Under its expansion strategy, the International Conference of African States on Insurance and Reinsurance Supervision (CICA-RE) plans on raising its capital from XOF30 billion to XOF50 billion by 2020.

To this end, the institution will seek out big investors. It should be noted that its actual stakeholders include member States, insurance and reinsurance firms, as well as financial institutions.  

“The objective is to reach out to other institutions to strengthen the company’s shareholding,” reliable sources indicate. The same sources revealed that a legal session in favor of CICA-RE will be instituted.

Starting from 2020, insurance firms will cede to the institution 5% of businesses that will subscribe to their services, with the exception of some like health. Moreover, in cases of accidents, CICA-RE will bear 5% of related care. This should help retain more premiums on the market.   

Séna Akoda

Between the 2017/18 and 2018/19 campaigns, Togo’s cotton output soared by 17%. The information was disclosed as the new cotton campaign was launched in Kara, Northern region.

From, 117,000 tons in 2017/18, volumes of cotton produced by the country exceeded 137,000 tons during the past season. While significant, the increase remains lower than expected.

The country had indeed forecasted its “white gold” output to reach 140,000 tons for 180,000 ha of cultivated areas. Regardless, the country nears its 2022 goal, knowingly 200,000 tons.

Togo’s ministry of water recently provided a contract valued at XOF194 million to ECM Sarl, a solar power specialized firm, and Vergnet Hydro, French firm that provides safe water supply systems and pumping equipment to rural areas especially.

Under the contract, solar-powered drinking water supply systems are to be installed in Nadiégou, Polougou, Kankangbane and Djalière, villages located in the Savanes region.

“Boreholes are very deep so pumps will be installed at a depth of 165m-220m,” said Joël Ménager, Head of Proposals at Vergnet Hydro, explaining the need for partnership with ECM Sarl. “Providing safe water to the people of these villages by harnessing solar power will enable our two companies show their technical know-how,” added Thierry Barbotte, Managing Director, Vergnet Hydro.

The contract falls under a project to improve sanitary conditions in rural areas and schools across the Savanes region (PASSCO). The latter is steered and funded by the French Development Agency (AFD).

All water systems should be installed in September 2019.

Ayi Renaud Dossavi

Three slaughterhouses will be built in Kara, Sokodé and Kpalimé, respectively. This aims, according to the ministry of agriculture and husbandry, at boosting meat production and quality, in line with the Agriculture Sector Support Project (PASA).

Building the facilities will cost more than XOF400 million and each of them will include: an operation building, an administrative building, a sanitary facility and a processing facility (burning and skinning).  

The project aligns with the second axis of the national development plan and was officially launched in Djamdè (Kara region), on May 23, 2019, by Noël Koutéra Bataka, minister of husbandry.

Ayi Renaud Dossavi

Five information desks have been opened across the country under the national project for the promotion of rural entrepreneurship (PNPER).

These facilities will receive, inform and direct the project’s potential beneficiaries. According to sources close to the project, they are already operational. 

Laurent Stravato, Director of the International Fund for Agricultural Development (IFAD) Togo, recently visited the desk established in the Maritime (Tsévié) region to check if it is operational. This was in line with IFAD’s mission to monitor the implementation of the 2019 annual work plan budget. The visit, started May 21, should end on May 25.

IFAD, since the launch of a rescue plan for the PNPER rescue operation, has been meeting with the State secretariat in charge of inclusive finance, which took over the project from the ministry of agriculture.

Séna Akoda

Cameroonian Ferdinand Ngon Kemoum is Oragroup’s new Managing Director. Former deputy MD of the group between October 2009 and September 2015, he replaces Binta Touré Ndoye who resigned after steering the group’s wheel since 2016.

The Cameroonian will assume office next June 1. Until now, he was MD of Emerging Capital Partners (ECP) in Douala. ECP it should be emphasized holds a majority stake in Oragroup. Ngon was in charge of “identification, analysis and recommendations of investment as well as investment appraisal, management of transactions, portfolio and exits.”    

Before joining ECP, he was MD of Framlington Asset Management Central Africa. He however also held various positions at LOITA Capital Partners International, a specialized investment bank based in Johannesburg, at Amity Bank Cameroon, Banque Méridien Biao Cameroon, Meridien Bank Cameroon and Afriland First Bank.

He was also CEO of Banque Continentale Africaine (BACAR) in Kigali, and was board member of many African companies, mostly banks and insurance firms.

“Ferdinand Ngon Kemoum has great assets to guarantee Oragroup’s continuous success,” declared Vincent Le Guennou, Co-CEO of Emerging Capital Partners. An opinion backed by a Togolese bank expert who lauds the new appointee’s experience.

Last April, Oragroup listed on the BRVM, the largest operation ever registered on the stock market. Data released last Friday shows that the group’s net banking income and net result soared to $221 million and $51.9 million respectively (+17% and 36% respectively) in 2018. Meanwhile, total balance sheet rose by 21% to stand at $3.7 billion over the period. This increase was pegged to a rise in deposits and loans in Togo. The latter grew by 24% and 16% respectively, standing at XOF1,462 billion and 1,255 billion.  

WAEMU set a mechanism to support SMEs and SMIs which is currently at the heart of an information workshop held at the Togolese Chamber of Commerce and Industry (CCIT). The workshop is organized by the committee in charge of identifying mechanisms and facilities supporting SMEs and SMIs in Togo.

According to the CCIT, WAEMU’s “mechanism aims at providing an appropriate solution to the issue of access to bank financing for SMEs, by leveraging incentives that the Central Bank of West African States (BCEAO) has put in place for lending institutions and by better structuring support to these businesses.”

Truly, young entrepreneurs operating in Togo have difficulties securing financing to expand and even in cases funds are provided, they are often insufficient in regards to businesses’ real needs.

This is in a context where “SMEs and SMIs make up more than 90% of Togo’s economic fabric,” according to Coami Laurent Tamegnon, chairman of the national employers’ council.  

Séna Akoda

Quality managers of private firms operating in Togo are currently undertaking a two-day workshop (started yesterday) focused on the 9001 ISO standard v 2015. This norm specifies quality standards imposed on these firms.   

Organized by the West African Federation of Employers’ Organizations, the workshop will equip local companies so that they can tackle issues related to international standards, in terms of quality assessment and management.

Another objective of the meeting is to enable the private sector to better analyze market context, identify customers’ needs and better meet them with necessary tools.

Ayi Renaud Dossavi