Five out of the 224 people who tested for Covid-19 last Thursday came back positive. Thus, the number of confirmed cases in Togo now stands at 588. Meanwhile, 294 of the infected have been reported to have recovered (67% of infected individuals), 14 have died (2.3%), and 180 are still active (30%). 

These figures reflect overall stability, regarding the spread of the virus, in a context where the country keeps easing restrictive measures and reopens the economy. 

For example, since they reopened, only five cases were confirmed in schools. And while populations are yet to panic, authorities insist on compliance with safety measures. 

A contrast, in relation to countries in the region

Compared to its neighbors, Togo fares relatively well. Benin just passed 1,000 cases and Ghana for its part is the second most affected in West Africa with more than 15,000 cases, right behind Nigeria which has confirmed more than 20,000 cases.   

In Burkina Faso however, things are getting better. The country has reported 941 cases and its infection curve has flattened in recent weeks. In Senegal (+6,000 cases) schools reopened last Thursday. 

The pandemic expands rapidly in Africa, but not equally 

Across the continent, more than 340,000 cases have been confirmed, and about 8,000 people died. The most affected nations are South Africa (118,375 cases), Egypt (around 61,000 cases), Nigeria, Ghana, Algeria, Cameroon, and Morocco. 

No second wave, rather a continuation of the first

Worldwide, the number of cases seems to be on the rise, driven mainly by many infected in the U.S, India, and South America (Brazil especially). 

In the first - the U.S - the rebound is quite spectacular; following the easing of restrictive measures and the recent “Black Lives Matter” protests. 

Besides these countries, most other affected nations record not a second wave, but rather a continuation of the first wave. 

With the exception of Asia...

The second wave concerns part of the Far East, mainly China (which is very concerned and even decided to lockdown some parts of Beijing and suspend many flights). There is South Korea as well which recorded a second wave of contagion around Seoul in particular. 

According to experts, this is mostly due to populations complying with safety measures less strictly. 

So far, a total of 9.75 million Covid-19 cases are reported in the world. This is against about 5.3 million recoveries, and about 492,000 deaths. 

Ayi Renaud Dossavi

On June 25, 2020, the UN Food and Agriculture Organization (FAO) inked in Lomé seven (7) agreements to finance its local partners. This falls in the framework of the body’s forest and farmer facility. 

In all, more than XOF130 million was disbursed in the process, and between 15%-20% of this amount will be spent on anti-coronavirus actions. The remainder will be directed towards initiatives aimed at making forests more resilient to climate change and improving the income of local communities. 

“Concretely, the goal is to contribute to the processing of products locally and create market systems that foster product sales, both at the local and international levels,” said Issifou Aboussissamilou, the national facilitator of the forest and farmer facility. Moreover, the financing should “help restore forest landscapes, by expanding the forest seeds sector to grow better seedlings and support the government in implementing the AFR100 project which aims at restoring 1.4 million hectares of forest lands.”  

The funds’ beneficiaries include the Togolese coordination of farmers and agricultural producers associations (CTOP), the botany and ecology lab of the University of Lomé, and Chocotogo. 

The agreements, it should be noted, were signed as the FAO celebrates its 40th anniversary in Togo. Over the past four decades, the institution has carried out 336 projects, worth about XOF70 billion, in the country. 

Ayi Renaud Dossavi

The Central Bank of West African States (BCEAO) decreased its benchmark rates last Wednesday. 

The decision was approved by the Monetary Policy Committee (CPM). It aims to support efforts of WAEMU member States to get their economies to rebound, after months where their “public earnings fell and their expenditures rose” due to restrictive measures put in place to contain Covid-19. 

According to the apex bank, “the States’ recovery plans paired with the gradual easing of restrictions on movement should ultimately lead to a restart of the production chain.” For this reason, the CPM members have decided to step in and lower the BCEAO’s benchmark rates by 50 basis points. 

Therefore, the minimum interest rate on submission to cash injection tenders now stands at 2.00% (from 2.50%), while interest rate at the marginal loan window was reduced from 4.50% to 4.00%. 

Ayi Renaud Dossavi

The BOAD announced the launch of a program to refinance lending institutions in the WAEMU with XOF100 billion. The move was approved by the institution’s board of directors during its 117th meeting last Wednesday. 

“The funds will help the private sector, especially micro, small, and medium enterprises (MSMEs) meet their needs for liquidity inherent to Covid-19, resume their activities in the short term, and in the medium term make productive investments to consolidate or optimize their tools.”

The new program launched by the BOAD adds up to various measures it recently announced to support States. In parallel, the BCEAO has adopted different measures to benefit credit institutions. 

Séna Akoda

Twenty-five billion CFA. That is the amount recently approved by BOAD’s board of directors in profit of Togo’s power utility. The monies will be used by the latter to pay part of its debt to power suppliers. 

Among others, the funds should enable Togo to ease tensions with Nigeria which it owes, together with Niger and Benin, nearly XOF45 billion. Nigeria has even threatened many times to cut power supply if the debt was not cleared.

In detail, Togo and Benin owe XOF14.67 billion for Q1 2019, XOF10.8 billion for Q2 2019, and XOF3.4 billion for Q3 2019, according to Nigerian media. 

It is worth noting that Togo and Benin, since January 2019, have been buying electricity they need separately. As for the CEB, which used to be a joint organization between the two neighbors, it has been placed under provisional administration. 

Ayi Renaud Dossavi

A major milestone has been reached for the project to build a 161kV power transmission line connecting Natitingou, Tanguieta, Porga, and the Benin/Togo border. 

The Communauté Electrique du Bénin (CEB), which is in charge of the project, indeed secured XOF15 billion from the West African Development Bank (BOAD) to partially fund its development. The Bank’s board of directors approved the financing on June 24, 2020, during a videoconference. 

The project primarily aims at “meeting the demand for electricity and securing power supply for communities in the Far North of Benin and Togo.” Besides a transmission line (which should be an interconnection point with Burkina Faso), the project also involves building transformer substations in Benin.  

The 124km-long power line falls under the CEB’s expansion strategy and should help the company complete its network in the previously mentioned regions. In addition to this project, the BOAD approved others worth a total of XOF228 billion.  

Séna Akoda

In a recent report, the Central Bank of West Africa (BCEAO) forecast WAEMU’s economic growth rate at 2.6% in 2020. This is 4 percentage points less than the apex bank’s initial forecast (6.6%) - a drop explained by the Covid-19 pandemic. 

This was disclosed after the ordinary meeting of the Monetary Policy Committee (CPM) which took place earlier this week. 

Another information released following the videoconference states that “the Union’s GDP rose, by 3.3% y/y in Q1 2020, and 6.5% in the previous quarter.” The smaller growth is mainly attributable to lower performances in the tertiary sector, with an emphasis on tourism, hospitality, transport, and trade. These sectors have suffered the pandemic the most. Overall, the tertiary sector’s contribution to GDP growth in the Union was halved from between Q4 2019 and Q1 2020. 

Regardless, the BCEAO remains optimistic about the recovery of affected industries - an optimism based on the various national recovery plans underway. The Bank also took into account the gradual easing of restrictive measures across the Union. 

Ayi Renaud Dossavi

On June 24, 2020, the West African Monetary Union (WAEMU) received half a billion CFA from France to hasten decentralization across its member States. 

The money will be used to help the WAEMU’s territorial collectivities’ council implement the regional programme for support to decentralization in the region, over a two-year period.

The territorial collectivities’ council was established on May 30, 2011, by the Conference of Heads of State and Government. Among the missions of this body is to ensure that territorial collectivities contribute to the realization of the Union’s goals and support the WAEMU commission in conceiving and carrying out projects for these collectivities. 

Séna Akoda