Togo First
Regional mortgage financing fund (CRRH-UEMOA) raised its share capital to XOF9.589 billion
The regional mortgage financing fund (CRRH-UEMOA) raised its share capital to XOF9.589 billion (from 9.144 billion), by issuing 44,500 new shares.
The move was decided at the fund’s 10th ordinary general assembly which took place at the West African Development Bank’s (BOAD) office in Lomé, last April 25.
The assembly chaired by Christian Agossa approved a public bond issuance on the regional financial market. Monies raised in the operation, XOF60 billion, will be used to pay housing loans given by the fund’s shareholder banks.
In 2018, CRRH-UEMOA raised XOF79 billion, thus bringing to XOF200.3 billion the total amount it raised over about seven years to finance housing loans given by its 35 shareholder banks operating across the whole economic community.
Ayi Renaud Dossavi
Togo: Importation of goods and services is now subject to quality standards
Goods and services imported in Togo are now subject to quality standards. A decree was adopted May 9 in this framework by the minister of trade and industry, Kodjo Adédzé.
Under the new reform, importers must conform to standards related to normalization, certification, accreditation, environmental protection, and quality promotion set in Togo. This is stated in paragraph 7, art. 4 of the n°20096015 framework law of August 12, 2009.
The law indicates that the importer must provide proof of standard conformity. According to experts, the new reform aims at improving imports and protecting consumers.
Concerned business operators have six months to align with the newly-implemented measure says the ministry of trade.
Séna Akoda
AfDB, Togo discuss ways to improve SME/SMIs’ access to agricultural loans
Last Tuesday, the African Development Bank (AfDB) and the Togolese government met to discuss SMEs and SMIs’ access to agricultural loans. On this occasion, it was revealed that only 0.3% of businesses active in agriculture in Togo have access to banking loans.
The recent talks between the AfDB and Togolese authorities should help find ways to improve lending and loan mobilization by these businesses, according to the ministry of agriculture’s communication unit. These will support the MIFA which is a mechanism that aims to improve agricultural financing based on risk-sharing (non-related to rainfall and other hazards.
The minister also added that the objective here is to “build an ecosystem that will foster the growth of SMEs and SMIs, by improving how they are financed. This will lead to a boom in their numbers and ultimately boost the country’s job market.
Séna Akoda
Togo: Ministry of agriculture deploys 700 agents to identify actors of the agricultural value chains
Togo’s ministry of agriculture is carrying out a campaign to identify actors of the agricultural value chains.
Started end-April 2019, the move is led by 700 agents and actors targeted include producers, processors, sellers of agricultural and agro-food products and service providers.
According to the ministry, identifying these actors will help “better structure agricultural value chains and build a system to support and develop clusters.”
Actors that will be registered on the database put in place in the campaign’s framework must meet three conditions : be between 18 and 60 years ; operate in at least one of the agricultural value chains mentioned above ; and benefit from a technical support and be open to innovations.
Séna Akoda
Togo: Revenue Office launches nation-wide campaign against corruption
The Togolese Revenue Office (OTR) launched on May 7, a sensitization campaign to fight corruption within the institution.
The campaign is organized in partnership with the High Authority for the Fight against Corruption and Related Offenses (HAPLUCIA).
“We target associations, NGOs, our agents, and journalists who all have the duty to fight corruption,” said Mouhamed Nour-Dine Assindoh, head of OTR’s anti-corruption unit. The campaign, he adds, should in the next six months yield significant results.
Ayi Renaud Dossavi
Togo gets a new constitution
In Togo, the bill to revise the constitution was voted, unanimously, yesterday by the parliament.
The new bill restricts the presidential term to five years renewable once and for a president to be elected, he or she will be elected through uninominal suffrage, according to a majority, two rounds system.
Mandates of deputies and members of the constitutional court have also been limited. Both are elected for a period of six years but the first can renew their term twice while the second group can only do so once.
Let’s emphasize that “completed or ongoing terms at the date at which the present bill becomes effective will not be taken into account for the implementation of measures set by articles 52 and 59 relative to term limit.”
Togo : XOF38 billion secured so far for Kara’s agropole project
So far, XOF38 billion has been raised by Togo from its main partners for the Kara agropole which is being established in Northern Togo. These partners are the African Development Bank (AfDB), West African Development Bank (BOAD) and the Saemaul foundation from South Korea.
The figure was revealed to Togo First by Essowè Batana, chairman and managing director of the agency for the promotion and development of agropoles in Togo (APRODAT).
The whole project, it should be noted costs XOF65 billion. Monies raised so far served to prepare the annual budget and work plan (PTBA) and the procurement plan (PPM) and must be approved by the AfDB.
Part also served to start structuring value chains and initiate works related to legal regulations, and procurement for infrastructures that will be built.
Kara’s agropole should be completed by the end of 2022 or the beginning of 2023.
Séna Akoda
Between 2017 and 2018, the World Bank injected $92 million in Togo’s economic reform program
At end-March 2019, Togo’s debt stabilized at 67.3% of its GDP, according to Sani Yaya, minister of economy and finance.
The World Bank helped the country achieve this level by backing its economic reform program. Yesterday, the bank’s resident representative revealed that between 2017 and 2018 the institution injected $92 million in the program.
The program in effect aims at establishing a more stable macroeconomic context, one that participated to the development of the private sector and subsequently improve business climate. It is at the heart of Togo’s three-year agreement backed by the IMF’s extended credit facility (ECF) and the Togo-EU partnership.
In addition to the investment, the Bretton Woods institution said it is ready to align its 2019-2021 Partnership framework with Togo to the country’s 2018-2022 national development plan.
Séna Akoda
China will help Togo achieve food sufficiency
In line with its objective to achieve food sufficiency, Togo will be backed by China. This was revealed during a meeting between the Chinese ambassador to Togo, Chao Weidong, and Noël Bataka, minister of agriculture, yesterday.
The two officials lauded the construction of “major infrastructures in the agricultural sector,” resulting from cooperation between the two countries.
Among the infrastructures, there is the pilot center for agricultural techniques, in Zanguera, and the Akodésséwa agro-industrial park in Vo.
All these projects should boost Togo’s agriculure in a context where the country aims at exporting its outputs to Sahel countries, in order to fight food insecurity and hunger.
Séna Akoda
Togo : Agrokom and JCAT, two success stories of PAEIJ-SP
Launched in 2016, the program supporting youth employment and insertion into promising sectors (PAEIJ-SP) helped generate 35,000 jobs in agriculture so far, against an expectation of 20,000 jobs.
In detail, the program fostered the creation of 14,290 direct jobs and 20,940 temporary ones.
Agrokom and Jonction de croissance du Togo (JCAT) are two success stories that resulted from the PAEIJ-SP. Both produce, process and distribute soybeans and palm nuts. The firms benefited from a $3.4 million facility under the program and this helped them boost their annual production capacity.
Indeed, the first, Agrokom, which used to process 180 tons of soybeans before 2016, now processes up to 6,000 tons per year, thus creating 3,242 direct jobs and 8,505 temporary jobs in its value chain (supply, transformation and distribution).
JCAT for its part exports 10,920 tons of organic soybeans to the US, Germany or China, resulting in the creation of 3,203 direct jobs and 6,931 indirect ones. This is far from the 1,000 tons it exported in 2016, for about 10 jobs existing.
“The idea behind this project is to first identify small and medium agro-industrial firms or sectors with a high growth potential. Also, we wish to support the growth strategy of these SMEs, by building their capacities, financing them, and developing value chains around these businesses, thereby creating job opportunities for youths and women,” said the project’s manager at the African Development bank (which backs the project), Amouzouvi Kokou.