Togo First
Togo Approves National Strategy for Greater Access to Educational Resources
Togo has approved a national strategy to improve access to educational resources, specifically textbooks and teaching aids for students and schools. The strategy was adopted on September 27 at the University of Lomé during a workshop with education experts, technical partners, and associations.
Supported by UNESCO, the strategy aims to address the shortage of quality educational materials in Togo. The strategy includes plans to integrate digital technology into teaching resources, as well as a financial framework for producing and distributing textbooks.
Kodjo Koba Dagbedji, representing the Minister of Primary and Secondary Education, stated that this validation marks the end of a long process that began in January 2023 as part of the "Appui à la production et à la diffusion des ressources éducatives" project. This project aims to support government reforms and improve access to educational resources in schools.
Officials believe that implementing this strategy will lead to more inclusive education and better education in Togo.
Lomé Trade Fair Offers Special Rates for Young and Female Entrepreneurs
The Centre des Expositions et Foires de Lomé (CETEF) is offering special rates for young and female entrepreneurs who want to exhibit at the 19th Foire Internationale de Lomé (FIL). This initiative, supported by the Ministry of Trade, Crafts, and Local Consumption, aims to encourage more young people and women to participate in the trade fair.
CETEF is providing 50 exhibition spaces, with 60% reserved for women and 40% for young entrepreneurs. According to a CETEF press release, this offer is available until October 15, 2024.
This initiative mirrors the reduced stand costs offered to local companies during the recent Made in Togo fair held from July 26 to August 4, 2024. The goal is to enable more Togolese entrepreneurs, especially young people and women, to showcase their products and services at an event expected to attract over 1,000 exhibitors and half a million visitors.
The Lomé Trade Fair is scheduled for November 22 to December 8, under the theme "Standards and Quality of Products and Services: Tools for Competitiveness and Access to Connected Markets." This year’s guest of honor will be Mali.
Esaïe Edoh
Moody's Upgrades Togo's Economic Outlook to Stable
Moody's Ratings has upgraded Togo's economic outlook from "negative" to "stable." In a rating published on September 27, 2024, Moody's maintained Togo's B3 rating for foreign and local currency borrowings. This upgrade follows a positive assessment from Standard and Poor's (S&P) about the Togolese economy.
Moody's cites improvements in Togo's budget management as a key reason for the upgrade, noting a reduction in the public deficit from 8.3% of GDP in 2022 to 6.7% this year. The agency also mentioned that concerns about fiscal issues have eased. "The Togolese government has been able to chart a clear course towards a gradual reduction in the deficit, in collaboration with the International Monetary Fund (IMF), to place public debt on a downward slope from 2025," Moody's stated.
The Extended Credit Facility (ECF) agreement with the International Monetary Fund (IMF), approved in March 2024, has also contributed positively. "We consider that the Extended Credit Facility (ECF) agreement with the IMF will provide an effective anchor to the effectiveness of the government's fiscal policy, reducing the risks of a sudden deterioration in the future," Moody’s indicated.
Moody's also highlighted Togo's strong debt structure, which consists mainly of domestic borrowings and concessional external debt. This structure helps limit budgetary and liquidity risks.
In line with its agreement with the IMF, Togo aims to reduce its budget deficit to 3% of GDP by 2025, in line with WAEMU convergence criteria. Moody's forecasts a gradual decline in the budget deficit to 5.2% of GDP in 2024 and 4.1% in 2025.
"Our forecasts incorporate some revenue gains, albeit at a slower pace than anticipated by the authorities, and a more gradual reduction in spending in a context of strong pressure on security spending due to the difficult security situation in the north of the country, on the border with Burkina Faso," the rating agency said.
Esaïe Edoh
Gozem Program Helps 1,000 Drivers Become Vehicle Owners in Togo
Launched four years ago, Gozem's V+ program has helped 1,000 drivers become vehicle owners, including motorcycles, cars, and tricycles. This announcement was made on September 25, 2024, during a ceremony in Lomé where drivers received the keys to their vehicles.
The drivers are the first group to complete the process and are now financially independent thanks to this initiative. "We set up this financing solution to enable drivers to work in optimal conditions," said Joël Ayaze, Head of Vehicle Financing Programs at Gozem.
The V+ program allows Gozem drivers, known as "champions," to own their vehicles after a set period. They repay the purchase cost over four years for cars and two years for motorcycles through daily payments.
With this program, Gozem "strengthens its position as the leading transport operator in Togo, while contributing to the country's economic development by offering financing and empowerment opportunities to its drivers".
Gozem has received $10 million (about CFA6 billion) in funding from the International Finance Corporation (IFC) to support this initiative. This funding will help 6,000 motorcycle cab drivers in Togo and Benin acquire new vehicles to increase their incomes.
Esaïe Edoh
Choose Africa Program: France Supports Togolese SMEs with €30 Million
By the first half of 2025, the French Development Agency (FDA) will provide Togo with €30 million to support local SMEs.
According to Papa Amoudou Sarr, Executive Director of FDA, the new funding falls under the Choose Africa program. Sarr announced this on September 27, in a meeting with Togolese Prime Minister Victoire Dogbé.
The funds will target startups and micro, small, and medium-sized enterprises (MSMEs). Priority, Sarr noted, will be given to businesses owned by young men and women, and active in sectors like agriculture, livestock, fishing, transport, and crafts.
In anticipation of this funding, FDA will make an initial disbursement of €4 million euros (about 2.5 billion CFA francs) to support the Agency for the Development of Very Small and Medium Enterprises (ADTPME), which coordinates initiatives for SMEs in Togo. According to Augustin Favereau, France's Ambassador to Togo, this initial funding will help start technical discussions to release the full €30 million.
The Choose Africa program is currently in its second phase and is run jointly by FDA and the African Development Bank (AfDB). It aims to support the informal sector until 2027. It does so by offering loans and online training programs that boost the capacities of SMEs and startups.
Esaïe Edoh
Cooperation: Uzbekistan and Togo Become Diplomatic Partners
Togo and Uzbekistan have established diplomatic relations. The agreement was signed last week in New York by the foreign ministers of both countries, Robert Dussey and Bakhtiyor Saidov. With this agreement, Togo becomes the 155th country to recognize Uzbekistan.
The cooperation between Togo and Uzbekistan will focus on economic partnerships. Uzbekistan is the second-largest economy in Central Asia. It is primarily based on agro-industry and natural resources like natural gas, uranium, copper, and oil.
The recent move aligns with Togo’s efforts to secure new partners and attract foreign investment. "Without a doubt, we have great opportunities to establish mutually beneficial cooperative relations with countries on the African continent," said Bakhtiyor Saidov.
Togo: Lomé to Host First Children's Book Fair from October 17-19
Lomé will host its first Children's Book Fair, the Salon du Livre Jeunesse (SALIJEL), from October 17-19, 2024. Organized by the "Lire au Togo" association and the Ministry of Culture, the event aims to attract over 5,000 fans of children's literature, including authors, publishers, and book professionals from across Africa.
"Books are not just pages to be turned; they are worlds to be explored," said Kokou Dzokotoe, president of the association and general delegate of the fair. The event will highlight young African readers and raise awareness among parents about the importance of reading for education and development.
The program includes book signings, exhibitions, workshops for children, roundtable discussions, and professional training. Visitors will have the opportunity to engage with authors, illustrators, and booksellers at various stands filled with children's books. Creative activities and interactive workshops are also planned.
A business management training course is scheduled just before the fair (October 14-16). The course targets booksellers and aims to professionalize the sector. It will cover topics like bookshop management and collaborations with publishers.
Ayi Renaud Dossavi
Togo: Daba Finance Wins 2024 Ecobank Fintech Challenge
Daba Finance, an Ivorian fintech company, won the 2024 Ecobank Fintech Challenge, taking home $50,000 and a strategic partnership with Ecobank. Kenya's Melanin Kapital finished second in the competition, winning $10,000, while Guinean fintech YMO took third place with a prize of $5,000. The People's Choice Award went to Togolese startup MiaPay.
The competition took place on September 27 in Lomé, Togo, where 12 finalists pitched their ideas after being selected from over 1,550 applications from 70 countries including Kenya, Rwanda, Nigeria, South Africa, Cameroon, Togo, DRC, and Guinea.
Daba Finance aims to "democratize investment in Africa," according to its CEO and co-founder, Junior Boum III, who started the company with Anthony Miclet. Many initiatives struggle to reach local populations often excluded from traditional financial systems. Daba Finance offers a "simple and secure" solution fostering investment in African markets.
Through a unified investment platform, Daba Finance allows users—both individuals and institutions—to invest in markets often deemed risky and hard to access. The platform provides a wide range of investment opportunities, including equities, bonds, and mutual funds. "Everything is designed to simplify access to financial markets," Boum III explained.
Daba Finance focuses on products from the West African Economic and Monetary Union (WAEMU) zone, but it can also invest in other countries for assets like venture capital. However, for listed markets—such as stocks, bonds, and mutual funds—the focus is mainly on the WAEMU zone, according to Boum III.
Daba Finance collaborates with several management and intermediation companies (SGIs) across the region, as SGIs are the only authorized intermediaries on the BRVM stock exchange. "We are not replacing them; we are collaborating with them," Boum III stated. Daba has partnerships with five or six SGIs, particularly in Ivory Coast and Senegal, including BOA Capital, EDC Investment, BNI Finance, Imparxis, and CGF Group.
Boum III noted that fintech offers SGIs a chance to reach investors they currently do not engage, especially internationally. "There are around 100,000 active accounts on BRVM spread across 40 SGIs. We bring millions of potential users from the USA, Europe, and other parts of Africa who are not yet familiar with these markets," he explained.
Launched in 2021, Daba Finance has over 25,000 users worldwide, primarily in the US, Europe, and French-speaking West Africa. "But the potential is still immense: in the WAEMU zone alone, 200 million people are not yet investing, and this a largely untapped market," says the firm’s CEO.
In addition to its investment platform for individuals and institutions, Daba Finance develops new products, including savings solutions, and is committed to bolstering partnerships in the tech industry. The goal is to give more Africans access to financial opportunities that were once reserved for an elite few. For Boum III, this is just the beginning: "We're still far from our maximum potential. Our ambition is to reach millions of investors across the continent and beyond." He stated last January that within five years, he wants Daba to be "the first destination for any investor looking to start or manage their investments on the African continent."
Daba Finance won the Ecobank Fintech Challenge and received $50,000 along with a strategic partnership with Ecobank. This partnership will help the Ivorian startup expand its operations across Africa. "Ecobank mainly provides us with distribution, facilitates payments, and puts its vast network across the continent at our disposal," said Junior Boum III, CEO of Daba Finance. He added, "They also offer us technical support if required."
Jérémi Awori, CEO of Ecobank, noted that through their Sandbox, a dedicated API platform, they give winning fintechs the chance to test and refine their products and integrate them into Ecobank's ecosystem. This allows them to deploy their solutions across Africa and to the diaspora.
Daba Finance joins over 60 fintechs that have participated in the Ecobank Fintech Fellowship program since its launch in 2017. This initiative provides technical and strategic support to help startups navigate the complex financial landscape.
Fiacre E. Kakpo
Togo: Faure Gnassingbé Meets UN Secretary-General to Discuss Peace and Development
During the 79th session of the United Nations General Assembly in New York, Togolese President Faure Gnassingbé met with UN Secretary-General António Guterres on September 23, 2024.
According to the Togolese Presidency, the two men discussed Togo's efforts to advance the Sustainable Development Goals (SDGs) and promote peace in West Africa. The political and security situation in West Africa and the Sahel was also a key topic, as Togo remains committed to fostering stability through dialogue.
Guterres praised these initiatives and reaffirmed the UN's support for Togo's efforts to promote peace, security, and sustainable development. During their meeting, Gnassingbé called for a global response to the crises affecting many countries, especially in West Africa and the Sahel.
WAEMU: Chartered Accountants Committed to SMEs’ Growth
Lomé hosted the 6th Congress of Chartered Accountants of the West African Economic and Monetary Union (WAEMU) last Friday, September 27. The meeting gathered about a hundred chartered accountants from Union and Nigeria.
They discussed their contributions to the sustainable development of SMEs and the regional economy, focusing on "the role of chartered accountants in the inclusive and sustainable development of SMEs."
According to Stéphane Akaya, Secretary General of the Ministry of Economy and Finance, SMEs are the engine of economic growth for countries in the sub-region. ‘“We firmly believe that SMEs must be the engine of economic growth in our countries. This Congress must contribute to reinforcing this conviction,” he said.
Chartered accountants are expected to provide solutions tailored to the development needs of SMEs. Therefore, they will put forward modern and transparent practices made possible by the evolution of digital technologies. Akaya also emphasized the need for chartered accountants to position themselves as strategic advisors to SMEs. In this regard, he suggested developing innovative tools to support business growth.
This meeting comes at a time when the Ordre National des Experts-Comptables et Comptables Agréés du Togo (ONECCA) has been working to clean up the sector since last year, as unqualified players were operating illegally, hampering the effectiveness of chartered accountants in their role of supporting the country's economic development.
Esaïe Edoh