Togo First
Togo exported 388t of cashew nuts to the EU by end September 2019, up 189% y/y
Togo exported 388 tons of cashew to the European Union over the past three quarters. This is a notable improvement compared to 2017 and 2018, where the country exported 118 tons and 134 tons respectively to the EU.
According to Commodafrica which reported the figures citing N'Kalo, while exports to the Old Continent are going up, those to the US have slumped by 24% over the first three quarters of 2019 (from 73t to 55t). Over the same period the year before, the fall was even more important (from 180t to 73t, thus -59%).
Overall, exports to US and the EU totaled 443t at the end of Q3 2019. India, it should be recalled remains one of Togo's largest cashew buyers.
Among West African economies that export cashew to Europe, Côte d'Ivoire leads with 1,591t over the past three quarters (+88%). Others such as Burkina Faso and Benin also recorded major increases (+113% and +259% respectively) in volumes exported to the EU over the period under review.
R.E.D
Benin and Togo sign agreement to establish integrated agricultural markets at their main border
Four to six integrated agricultural markets should soon be established at the Togo-Benin border.
An agreement was signed in this regard last week by Noël Bataka, Togo's minister of agriculture, his counterpart from Benin, Gaston Cossi Dossouhoui, and Lisandro Martin, Regional Director of the International Fund for Agricultural Development (IFAD).
This project is part of the regional integrated program for agricultural markets (PRIMA). The latter aims at supporting primary markets in villages, and assembly markets in cities or border areas. Most agro-food products (plants, animals, and fish) will be sold at the newly established markets.
According to news website 24haubenin, the project between Togo and Benin is estimated at $100 million (half of which is to be provided by IFAD). In detail, $60.8 million will be used to improve market access and entrepreneurship, $26.9 million to adapt household farming to climate change, and $7 million will cover development cost.
R.E.D
Between 2010 and 2018, Togo spent nearly XOF680 billion on road projects
Between 2010 and 2018, Togo invested about XOF680 billion to expand and modernize its roads. Overall, more than 800 km of roads were rehabilitated or built over the period. This was revealed on November 18 at a meeting gathering the heads of ECOWAS national cells on the fund for the development and financing of the transport and energy sectors (FODETE) in West Africa.
Other major projects undertaken to boost the transport sector include the construction of a new terminal building at Gnassingbé Eyadéma International Airport and a third quay at the Autonomous Port of Lomé.
The meeting aimed to prepare national consultation workshops on the creation of FODETE, as well as establish a clear roadmap for its adoption and implementation by ECOWAS statutory bodies.
Séna Akoda
WACA: Togo seeks $114 million for projects tackling coastal erosion and sea pollution
In the framework of the West African Coastal Area Management Program - WACA, which is financed and implemented by the World Bank, Abidjan hosted yesterday the WACAmarketplace.
This was a meeting where Senegal, Mauritania, Sao Tome, Côte d'Ivoire, Benin, and Togo gathered, to present to technical partners and potential backers, their respective projects on tackling coastal erosion and sea pollution.
For its projects, Lomé seeks around $114 million. They concern the coastal band going from Gbodjomey to Abdodrafo and the market area (in the capital).
Let it be recalled that in 2017, coastal erosion cost $3.8 billion to Benin, Côte d'Ivoire, Senegal, and Togo. This represented about 5% of their GDP at the time.
R.E.D
Gozem to soon expand to Gabon
Gozem, the transportation startup, plans to soon launch its operations in Gabon.
This will be the third African market that the firm penetrates. It already operates in Lomé (Togo) and Cotonou (Benin).
Founded by Emeka Ajene, the App-based startup recently revealed that it recorded more than 250,000 downloads on Google Playstore since November 2018 when it launched. It has thousands of customers and drivers. Its move to Gabon aligns with its expansion strategy in Africa.
Séna Akoda
UEMOA: Financial inclusion week starts today
From today to next Saturday, the Central Bank of West African States (BCEAO) is holding the second edition of the WAEMU week for financial inclusion. The event's theme is "Digitalization for financial inclusion: Challenges facing the financial sector and the WAEMU States."
Hence, it will focus on risks associated with the use of new financial technologies and ways to protect users of financial services.
Many activities are scheduled in the various WAEMU States as part of the event. Amongst these discussion panels are a top-class forum and a fair on financial inclusion.
In Togo, let's recall, financial inclusion has been on the rise for some years now. A trend, driven by dynamic decentralized financial services (Microfinance institutions) and others like Eco CCP, Mobile Money, and mobile banking.
Togo: Lomé concentrates more than 70% of the country's consumption expenditures
Lomé alone concentrates 72.3% of all of Togo's spending, according to data from the Central Bank of West African States (BCEAO).
Apart from Lomé, Abidjan and Dakar are the only other two cities in the West African Monetary Union (WAEMU) to have concentrated more than 60% of national spending (68% and 62% respectively) in their respective countries.
Meanwhile, in Guinea Bissau, Benin, Mali, Burkina and Niger, spending in most populated regions represent respectively 53.7%, 52.9%, 52.1%, 30.2% and 30% of overall spending for the countries.
R.E.D
Togo eyes a spot in the Top50 of Doing Business 2021
Comforted by its 59-places progression in the Doing Business 2020, Togo is eying a place in the Top50 of the next report (Doing Business 2021). Ranked 97th in the Doing Business 2020, the country wants to stay on track by projecting a further jump of at least 47 places. The information was brought to the media on Friday 15 November during a press lunch initiated by the Business Climate Unit (Cellule Climat des Affaires- CCA), a few days after the publication of the report which assesses the ease of doing business in 192 countries in the world.
According to Sandra Ablamba Johnson (photo), Minister Counsellor to the President of the Republic in charge of the Business Climate, this challenge can be met given the commitment and determination of the topmost echelon to advance in the ranking.
But to do this, the Minister is still counting on the support of the press, which, according to her, has enabled Togo to achieve the above-mentioned performances. “The results we have had are not only due to the technical efforts but also to your commitment and all the fruitful collaboration we have had over the past two years with you (ed note: media),” she said, delighted.
Séna Akoda
Chinese tycoon Jack Ma says he will help boost e-payment in Togo
Alibaba founder Jack Ma expressed his desire to work with Togolese corporate environment to boost e-payment and empower SMEs. The businessman said that on November 14 after he met with President Faure Gnassingbé in Lomé, on the sidelines of a workshop with young entrepreneurs from Francophone Africa.
Jack Ma told young leaders that he and the President discussed ways to develop the education sector and the digital economy by offering them new opportunities. Last May, Alibaba trained 14 young Togolese public administration executives in e-commerce, Big-Data opportunities, online payments, and financial inclusion, under its New Economy Workshop initiative.
Togo: Assembly adopts a State budget of XOF1,466.2 billion for 2020, 6% up compared to previous estimates
Overall, Togo's State budget for 2020, revenues and expenditures, has been set to XOF1,466.2 billion, up about 6% compared to previous estimates.
The government announced the increase on November 13 after the ministers' council held the same day.
Expectations were scaled up in prevision of a greater household final consumption expenditure and private investment, spurred by the remarkable improvement in the business climate, and initiatives launched under the national development plan.
Next year, economic growth is forecast at 5.5%, up 0.2% compared to 2019 (where the figure was scaled up twice).
To reach its goals for the coming year, Lomé "will pursue efforts to boost internal revenues, better allocate public resources based on efficient public spending and better control of budget deficit," the report from the ministers' council indicates. In this framework, the national tax office, OTR, should collect more than XOF660 billion of taxes.
Beyond these, the government "is fully committed...to taking all measures necessary to accelerate economic growth and appropriately meet social needs." Regarding the latter, special attention will be given, through schemes such as the Community Development Emergency Programme (PUDC), the Project for Support to Vulnerable Populations (PAPV), agro-industrial hubs, and projects aimed at boosting youth employment across various economic sectors.
Similarly, the government commits to "pursuing and boosting efforts relative to the development of rural roads, the rehabilitation of health equipment, and decentralization."