In Togo, Banque Populaire pour l’Epargne et du Crédit (BPEC) is now Sunu Bank. 

In 2018, SUNU Group acquired a majority stake (65.7%) in BPEC at a time where the lender was at the bottom of the pitfall. For its first year of activity, BPEC had recorded a loss of XOF197 million and ran on losses from 2012 to 2016. 

However, since SUNU joined its shareholding, the bank’s prudential indicators have improved, but the lender is not yet out of trouble. For example, its intermediation margin rose from 1.5 billion (before SUNU arrived) to 2.3 billion at the end of 2018, while its assets’ value increased by XOF5 billion, in the same period, to reach XOF66 billion. 

To consolidate these results, Sunu Bank bets on digital services like WhatsApp banking. 

SUNU Group is an insurance holding based in Dakar, Senegal, and headed by Pathé Dione. The insurer’s investment in Togo marks its first step in the banking market.

Cyril Ramaphosa, president of South Africa, has extended his congratulations to Faure Gnassingbé, for winning the recent elections in Togo. 

The leader of the rainbow nation thus follows the footsteps of Morocco’s Mohamed VI, Gabon’s Ali Bongo, and Cameroon’s Paul Biya, who also congratulated the Togolese leader for being reelected (with 70.78% of votes). 

Ramaphosa also praised the Togolese people for organizing peaceful elections, saying it is a “positive step towards deepening democracy across the African continent.” He then reiterated his “commitment to reinforcing bilateral cooperation between South Africa and Togo.” 

Let it be recalled that in December, last year, the South African president was in Lomé, for a visit aimed at boosting economic cooperation between these two States. Togo is well-positioned to become the main point of entry of South African products and investments in West Africa, due to its port notably.

Initially expected to be completed last month, the St. Pérégrin hospital should be delivered next July, according to a statement published on the official website of the Togolese presidency. Construction works for the infrastructure was launched in February by Faure Gnassingbé himself. 

The project’s commencement was delayed and later slowed by bad weather, in September 2019, as well. It is a top-class hospital that meets international standards. 

Estimated to cost XOF17 billion, provided by the national social security fund (CNSS), the hospital is built over six hectares. It is located in the northern part of Lomé. The site will also host a 4-star hotel, a heliport, among others. 

The project, for the government, falls under the third axis of its national development plan. This axis aims, it should be noted, to boost social inclusion in Togo.

Togo has launched another operation on the UEMOA market to raise XOF50 billion for its 2020 State budget. 

In detail, Lomé will issue fungible treasury bonds at a nominal value of XOF10,000 per unit. The bonds will mature over a three-year period with an interest rate of 6.15% that will be paid starting from the first year of maturity. 

Reimbursement will commence on March 16, 2023, according to the tender attached to the bond issuance process. 

Let’s indicate that so far, Togo has raised about XOF 110 billion on the UEMOA-Securities market, since the beginning of the year. Its latest operation on this market was actually oversubscribed (more than 200%), reflecting investors’ trust in the economy.  

Séna Akoda

Yesterday, March 3rd, Togo’s constitutional courts officially announced the reelection of Faure Gnassingbé as President. 

The leader secured 70.78% of votes recorded during the recent elections and will head the country for another five years. 

A new term, more social commitments

This new term will mostly focus on the national development plan. The latter, whose cost is estimated at more than $8 billion, aims to reshape the Togolese economy, towards inclusive growth and the creation of sustainable jobs. 

President Gnassingbé also announced many social projects during the campaign, with maternal health, civil status, education, and rural electrification as major areas of focus. This, in a context where terrorism keeps rising, spurring security issues in the country. 

Opposition’s claims rejected

While Faure Gnassingbé won the elections, the vote was contested by the opposition, led by Agbéyomé Codjo. However, the winning party said the claims were unfounded. 

The claims were indeed all rejected by the constitutional court for lack of proof. 

Still, the leader of the opposition who proclaimed himself as the democratically elected president of Togo ignored the institution’s decision and appointed his own Prime Minister on March 2, 2020.

After Nigeria last week, a new case of coronavirus has been confirmed in Senegal, making it the second West African country affected by the disease so far. The news was reported March 2, by the Senegalese presidency. 

The infected, a French citizen, has been hospitalized at the Institut Pasteur de Dakar. He arrived in Dakar two days ago, via an Air Senegal flight. All other passengers of the flight, authorities said, will be tracked and adequate measures will be taken to prevent the virus from spreading. 

Senegal is one of the countries, alongside others like Nigeria and Ghana, that can currently test for Covid-19 in West Africa. It is also the only WAEMU State (French-speaking West African countries) to be exposed to the disease at the moment. 

So far, only four cases of coronavirus have been identified in Africa; a situation that puzzles many given how fragile health systems are across the continent. 

In Togo, the numbers to contact to signal potential cases are +228 22 22 20 73 / +228 91 67 42 42. Health authorities in this country are on alert and have set both an isolation center and a monitoring cell at the International Airport of Lomé. 

Ayi Renaud Dossavi

As Coronavirus spreads more outside China, with new cases reported in Senegal, Nigeria, Morocco, and Tunisia, developing nations such as Togo can now rely on the World Bank’s support to fight the outbreak. 

“The IMF and the World Bank stand ready to help member countries address the human and economic challenges of the fast-spreading coronavirus outbreak,” a joint statement from the two Bretton Woods institutions reads. 

“We are engaged actively with international institutions and country authorities, with special attention to poor countries where health systems are the weakest and people are most vulnerable. We will use our available instruments to the fullest extent possible, including emergency financing, policy advice, and technical assistance.”

The tools will be needed by the concerned member-States, in a context where the coronavirus threatens, not only global health but global economy as well. 

According to recent data, more than 90,000 people (90,937) have been infected at present. Besides China (more than 80,000 cases), main centers of infection are South Korea (4,800 cases), Italy (more than 2,000 cases) and Iran (1,500 cases). 

Other countries where first cases have been reported, apart from Senegal, Tunisia, and Morocco, include New Zealand and Luxemburg. 

So far, no case has been reported in Togo.