Togo First
Togo sends a delegation to China to follow-up on past China-Africa FOCAC summit
A follow-up group for the past Africa-China Cooperation Forum (FOCAC) has been sent to China by the Togolese government, to track potential partnerships and investments for which foundations were laid at the time.
The delegation includes Samuel E. Mivedor, CEO of Togo Invest SA, Patrick Daté Tévi-Benissan, General Secretary at the Presidency, Etsri Homevor, General Secretary at the ministry of development planning and economist Koffi Sodokin. The group was recently at the head office of the China Road and Bridge Corporation.
The Chinese construction group had during the FOCAC said it was interested in handling the corridor project falling under Togo’s national development plan (which was presented at the event). China Road and Bridge Corporation is actually already operating in Togo, on the Lomé-Vogan-Anfoin road project and has also worked on the rehabilitation of the Amakpapé Bridge.
Séna Akoda
Nigerian mobility startup Max.ng raised $7M to expand across 10 West African cities
Nigerian mobility startup Max.ng recently raised $7 million to expand to 10 West African countries, boost its steam and develop in the coming years a transportation and delivery system using three-wheelers.
The money was secured from a group of African and non-African investors, includng capital-risk firm Novastar Ventures and Japanese company Yamaha Motor Co.Ltd. Adding the recent proceeds, Max.ng has successfully raised $8.5 million so far.
MAX is building technology infrastructure and financial services to make mobility safe, affordable and accessible to 1 billion Africans
The Nigerian firm, according to co-founder Adetayo Bamiduro, “is building technology infrastructure and financial services to make mobility safe, affordable and accessible to 1 billion Africans.”
MAX targets the sub-Saharan Africa market which it values at $80 billion. In West Africa, the startup will settle in Ghana and Côte d’Ivorie and add new types of vehicles, such as watercrafts and three-wheeler taxis, to its fleet.
It should be noted that this year alone, two Nigerian mobility startups, Gozem and Kobo360, entered the Togolese market. MAX could thus be the next.
Ayi Renaud Dossavi
Lomé’s port is again recognized as the best transshipping port in West and Central Africa
For the third consecutive year, Lomé’s port (PAL) has been recognized by the African Ports Awards foundation as the best transshipping port in West and Central Africa.
The port received the award at the 40th annual council of the West and Central Africa Port Management Association (AGPAOC), held from June 17 to 20 in Lomé.
Besides this, the infrastructure was recognized as the port with the highest traffic volume increase, in the region.
Lauding the awards, Togo’s port authorities indicated they reflect efforts made to modernize Lomé’s port over the recent years but also added the recognition will drive them to keep pushing to make the PAL a true tool to accelerate regional integration.
“Now more than ever, the State has a major role to play to boost the port’s competitiveness, by launching mechanisms for concession and regulation of maritime and port activities,” declared Fogan Adegnon, Managing Director of PAL.
Besides Lomé’s port, the port of Tema in Ghana was recognized as that with the most productive container terminal in Central and West Africa. Meanwhile, Cotonou’s port in Benin is the best in regards to transit. The awards were given based on data provided in 2016, 2017 and 2018 by Codex, the African ports rating agency.
The three ports distinguished themselves in a pool of 24 ports, situated in West and Central Africa, along the coast going from Mauritania to Angola.
More than 85% of businesses active in Togo operate in the informal sector
A total of 115,880 businesses are currently active in Togo. This figure was disclosed last week by the national statistics institute, INSEED, quoting the latest global business survey carried out across the country.
The survey found that 85.5% of the listed businesses operate in the informal sector.
In details, the Grand Lomé region hosts most businesses operating in the country (63.4%). Nipping at its heels is the Plateaux with a percentage of 10.1%, the maritime region (outside Grand Lomé) with 8.3%. Closing are respectively Kara, the Central region and the Savanes region with 6.8%, 6% and 5.4%.
Launched between January and March 2018, by the ministry of planning, development and cooperation, the study aimed at providing the government with an updated registry of businesses operating in the country. The drive behind this move was the improvement of business climate and achievement of goals set under the national development plan (PND).
The initiative was financed by the government, European Union and the World Bank (all three parties gathered XOF960 billion for this purpose).
Togo to close Q2 2019 through a last XOF20 billion issuance on sub-regional financial market
Next Friday, Togo will proceed to a last issuance of fungible treasury bonds on the regional financial market. According to UMOA-securities which disclosed the information, the country will try to raise XOF20 billion through the operation.
The latter will mature over 36 months and its interest rate is 6.25% while nominal value per unit security is XOF10,000.
Subscribed securities will come into value starting from July 1, 2010 while reimbursement should end June 3, 2022.
This operation will be the last for the current quarter during which Togo performed well on the regional financial market.
Séna Akoda
Togo: PASA and PPAAO have shown better results in Q1 2019
The portfolio performance for the PASA and PPAAO, two projects financed by the World Bank in Togo, has improved during the first quarter of 2019. This was disclosed by the institution’s representative resident, Hawa Cissé Wagué, on June 20 at a mini-review of projects the World Bank finances in the country.
The representative attributes the improvement to “actions undertaken by all parties involved in the projects’ implementation,” before adding that “the rate of disbursement has risen to 19%, which is above the average in Africa.”
PASA, the agricultural sector support project, let’s recall cost more than XOF26 billion and aims at boosting Togo’s agricultural output. As for the PPAAO, it focuses on improving mechanisms and processes for the expansion of improved technologies in the agricultural sector. It cost more than $17 million, $12 million of which was provided by the World Bank.
Ayi Renaud Dossavi
Lionel Zinsou: Togo’s reforms impressed "everyone in Europe"
On June 14, 2019, Lionel Zinsou, Benin’s former prime minister and managing partner at SouthBridge Group took part in a panel entitled “Togo, le centre d’affaires, d’investissement et de la haute finance émergente d’Afrique de l’Ouest” (Togo : The emerging business, investment and high finance hub in West Africa). This was on the second day of the first Togo-EU economic forum in Lomé.
During the panel, the former manager of the large investment fund in mainland Europe presented Togo’s comparative advantages.
According to him, the reforms operated since 2010 to modernize key infrastructures such as the Port of Lomé, have paid off.
“Togo is exceptionally ahead on every subject related to maritime safety and blue economy,” Lionel Zinsou said.
He indicated that thanks to this advance, the country has comparative advantages to fulfil its ambition which is to make Togo a logistics and financial hub.
Lionel Zinsou said he was impressed by the way Togo matches words with actions.
“Togo says what it does and does what it says,” the Franco-Beninese said with satisfaction. He also revealed that the promptness in the implementation of those reforms “impresses everyone in Europe.”
These breakthroughs, the Afro-optimism’s flag-bearer attributes them to President Faure Gnassingbé’s leadership.
“Port of Lomé is above all the president’s vision… It is only here and in Kribi that 8,000-container ships can be received,” he said.
Indeed, between 1968 (when the last wharf was dismantled in Lomé) and 2019, the port platform has become one of the most important transhipment ports in the sub-region.
“Port of Lomé is a good example because, in Lomé, there are people who have invested and will continue to invest billions of dollars in the port platform,” Lionel Zinsou said.
He advises Togolese authorities to also attract Mauritius banks, focus on professional training for financial services, promote bilingualism and strengthen infrastructures, in the telecommunications sector notably, to make the economy attractive.
As a keynote speaker for the panel, there was Ade Ayeyemi, Ecobank group’s managing director. The participants included Dominique Strauss-Kahn, former managing director of the IMF, and Ronke-Amoni Ogunsuliré, country manager at the IFC for the West African region. The exchanges were moderated by Paul-Harry Aithnard, managing director of Ecobank Côte d’Ivoire.
Togo-EU forum : Organizers, private sector and EU delegation all satisfied with the event
More than 1,000 participants, and 141 bankable projects for which XOF852 billion were mobilized and six billion for the PND’s key projects. These are the highlights of the recent Togo-EU economic forum (FETUE) that took place in Lomé on June 13 and 14.
They were confirmed Wednesday at a press conference reviewing the event.
Besides investment promises, talks at the forum revolved around improving the business climate. “We all acknowledged that private sector is the driver of economic growth. And the private sector’s needs usually revolve around an attractive investment environment,” says Sanda Johnson, head of Togo’s business climate cell (CCA).
The official also referred to recent data released by UNCTAD revealing an increase of about 15% of FDIs to Togo. This performance is recorded in a context where in some African countries, the figure slumped by up to 45%.
“The seed is planted, and now the tree is sprouting; we must now hang unto it and get the most out of its fruits,” she concludes.
On another part, Kodjo Adedze, minister of trade and private sector, said the Togo-EU forum boosted Togo’s visibility and credibility as a safe destination for investment. The event, he lauded, “started as a trial was more than a masterpiece.”
Germain Mèba, president of the chamber of commerce and industry of Togo (CCIT) also praised the event declaring that “it is the first time we have experienced a sincere collaboration between the government and the private sector.” He added that the forum met all expectations and urged concerned parties to make sure they optimally leverage commitments made at the event.
FETUE, a starting point for the renewal of relations between Togo and the European Union
“More than a mere business meeting, the FETUE we believe marks the renewal of relations between Togo and the European Union,” says Bruna Hanse, Chargé d’Affaires of the EU delegation in Togo. “The FETUE was a great international showcase for Togo but this should not be the end. This event should be the beginning of a new partnership between Togo and the EU, one focused on investment support, bettering trade ties and creating more jobs,” Hanse added.
Séna Akoda
Togo: AfDB and EU about to finalize deal to back CIZO rural project
The European Union (EU) is sealing with AfDB a deal to back the CIZO rural electrification project in Togo. The information was disclosed June 19 by Bruno Hanses, Chargé d’Affaires of the EU delegation in Togo.
This would make the project the first effective beneficiary of the Togo-EU economic forum recently held in Lomé. It should be noted that nearly 10,000 households have been provided power under the initiative. The latter is carried out by BBOXX and SOLEVA.
Hanses added that the “EU would make sure that as many investment projects as possible benefit from the external investment European plan presented at the forum.”
Moreover, the EU should keep track of partnership foundations laid between local economic actors and European investors. It will also put in place a facility to support all 141 bankable projects selected during the forum.
Lastly, the European institution will support businesses engaged in agrofood that wish to export to Europe as well as help with the operationalization of the European Chamber of Commerce in Togo, EUROCHAM-Togo.
Séna Akoda
Champiso startup in talks with MIFA in the framework of its industrialization strategy
In Togo, the agricultural financing incentive mechanism (MIFA) is in talks with Edem Bessanh, founder of the Champiso drinks startup.
As the startup seeks XOF650 million to industrialize, “it is discussing with local partners such as MIFA which is ready to support the process. The MIFA is already working with us and talks are ongoing,” Bessanh tells Togo First.
If the talks are conclusive, the MIFA should provide Champiso substantial funding and help it achieve industrial production.
Séna Akoda