Togo First
Togo: US embassy’s Emerging Voices Center recruits 12 tech entrepreneurs
In Togo, the US embassy through its Emerging Voices Center has launched a call for applications to select 12 young Togolese entrepreneurs with tech projects.
Six men and six women, 35-year old maximum, will be recruited and receive a two-month training combining theory and practical.
The Emerging Voices Center’s purpose is to support professional training, education, and networking and boost professional skills of young entrepreneurs. The center wich is located at the US embassy was recently renovated in line with the embassy’s goal to foster growth of the local economy, by supporting youth-led initiatives.
Séna Akoda
IMF, for the second time this year, scales up its forecast for Togo’s economic growth
For the second time this year, the International Monetary Fund (IMF) has scaled up its growth forecast for the Togolese economy.
From 5% to 5.1% in March, the Bretton Woods institution now projects the figure at 5.3% by the end of the year.
“After considerable slowing in 2017 amid socio-political tensions, economic activity regained momentum in 2018 and maintained this momentum throughout the first half of 2019. Economic growth should slightly accelerate, from 4.9% in 2018 to 5.3% in 2019,” recently declared Ivohasina Fizara Razafimahefa, head of the IMF delegation which was in Lomé between August 28 and September 10, in the framework of the fifth review of Togo’s economic performance under a program supported by an Extended Credit Facility (ECF) arrangement.
The IMF lauds “the significant budgetary efforts started in 2017” and “sustained till end-June 2019.” It also declared satisfactory the country’s debt collection level and overall expenditures which were lower than expected.
“If current policies are sustained in the second half of 2019, Togo will be meeting, for the third consecutive year, WAEMU’s 3% standard for the budget deficit to GDP ratio,” adds the mission while also praising the Gnassingbé government for improving its business climate.
“Pursuing efforts in this area [Ed note: business climate] will be key to achieving goals set under the national development plan and help foster inclusive economic growth.”
Taking this into account, the IMF forecasts economic growth at 5.5% in 2020 (0.1% less than the government’s projection). Let’s recall that Togo eyes an economic growth of 7.6% by 2022.
Ayi Renaud Dossavi
FAIEJ’s Managing Director is the invited guest for the sixth edition of Innov’Up Coach
As part of the INNOV’UP Togo program to coach young entrepreneurs, the businesswomen entrepreneurship centre will receive on September 20, 2019, Sahouda Gbadamassi-Mivedor (photo), managing director of the Support Fund for Youth-led Economic Initiatives (FAIEJ).
The meeting, which marks the sixth edition of “Innov’Up coach,” will focus on experience sharing and on this occasion FAIEJ’s head will tell an audience of young entrepreneurs about the path she followed to get to her actual position. Attendance to the event is free, but prior registration is requested.
“Innov’up Coach” is an initiative which is aimed at inspiring young entrepreneurs and potential entrepreneurs by “providing them with a global picture of all aspects of entrepreneurship,” says Candide Leguede, National Coordinator of the program. More precisely, it brings on stage a successful entrepreneur, man or woman, who relates his or her story.
The invited guest at the previous edition was Laurent Tamegnon, MD of the Company in charge of administrating Togo’s free-trade zone, who also happens to be chairman of the national employers’ council.
Séna Akoda
UMOA-securities: Togo aborts its next issuance of fungible treasury bonds
Togo has cancelled its upcoming issuance of fungible treasury bonds of the UMOA-securities market. This was disclosed by the regional debt planning agency.
Indeed, in a statement released Sept 11, UMOA-securities “informs investors of the Union (WAEMU) that the State of Togo has decided to abort the issuance of fungible treasury bonds, with a maturity period of 364 days for an amount of fifteen (15) billion CFA francs.”
Proceeds of the operation which was to occur on September 20, 2019, were to be used by the Togolese public treasury to finance part of the country’s budget for this year.
Let’s recall that Togo’s debt presently stands at 70% of its GDP, according to official data. The figure is forecast at 73% by end-2019.
Séna Akoda
Regional roundtable on socio-economic models related to 5G technology ongoing in Lomé
In Lomé, representatives from various African countries are currently discussing socio-economic models related to 5G. The meeting which started last Monday is organized by Togo’s posts and telecommunications regulatory organ (ART&P) but was prompted by the International Telecommunications Union. It falls under a regional economic forum on telecommunications in Africa.
In detail, participants present will discuss digital transformation and development of future technologies towards the creation of digital economies across the continent. They will also talk about fostering a digital environment with favorable socio-economic attributes for the achievement of SDGs.
Togo, not willing to lag behind, believes this is the right time to ponder over all opportunities that 5G technology holds for its economy.
Ayi Renaud Dossavi
A Togolese delegation currently in Russia for the 23rd WHO general assembly
Currently, in St Petersburg, Russia, a Togolese delegation is attending the 23rd general assembly of the World Tourism Organization (WTO) and the 62nd meeting of its African commission.
Both events will host a top-class forum on health and medical tourism, another on innovation and sustainable development in tourism, as well as a ministerial debate on education and employment in this sector.
There will also be an international symposium on how the film industry can promote tourism, sources close to Togo’s ministry of tourism indicated.
Following these, the Togolese delegation should be in Moscow for the global forum on strategies to boost tourism in metropoles.
This conference directly aligns with Togo’s 2018-2022 national development plan as the latter aims to boost tourism. Already, the government announced it will rehabilitate some of the country’s key touristic and historical sites and has launched a nationwide plan to revitalize the hospitality sector.
Séna Akoda
GCCA+ West Africa project launched in Lomé
Lomé is presently home to a regional reflection workshop on climate action. Started yesterday, the workshop which regroups actors of the Global Climate Change Action Plus (GCCA) will end Sept. 13, 2019.
In effect, participants will look at the implementation of the Paris Agreement, relative to the mobilization of available green funds especially.
In parallel to the ongoing workshop, the GCCA Plus West Africa project was launched.
The GCCA+, overall, aims to “help West African countries better tackle climate change’s impacts.” The European Union has backed the project with a €12 million financing for the 2018-2022 period.
In detail, however, it should improve upon these countries’ capacities to elaborate and implement policies that integrate climate change in their development plans and programs.
Séna Akoda
AfDB wins global award for procurement excellence
Earlier this week, the African Development Bank (AfDB) was recognised for procurement excellence by the Chartered Institute of Procurement & Supply (CIPS). AfDB is hence the first multilateral development to receive this recognition, worldwide, a communiqué on its website indicates.
“Winning this globally-recognised award is a piece of welcoming news and we are delighted to be commended for demonstrating advanced levels of corporate procurement capability,” commented Materus Magala, Vice President for Corporate Services and Human Resources at AfDB.
AfDB, it should be noted, backs many development projects in Togo. Amongst these are the CIZO electrification project, the Agricultural Financing Incentive Mechanism and the Tax Governance Support programme. For the CIPS, it is the world’s largest professional body for procurement and supply management professionals, with offices worldwide, Africa included.
Togo: Traditional medicine may soon be taught in universities
Traditional medicine should be soon taught in Togo’s public universities. This was disclosed by Dr. Koffi Koudouvo, ethnobotany and ethnopharmacology lecturer at the University of Lomé and traditional medicine expert at the West African Health Organization (WAHO).
The reform could be effective this academic year since related legislation and curricula have already been approved and made available.
Togo it should be emphasized, is not the only sub-Saharan African nation to ensure traditional medicine is taught in schools. Indeed, while Chad, Ghana, and Benin are elaborating strategies to adopt the same reform, Niger already did. Let’s also recall the process in these various countries is backed by the World Health Organization (WHO).
Asky Airlines expands network to Praia, Cape Verde
Lomé-based pan-African carrier Asky Airlines will start serving Cape Verde next April 1, Ecofin Agency reports.
The corresponding line will travel from Lomé to Praia, via Dakar. There will be three weekly flights to the destination (Monday, Wednesday and Saturday) using a 168-seat Boeing 737-800, offering 12 seats in business class and 156 seats in economy class.
Cape Verde will thus become the 21st African destination that Asky serves, from Lomé.
Let’s recall the company which started operations almost a decade ago (2010) has the largest network in West and Central Africa, covering 23 cities across twenty (20) African countries. Ethiopian Airlines detains 40% of the group.
Ayi Renaud Dossavi