More than CFA13 billion. That is how much the Togolese State spent on subsidies to petroleum products between January 2019 and May 31, 2021. This was disclosed on Friday by the minister of trade, Kodjo Adedze. 

The official, who was explaining the reasons behind the recent increase in pump prices of petroleum products in Togo, emphasized that the State lost about CFA6 billion because of the subsidies. He subsequently revealed how much the products concerned would have cost without the subsidies. 

Without the subsidy, he said, unleaded super would be sold at CFAF 595, diesel at CFAF 568, and kerosene at CFAF 517. At the moment, they are respectively sold at CFA505, CFA520, and CFA606. 

Regarding the spike in prices of petroleum products, Adedze said it was mainly spurred by a "considerable change" in the price of the dollar and the barrel of oil on the international market.

"From $18 at the beginning of 2019, the oil barrel was sold at $73.93 by June 9, 2021, an increase of 277%," he indicated.

Let’s note that new prices came into effect on Friday, June 11.

In 2019, Togo produced 59,833 L of honey, 58.6% more than it did in 2018, that is 37,727 L. The figures were disclosed last Wednesday by the ministry of agriculture. 

Similarly, the country produced more wax from one year to the other: 3,231.3 kg in 2019, and 949.5 kg in 2018 (+9.6%). 

Consequently, the earnings of bee farmers grew by 54.4%, from CFA123 million in 2018 to CFA190 million the following year. 

According to the DSID, the directorate in charge of agricultural statistics, IT, and documentation, bee farming is practiced in all Togolese regions, by about 1,700 men (81%) and women (18%). The largest concentration of bee farmers (41.8% of the total population of bee farmers in the country) is located in the Plateaux region. 

Let’s recall that in November 2019, bee farmers, supported by the government, regrouped into the “Interprofessional Council for Bee farming (CIFAP).” The move aimed at developing the sector.

In Togo, prices of petroleum products, at the pump, were increased on Friday June 11th. The decision was enacted by a decree from the ministry of trade and economy. 

Now, super unleaded will be sold at 505 FCFA instead of 425 FCFA, kerosene at 400 FCFA instead of 375 FCFA, diesel at 520 FCFA instead of 450 FCFA and 2-stroke at 606 FCFA instead of 532 FCFA.

Gas, for their part, are sold at the same price -6,500 FCFA for the 12 kg cylinder and 3,120 FCFA for the 6kg cylinder.

According to the government, the changes are due to fluctuations in global oil prices. The new prices were proposed by the Comité de suivi des fluctuations des prix des produits pétroliers (CSFPPP) and approved by Lomé. 

The increase, it should be noted, comes a year after prices of petroleum products decreased. It’s attributable to a continuous rise in the price of barrels of oil and Brent, starting at the end of April 2021.

In London, for example, oil prices soared again after the release last Thursday, by the Organisation of the Petroleum Exporting Countries (OPEC), of an optimistic monthly report. Indeed, in the document, the organisation said it expects demand for oil to rapidly grow in the second half of the year.

"The recovery of global economic growth, and therefore oil demand, is expected to accelerate in the second half of the year."

Two weeks after the UK did, the US has also relaxed travel conditions to Togo. The economic powerhouse recently ranked the West African nation one of the safest countries in the world for its citizens and other travelers, relative to the risk of Covid-19 infection. 

The US State department has, in effect, published an updated comprehensive list of countries where its citizens should preferably not travel to (level 4), where travel should be reconsidered (level 3), where they should be highly vigilant (level 2), or just “take normal precautions” (level 1).

Togo falls in the level 1 category, in a context where until very recently, the US advised its citizens against traveling to most African countries because of the coronavirus pandemic. Besides Togo, five other African countries (out of 10 worldwide) fall in the category of safe destinations for US citizens; they are Eswatini, Ghana, Gambie, Malawi, Sénégal.  

What does this mean for US citizens visiting Togo? They will just need to present a negative PCR test result taken within a maximum period of seven days, then self-quarantine for 10 days. 

Between May 10 and June 7, the number of Covid cases in Togo dwindled drastically, from 1,348 to 167 active cases 

Klétus Situ

To restart its economy, post-Covid-19, Togo seeks CFA25 billion on the regional money market.  

To raise these funds, the country has issued, again, fungible treasury bonds. The latter have a nominal value of CFA10,000 per unit, according to the UMOA-securities agency. 

The issue, which will close on June 11, 2021, is set to mature over 84 months, and the corresponding interest rate per year is 5.98%. 

Let’s recall that on May 29, the county raised CFA27.5 billion with an estimated average weighted yield of 5.66%, a maturity of 5 years, and a fixed interest rate of 5%. The successful operation is a continuation of similar performances Lomé has been recording on the WAEMU market since the beginning of the year. 

Indeed, Togo has raised more than CFA300 billion on this market so far into the year.

On June 9, the World Accreditation Day, Kodjo Adedze, the Togolese minister of trade, industry, and local consumption, called all business owners and lab heads to ensure that their products meet accredited standards. 

Accreditation, he said, is indispensable to conquer the international market, especially in the context of the management of the Covid-19 health crisis, the post-pandemic economic recovery, the implementation of the Africa Continental Free Trade Area (AfCFTA), and the promotion of local consumption. 

“Accreditation provides the technical and operational foundations that are essential to the functioning of our societies. It supports the development programs of states in areas such as cross-border trade, food safety, health, environmental protection, industrial and infrastructure development,” the minister said.

Truly, accreditation makes it easier for goods to move from one country to another. It is an attestation issued by accredited conformity assessment bodies, notably laboratories, certification, and inspection bodies. 

In Togo, accreditations are overseen and guaranteed by the High Authority for Quality and Environment (HAUQE) and institutions such as the Comité Togolais d’Agrément (COTAG), an entity in charge of handling certification and accreditation processes undertaken by businesses, public and private bodies present in the country. 

Let’s note that border controls and inspections at domestic sales points for the secure marking of products will begin on July 1 throughout Togo.

In Togo, 70% of economic activities are related to the coastline and the country gets more than 75% of its tax earnings from them. The figures were disclosed last Tuesday, World Oceans day, by the minister of maritime economy, fishery, and coast protection, Edem Tengue. 

According to Togolese authorities, trade via the port of Lomé generates a massive portion of the State’s revenues. In detail, says minister of transports Zouréatou Kassa Traoré, customs revenues garnered at the Port of Lomé make up 80% of all sea-related activities and 60% of the State’s earnings. In 2019, the volume of goods that passed through the port stood at 22.610 million tons, against 22.117 million tons the year before. 

For the fishery sector, it represents 4.5% of the GDP and employs more than 20,000 people. Each year, the country is estimated to produce 20,000 tons of fishes but reached a peak of 37,000 tons in 2018-2019 according to data from the Fishery and Aquaculture Directorate (DPA). 

Tengue says these numbers translate the importance of the ocean to the Togolese economy, and thus the need to protect it. “The ocean is an important asset for humanity and it deserves to be preserved. We must find the right balance between human activities and the preservation of the ocean,” he declared. 

Togo, to preserve the sea and regulate related activities, took many initiatives, such as establishing the High Council for the Sea (HCM). It also ratified multiple international agreements, to fight illegal actions at sea. Last May, a law to protect and valorize the Togolese coast was also adopted by the State.