Togo is currently the third WAEMU country CEOs think is the most attractive for investments despite the coronavirus crisis that is negatively affecting African countries’ measures aimed at attracting investments.
This is revealed in the 2020 Africa Investment Attractiveness Index, based on the response of African business leaders during a survey carried out (for the second consecutive year) by Africa CEO Forum and Deloitte. According to the surveyors, the index “aims to provide an overview of the investment appetite of private sector leaders” and “is not designed to analyze investment conditions or rank the ease of doing business in a given country.”
The surveyed CEOs had to answer to the following question: “Which African countries do you find to be the most attractive for investment at present?”
To that question, 1.8% of the surveyed CEOs selected Togo. In the WAEMU region, it is preceded by Côte d’Ivoire and Senegal, which are respectively the first and fourth on the African continent.
Let’s note that Mauritius, which is usually at the top in business rankings on the African continent is not in the Top10 this time. This continental Top10 is constituted of Côte d’Ivoire (1st), Kenya (2nd), Ghana (3rd), Senegal (4th), Rwanda (5th), Etiopia (6th), Nigeria (7th), Morocco (8th), DRC (9th) and South Africa (10th).
Séna Akoda
Togo’s national assembly, through its financial commission, commenced on Sept. 22, 2020, the budget orientation debate to discuss budget issues with the government.
Among others, participants will discuss the 2021-2023 economic and budgetary planning document. The latter forecasts potential for fund mobilization over the period concerned, as well as for deciding how these funds will be distributed to ministries and institutions for implementing budgetary programs.
“The government defines a certain profile of expenditures and revenues for three years, taking into consideration the country’s economic situation, and it just submitted this document to the national assembly,” said Mawussi Djossou Sémondji, head of the assembly’s financial commission. Then, he further explained, the assembly discussed, in the presence of government officials, providing recommendations on the profile submitted.
This year, the talks are extremely important, considering the novel coronavirus and its impacts on the global and national economies. At the regional level, it should be recalled that the WAEMU convergence pact was suspended.
This said, recent forecasts put Togo’s GDP growth in 2020 at only 0.7% (against 5.5% expected initially). For the coming year, the government intends to streamline its budget strategy, relative to the distribution of resources and expenditures.
This will involve amending the national development plan by taking into account the current global economic context.
Ayi Renaud Dossavi
Lomé-based pan-African banking group Oragroup recently received a credit line of €50 million (around CFA32.8 billion) from the ECOWAS Bank for Investment and Development (EBID).
The group will use the funds to increase its support to SMEs and SMIs across WAEMU countries. “This refinancing credit line from EBID will help provide 34 SMEs and SMIs with about CFA1.03 billion each,” a statement from EBID reads.
The same statement mentions that the credit line is part of its new economic model and its intervention strategy in the private sector. Additionally, the move aimed to help Oragroup boost its expertise by supporting this sector in the subregion.
The related agreement was inked on Sept. 22, according to a joint statement from both parties involved. It was signed in Lomé by George Agyekum Nana DONKOR, President of EBID, and Ferdinand Ngon Kemoum, CEO Oragroup SA. This was done at the headquarters of EBID.
Let it be recalled that in July this year the EBID also secured a credit line (€50 million coincidentally) from the French Development Agency (AFD) to foster economic and financial integration in the subregion.
Ayi Renaud Dossavi
On September 22, 2020, Djomantin, the firm ensuring the transport of BB Lomé’s products, received 10 MAN trucks and 10 SCHMITZ CARGOBULL trailers from Van Vliet Automotive (Togolese subsidiary of the eponymous Dutch group).
The deal was facilitated by Banque Atlantique Togo (BAT) which spent CFA700 million to buy the vehicles. The lender’s managing director, Galadima Abdou, who was present during the delivery said the purchase is congruent with BAT’s strategy to support the growth of SMEs and SMIs.
The new rolling stock will help BB Lomé cut loading time and proceed to its deliveries in the best conditions, said Marc Boigarnier, head of Vliet Automotive in Togo. Djomantin, he added, will no longer struggle with maintenance issues like it used to.
According to the executive, the purchase was made possible as a result of the tax incentives introduced by the Togolese government.
Séna Akoda
About a year from now, the following six Togolese towns will get better access to electricity: Aneho, Kpalime, Atakpamé, Sokodé, Kara and Dapaong
Indeed, the government received a credit line from the Export-Import Bank of India (Exim Bank) to finance works for the “supply and construction of medium and low tension power networks aimed at increasing the capacity of power distribution in these towns.”
In this framework, the public power utility published a tender notice via its website on Sept. 21.
The notice is addressed to 12 Indian firms that have until November 12th to submit their applications. Among the companies are Ashoka Buildcon, Jaguar Overseas, Transrail Lighting, Mohan Energy Corporation Private, Jakson, and KEI Industries.
Séna Akoda
The West African Agricultural Productivity Program (WAAPP) reached a completion level of 95% at the end of 2019, with 112 out of 118 activities completed.
Effective for almost 10 years, it has benefited over 600,000 people (40% of them women), thus 23% more than the 500,000 beneficiaries initially targeted. It has generated 14 improved technologies enabling a sustainable crop and animal production (an intensive rice-growing system, steamers, multi-fuel ovens, harvesting bags, multi-purpose ginners, etc.).
More than 101,000 beneficiaries adopted the technologies which are known now by most (87%) farmers. They are practiced on about 365,000 ha in Togo.
Besides providing technical and technological support, WAAPP also helped improve biological transformation outputs in the country. For example, since the program was launched, it has provided more than 1,600 high-performance sheep and goat broodstock to the Centre de Recherche de la Savane Humide (CRASH) which is steered by ITRA. This is to increase productivity, increase the herds of livestock farmers, and improve their income.
The WAAPP is a government-led project supported by the World Bank. Launched in 2011, the same year as the PNIASA, the initiative is implemented in 13 countries (Benin, Burkina Faso, Ivory Coast, The Gambia, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo).
A two-day workshop focused on flood and drought management was launched this morning in Lomé.
Experts and stakeholders involved in this area will throughout the meeting discuss results and recommendations provided by a study related to flood and drought. This should ultimately lead to the establishment of a warning system to better manage them, and help assess preparations needed to adapt to climate change in the Volta Basin.
The Volta stretches from north to south over a distance of 1,850 km, with a basin covering an area of approximately 400,000 km2 and a population of about 20 million people.
It is managed by the Volta basin authority, an African organization set up by the countries sharing the Volta basin, knowingly Benin, Ivory Coast, Ghana, Mali, and Togo.
In a few months, two bridges of 30 meters each and a third of 60 meters will be built in Togo. The first two will be located along the Gouloungoussi-Zoubiékou-Ghana border axis while the last will be erected on the Ogou Agrani-Kamina road.
In line with the project, the Togolese government has launched an international tender to recruit qualified construction firms. According to the tender notice, interested companies have until next October 27th to submit their bids.
Let it be recalled that some months ago, a process was initiated to select a control office to monitor the project.
The three bridges, it should also be noted, fall under the first phase of a larger project aimed at building 15 bridges across Togo.
Séna Akoda
Benin-based consulting firm Afrique Conseil has launched a call for candidates to recruit a new managing director to head the West African Gas Pipeline Company (Wapco). This is in a context where the mandate of the company’s current MD, Walter Perez, will soon come to its end.
The successful candidate will be picked based on his or her resume or experience in any of the four countries concerned by the West Africa Gas Pipeline project, namely Togo, Ghana, Benin, and Nigeria.
While Afrique Conseil is in charge of handling the call for candidatures, the appointment will be exclusively made by the Ministers Council, on the recommendation of the Wapco’s board of directors.
Those interested have until October 15, 2020, to submit their application.
Séna Akoda
A PV solar plant is going to be built at the Gnassingbé Eyadéma International Airport (AIGE). The project aligns with the infrastructure’s transition toward renewable energies.
“To meet the AIGE’s energy demand, align with the country’s ambitions in terms of clean power production, and achieve sustainable growth, the Lomé-Tokoin Airport Company (SALT) has decided to build a photovoltaic solar plant,” a statement released by SALT indicates.
While the facility’s installed capacity is yet to be revealed, the plant should meet the airport’s full demand which is currently met with power from the Togolese power utility, CEET, and emergency generators.
Regarding the monitoring and control of works related to the project, the SALT calls interested companies to submit their technical dossier to the secretariat of its Chief Financial and Accounting Officer by October 12, 2020. A notice of the expression of interest was released in this framework.
Séna Akoda