts were limited. 

Togocom and Moov are the only two telecom operators providing mobile money services through their respective platforms TMoney and Flooz. In the country, 62.7% of the mobile subscribers use the mobile money service and the penetration rate of mobile financial services is estimated at 52%.

Ayi Renaud Dossavi

After recently becoming partners, Togo Invest and UNDP Togo are working to submit a $50 million project to the Green Climate Fund.

In effect, UNDP Togo will include Togo Invest in the project since it was already elaborating on it. “We are working with Togo Invest and other institutions to develop this project,” the UN body said. 

The project, it should be emphasized, aligns with the key axes of the partnership recently reached by Togo Invest and the UNDP. 

Under this partnership, the two institutions will reinforce the corporate social responsibility of businesses and work on boosting environmental sustainability. Lastly, they will preserve the environment and achievements in Togolese societies. 

Let’s recall that the UNDP pays consultants to evaluate various potentialities in Togo. Support in this area will also be boosted to enable Togo to Invest to better target its actions as part of the vision for the development of Togo. 

Séna Akoda

With 9 other African presidents, Togo’s leader Faure Gnassingbé called for a greater financial mobilization for projects carried out by the International Fund for Agricultural Development (IFAD).

In a co-signed letter, the heads of state made the call to make rural communities more dynamic and subsequently protect them against poverty and famine. 

“Now more than ever, it is crucial to invest in the reinforcement of the resilience of rural people, to ensure food security, preserve their livelihoods, make sure that the progress we achieved over the years is not brought to naught and prevent other residents of rural areas from falling into poverty and hunger,” the leaders highlighted.

It should be noted that in Togo, the IFAD, among others, funds the risk-sharing based incentive mechanism for agricultural financing (ProMIFA) and the national project for the promotion of rural entrepreneurship (PNPER).

Séna Akoda