Togo First
Togo cashes in XOF22 billion for its first bond issuance on the regional market in Q3 2019
It is a great start for Togo on the regional financial market in this third quarter. The country’s public treasury indeed recently raised XOF43 billion via a three-year bond issuance. This represents a coverage rate of 215% and consolidates the country’s performances on this market since the beginning of 2019.
However, the treasury will only cash 110% of the auctioned amount, thus XOF22 billion, in line with rules set by the UMOA-securities coordination agency.
With this operation, Togo since the beginning of the year, has mobilized about XOF230 billion from the regional financial market.
This quarter, Lomé plans to raise XOF115 billion. By the end of September also, it is expected to raise €500 million through a Eurobond. The government expects the latter to be fruitful; a confidence due to its first sovereign ratings recently issued by S&P and Moody’s.
Togolese claim the police, judges and magistrates are the most corrupt (report)
Most (57%) Togolese believe corruption has increased over the past 12 months in the country. This was revealed in the latest corruption perception index published by German NGO, Transparency International, on July 11, 2019.
Still according to the report, 32% of the population claim they had to pay bribes to get administrative documents. Also, while 68% of the surveyed population said authorities’ efforts to mitigate corruption are insufficient, 61% said the government faltered in its resolve to eradicate the phenomenon. It thus appears that all sensitization campaigns carried out by the Higher Authority for Prevention against Corruption and Related Offenses (HAPLUCIA), as well as the government’s reforms to improve transparency, have not changed how the people perceive public administration. Actually, citizens say police forces are the most corrupt, alongside judges and magistrates.
This is a trend that spreads throughout the whole sub-Saharan African region. Indeed, in 2018, the region obtained the worst score on the corruption perception index, an average of 32 on a scale of zero (very corrupt) to 100 (very clean).
In Togo however, all was not bad. Truly, compared to 2015, less people believe officials are corrupt. In 2018, 34% of the surveyed said the public servants are corrupt, as against 58% five years ago.
Water utility company TDE digitalizes bill payment by adopting mobile money solution
Togo’s water utility company, Togolaise des Eaux or TDE, has adopted Mobile Money as a payment solution to enable its customers pay their bills with more ease.
Besides TMoney and Flooz which offer the service, the utility also partnered with Ecobank with the same goal. TDE customers can thus pay bills via Ecobank Mobile.
By choosing these solutions, TDE joins others such as Canal + and the National Social Security Fund which have also opted for digital payment.
Séna Akoda
Lomé will host an international craftsmanship fair from Oct. 25 – Nov. 3, 2019
From October 25 to November 3, 2019, Lomé will host the International Craftsmanship Fair of Togo (Miato).
The fair was officially launched on July 12, by the minister of craftsmanship, Victoire Tomégah-Dogbé.
Organized by the ministry of craftsmanship and regional employment chambers, the fair will host exchanges, exhibitions, and stands. “It aims at promoting the creativity of Togolese craftsmen,” the minister said.
It aligns with axes 1 and 3 of the national development plan which projects the organization, every year, from fairs to promotion of local crafts and makes the country a major business centre.
Expected at the coming fair are about 150,000 visitors from 26 countries, African mostly. It will take place every two years.
Octave A. Bruce
Togo : Government officially bans import, sale and use of bromate
Togolese authorities have issued a decree forbidding the import, sale and use of bromate all over the country. This decision follows an alert given by the local development and food organization (OADEL) warning that the compound, which is often used by bakeries, has been linked to cancer.
Hence, any person found guilty of infringing the new decree is liable to a fine ranging between XOF10,000 and XOF500,000. Moreover, random inspections will be carried out to ensure compliance to the new rule.
Tata Ametonyenou, executive director of OADEL, lauding the initiative declared: “This could over time lead to compulsory inspection of bakeries, in order to protect consumers.”
Séna Akoda
Luxembourg-based Kara Fund eyes Togolese market
The Kara fund, a Luxembourg-based investment fund, is expected to send a delegation to Lomé next July 15th.
The move was spurred by the recently held Togo-EU economic forum which the firm attended. During the visit, the delegation should discuss with Togolese authorities about investment opportunities in the sectors of agriculture, infrastructures and clean power, in the West African country.
The Kara Fund has a capital of €10 million and has picked Morocco as its African hub. Togo, let’s emphasize, is one of the first sub-Saharan African countries where the firm plans investments.
Africa Global Recycling joins IFC’s Local Champion Programme
Local SME Africa Global Recycling has joined the IFC’s Local Champion programme. The decision comes after a visit to the firm by Sérgio Pimenta, IFC’s Vice President.
“During my visit in Togo, the IFC decided to integrate Africa Global Recycling which is headed by Eben d'Almeida, to its Local Champion Programme,” Pimenta declared. “This programme,” he adds, “provides technical support to high potential SMEs so that they can grow and attract partners and investors.”
D’Almeida who was one of the laureates of the 2016 International Youth and Green Jobs Forum (FIJEV) said this marks “a new era” for his firm. The latter, let’s recall, sells recycled waste products to other companies.
Séna Akoda
IFC and Togo will develop 90MW of solar power plants
The International Finance Corporation (IFC) and Togo’s government will develop 90MW of solar power plants in the West African country. The related agreement was recently signed in the presence of President Faure Gnassingbé and Sérgio Pimenta, Vice President of IFC, who is currently in Togo.
The deal falls under the World Bank’s Scaling Solar program which provides a set of services including technical assistance, insurance and guarantee instruments, fund mobilization, etc. This program aims at rapidly (within two years at most) building big plants at a low cost. It recorded a rapid success in Zambia, before being expanded to Ethiopia, Madagascar and Senegal where it is currently underway.
“We have talked of how IFC could support the development of Togo’s private sector. We are already active in the country with a portfolio estimated at $325 million. We will open an office in Lomé to be closer to local businesses,” Pimenta declared.
Being an old partner to Togo, IFC is “very” present in the power sector. It took part in the development of the ContourGlobal plant and the elaboration of the national electrification strategy in June 2018. This program aims at electrifying the whole country by 2030, raising the share of clean power in its energy mix by 50%.
International Finance Corporation (IFC) will open an office in Lomé
The International Finance Corporation (IFC) will open an office in Lomé, Togo. This was revealed by the institution’s Vice President for Africa and the Middle East, Sérgio Pimenta (photo), during a meeting with Togo’s President, yesterday.
With this office, the IFC will be closer to local business operators and could more rapidly increase its investments in the country. Also, the World Bank’s arm should build new partnerships and seal financing deals more easily. The latter will help Togo achieve its ambition to structurally transform the economy by 2022.
In effect, Lomé is currently seeking XOF4,622 billion to implement its 2018-2022 national development plan. The authorities plan to secure 65% of the funds from the private sector.
Séna Akoda
Togo: Construction and rehabilitation works to be conducted in five towns under PAD
In line with the Decentralization Support Programme (PAD), major construction and rehabilitation works will be conducted in Aného, Atakpamé, Sotouboua, Kara and Dapaong. The works will focus on key economic infrastructures (markets, etc.).
According to Togo’s Urban Works Execution Agency (AGETUR-Togo), the group of companies selected to conduct studies (architectural, technical, environmental and social impact) for the works in Aného, Atakpamé and Sotouboua is Banca-Engineering-Poly Consult.
In Kara and Dapaong, the group picked to complete the same studies is Betra-Bâtir.
The PAD aims at making the concerned towns growth hubs by developing economic circuits and ensuring a sustainable utilization of targeted infrastructures. This would in the long run boost local governance.
In its first stage, the project targeted Kpalimé, Tsévié and Sokodé. The German Cooperation (GIZ) invested XOF7.8 billion (€12 million) in the project. An additional XOF1.2 billion is expected from the State and XOF140 million from benefiting towns.
Séna Akoda