Despite the current health crisis, Togo raised last Friday XOF22 billion on the regional financial market.

In effect, Lomé which was seeking XOF20 billion through the issuance (of short-term fungible treasury bonds) mobilized a total of XOF29 billion (thus representing a subscription rate of 147%). 

This is a new breath of air for the country which currently battles against the Covid-19 pandemic. Regarding the latter, so far, the only international partners to have provided financial support to Togo are the World Bank and the IMF. The first disbursed XOF7 billion to help the country fight the virus while the second disbursed XOF58 billion in addition to approving the provision of the last tranche of Togo’s 3-year ECF arrangement. 

On March 13, Togo mobilized XOF55 billion on the regional market. At the same time, it had just reported its first Coronavirus case. 

Fiacre E. Kakpo

Already scaled down a few weeks ago to 3% (from 5.5%), the growth forecast for the Togolese economy this year has been further reduced to 1%. This is as sub-Saharan Africa braces for its first recession in 25 years. 

This is bad news for the national development plan which was set to take off a little after the presidential elections. However, the tides could turn next year in the event the coronavirus pandemic ends soon. Still, Togo -being a leading business center and logistics hub- is highly exposed to external shocks. 

Given its strong trade ties with China and Europe, its weak health system, and dependency on tourism, Togo, the IMF foresees, will greatly suffer from the Coronavirus pandemic. 

Indeed, in its latest update of growth forecasts for sub-Saharan Africa, the IMF said Togo’s budgetary balance, which was in surplus at end-2019, should widen to 4.1% while the rate of inflation should grow to 2%, against 0.7% in 2019. 

According to the institution’s resident representative, Sampawendé Jules Tapsoba, who presented the document on April 17, the effects of the crisis can already be felt in the retail and leisure industries. Between January and February 2020, way before Togo reported its first Covid-19 case, traffic in retail stores, markets and recreational areas had fallen by one-third.

Fiacre E. Kakpo

Beyond Productions will be in charge of all communications relative to the Economic Governance Support Project in Togo (PAGE). 

This was announced by the related award notice released by the ministry of economy and finance. 

Under the contract, the communication agency will boost the visibility of the PAGE, both at the national and international levels, the project’s objectives, progress made, challenges it faces, etc. Before that, the firm will, however, put in place a communication strategy and a communication plan. 

Beyond Productions has become famous for producing the Big Stories TV magazine which features people who contribute to the advancement of their communities. It was picked out of seven firms running for the contract. Hermès Communication and Intelligence Group were the two other firms that were close to winning the contract. 

Séna Akoda

The Post company of Togo has teamed up with the team heading the Novissi cash transfer scheme to inform sellers about the use of e-payment tools in the various markets of the Grand Lomé region. 

The tools in question are the post’s Eco CCP e-wallet, and the Tmoney and Flooz mobile money platforms. The initiative aligns with the Covid-19 response which mainly aims at keeping physical contact at the lowest. 

Started last week, the campaign in the concerned markets will end this month, according to the Post Company of Togo. 

Séna Akoda

To date, 45 people have recovered from the coronavirus infection in Togo. This is more than 59% of the number of cases reported (81) so far. 

Togo is thus one of the countries with the highest recovery rate in the world. Regardless, the death rate is near the global average which is very high.

Recently, two infected patients died. Aged respectively 63 and 39, one was being transferred from the Sylvanus Olympio hospital of Lomé to the designated treatment centre while the second had just been admitted at this centre. 

Fifteen doctors working at the Sylvanus Olympio hospital in Lomé have been quarantined. They were in contact with two recently deceased Covid-19 cases. 

So far, the hospital has identified at least 40 medical staff (from the hospital’s emergency and pneumology units), including the quarantined doctors, who were in contact with the deceased. Regarding the latter, “aged respectively 63 and 39, they died on the evening of April 15. One died while being transferred to the treatment center and the other just after being admitted at the center.” 

Togo has reported 81 Covid-19 positive cases to date. Out of these, 45 have recovered, 31 are undergoing treatment and five died.

Togo plans on soon having its agricultural stock market, according to Jérémie Yamouti, head of the crop production at the ministry of agriculture, husbandry, and fishery. 

This stock market should support actors of the agricultural sector, knowingly producers, processors, buyers. The project was born from a need to build trust between these various actors and help them find new outlets for their products. In its framework, authorities are undertaking a census to identify all agricultural entrepreneurs active in the country.

The ministry of agriculture thus urges all concerned actors to get registered “as soon as possible.” Information needed includes the name of cooperative or business, status, location, type of activity (production, processing, distribution, etc), production capacity, sector (maize, rice).

Once verified and consolidated, these details will be put on the stock market which any interested person will have free access to. The State will certify businesses using the platform and help them access opportunities.

Séna Akoda

From now till the end of June, water at all public standpipes across Togo is free. 

This was recently disclosed by the county’s water utility, Société Togolaise des Eaux (TdE), as part of social measures taken by the government to contain the spread of the Covid-19 in Togo. 

The utility hence advised populations to properly use the standpipes, avoid wasting, and respect basic protective measures set by health authorities. 

Other social measures put in place by the State to help populations cope with the impact of the Covid-19 response on economic activities include free electricity for the most vulnerable, as well as a cash transfer scheme called “Novissi.” 

To date, Togo has confirmed 81 cases of Covid-19, 3 deaths, 35 recovered, and 43 undergoing treatment. 

Ayi Renaud Dossavi

In Togo, the Professional Association of Banks and Financial Institutions (APBEF) has contributed XOF100 million to the XOF400 billion Solidarity Fund launched by Togo’s President, Faure Essozimna Gnassingbé, on April 3, 2020, to contain the spread of the Covid-19. 

The sum was gathered by 20 members of the APBEF, knowingly banks, insurers, brokerage, and leasing firms, according to the presidency’s official website. 

It should be noted that a similar initiative is underway at the national level to raise funds from anyone willing to contribute. 

Séna Akoda

Togo and 24 other African countries will receive immediate debt service relief from the IMF as support against the Coronavirus pandemic. This was revealed in a statement published by the Bretton Woods institution on April 13, 2020. 

“I am pleased to say that our Executive Board has approved immediate debt service relief to 25 of the IMF’s member countries (...) as part of the Fund’s response to help address the impact of the COVID-19 pandemic,” IMF’s Managing Director, Kristalina Georgieva, wrote in the statement. 

This response, she adds, “provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.”

The IMF thus wants to help the 25 nations concerned “channel more of their scarce financial resources towards vital emergency medical and other relief efforts.”

The IMF’s MD hopes that the Fund will provide additional debt service relief to its poorest member countries for “a full two years.”

Similarly, French President Emmanuel Macron recently wrote off part of the debt of countries in need, following requests by Senegal’s President, Macky Sall. 

Let’s recall that very recently, the IMF provided Togo $131 million to help the nation fight the Coronavirus. 

Ayi Renaud Dossavi