Togo First
Togo-EU forum : Deadline for project submission set on April 30
Deadline for the submission of projects to attract European investors during the coming Togo-EU forum is April 30, 2019.
According the event’s organization committee, hundred projects will be selected and their bearers will receive adequate support.
The goal here is to put in place the projects that will be presented, during B2B meetings planned between the projects’ promoters, financiers, development partners, supporting institutions and donor agencies. In addition, the promoters will learn how to efficiently negotiate and close deals.
The Togo-EU forum will take place next June 13-14. It is an opportunity for authorities to secure funds for the 2018-2022 national development plan, as well as to build sustainable relations between Togolese and European economic operators.
Séna Akoda
Togo: Elavagnon’s agro-development training institute will officially start operating next May
Established on December 7, 2017 by President Gnassingbé, Elavagnon’s agro-development training institute (IFAD in French) is currently recruiting trainees for the start of its operations which will begin next May.
The recruiting which began last April 15, will close on April 25, 2019. The new students will receive a three-year training in aquaculture, with a focus on tilapia and clarias species, at the end of which they will get a professional baccalaureate and be able to start their own businesses.
The creation of the institute is part of a larger project under which nine similar schools will be opened across the country, over the next five years. The other institutes will provide training on agriculture, logistics, construction, transport, and digital, among others.
Ayi Renaud Dossavi
Oragroup officially listed on BRVM
On Tuesday, April 16, Oragroup officially listed 20% (13,883,006 shares) of its capital on the BRVM stock market. This is after getting approval from the financial markets and public saving regional council (CREPMF).
Oragroup was able to raise XOF56.92 billion, during a public offering conducted between Oct. 29 and Nov. 22 2018. An operation arranged by Sociétés de Gestion et d’Intermédiation (SGI), BICI Bourse (arranger and co-lead manager) and Hudson & Cie (co-lead manager also).
“Oragroup’s listing affirms its status of major banking group reached only after about ten years of existence. This is a major moment in the financial history of both Togo and the sub-region,” said Togo’s minister of economy and finances, Sani Yaya.
However, according to experts, the group’s share could struggle before taking off. Indeed, based on the fact that the public offering had to be prolonged by a week, due to weak sales, actors of the regional stock market believe the share price, XOF4100, is overvalued.
Oragroup is present in 12 countries, across West and Central Africa and operates in four distinct monetary zones (WAEMU, CEMAC, Guinea Conakry and Mauritania) with 139 branches and 1811 employees.
Fiacre E. Kakpo
US firm CredoGroup interested in Togo’s solar sector
CredoGroup LLC, a Tenessee-based provider of independent solar energy services and products wishes to invest in Togo. The firm which is headed by US-Togolese Credo Amouzouvik, has actually sent some of its executives to Lomé to discuss the deal with the government.
“We want to help Togo become self-sufficient in terms of power production, harnessing energy from solar panels, mini and micro-grids which are more cost-effective. This will also create multiple jobs for the Togolese youth,” declared Amouzouvik.
The US firm plans to partner with its local partner Dodan, a civil engineering firm focused on renewables, in the framework of its deployment in Togo.
Togo aims to achieve universal electrification by 2030, with milestones of 50% (from 40% now) in 2020 and 75% in 2025.
More than XOF1000 billion is needed to reach full electrification, with renewables making up 50% of the country’s energy mix by then.
Togo’s Revenue Office to release up-to-date directory of tax-compliant businesses
From now on, Togo’s Revenue Office (OTR) will issue on a quarterly basis a directory of businesses fiscally up-to-date. This was revealed at a press conference held last Friday.
The directory was established using a single IT system for the management of tax and fiscal registry, recently developed by the OTR. The document aims “at fostering justice, tax equity, and retaining legitimate and corporate businesses,” according to the tax revenue office.
In addition, the tool will promote tax compliance, and allow firms that are up-to-date fiscally “to have their reputation boosted.”
It should be noted that all firms that are not on this directory will pay an additional 15% on customs value of goods they import. This measure will take effect starting next May 2, deadline for businesses that are not yet up-to-date fiscally to settle their tax obligations.
Ayi Renaud Dossavi
Togo: ART&P launches call to interest for those desiring to be accredited as providers of electronic certificate services
The posts and telecommunications regulatory authority (ART&P) has launched a public call to interest for the establishment of an e-transaction trust chain.
This call aims at “identifying local actors who want an accreditation as electronic-certification service providers (PSCE) to issue electronic certificates to make electronics reliably and safely and then become qualified providers of trusted services (PSCQ).”
The services concerned here include time stamping, electronic filing and e-certificate services.
Togo let’s recall since 2017 adopted a legal framework for e-commerce. This tool was revised and updated as a new law and decree on electronic transactions were adopted. The decree mentioned came into effect after electronic signature became effective.
Togo : University of Lomé hosts 3-day open houses on maritime jobs
From Today to Thursday, the University of Lomé will host open houses to get students interested in maritime professions.
This is in a context where the country has to bridge the gap in skills deficit in this sector by hiring foreign labor.
Let’s recall that the authorities, to promote the blue economy, have opened at the University of Lomé an Institute of Maritime Professions (I2M). The latter would produce skilled professionals for the maritime sector and firms. The current open houses will present the institute, curricula it offers and outlets for students.
Togo it should be emphasized has the only deep-water port of West Africa and plans by 2022 to become a reference in the logistics industry across the region.
Séna Akoda
Togo: About CFA6bln worth of contracts inked during the 11th national farmer forum
Six billion CFA. That is the value of all contracts signed by various agricultural actors (suppliers, farmers, processors and sellers) of Togo during the just-ended National Farmer Forum.
Overall, according to reliable sources, about a hundred contracts were signed during the event. Eight were in the presence of the minister of agriculture, Noël Bataka.
Sectors concerned by the deals are fruits and vegetables, soybeans, cashew, corn, cassava and aquaculture.
Séna Akoda
MIFA, BTCI and Saudi firm KFB supports agricultural mechanization in Togo
Last Saturday, a convention was signed between MIFA, SA KFB Group (Knowledge-Fusion Builders) and Banque togolaise pour le Commerce et l’Industrie (BTCI).
According to Aristide Agbossoumonde, Director General of MIFA, “it will help purchase 300 mini-tractors to create mechanization firms.” It will in effect lead to the establishment of a guarantee fund of CFA6 billion supervised by the MIFA.
Farmers will be able to rent the mechanical equipment and improve their yields. In the long run, their cultivated areas’ revenues will increase and jobs will be created, subsequently wealth.
Séna Akoda
World Bank will invest $15B in Africa’s human capital in 2021-2023
On April 11, 2019, the World Bank announced a new plan to invest $15 billion in human capital in Africa, between 2021 and 2023. This was in Washington, during a panel themed “Developing human capital in Africa: Shaping a generation’s future.” Participants present included Hafez Ghanem, World Bank’s Vice President for Africa, Letsie III, King of Lesotho, Paula Ingabire, Rwanda’s Minister of ICT, among others.
“A continent’s main asset is its people,” said Hafez Ghanem, adding that “sub-Saharan Africa scores the lowest of all the world’s regions on the World Bank’s Human Capital Index.” He attributes this performance to “high mortality and stunting rates in the region, as well as inadequate student learning outcomes – all of which have a direct effect on economic productivity.”
To reverse this trend, Africa “must provide its youth and future workers a means to fully exploit their human capital. This is the key to enabling Africans access a world rich in opportunities and promises, as well as to have the best return on investment,” Ghanem continued. Let’s emphasize today, 43% of the total African population (1.2 million) are less than 15 years old.
With its new human capital investment plan, the World Bank aims at helping the African continent better invest in its people, reduce mortality, and improve health, education, social protection and women’s empowerment, by 2023.
In details, the amount mentioned will come in the form of grants and concessional loans, which will be used to drastically decrease child mortality –saving 4 million lives – avert stunting among 11 million children and increase learning outcomes for girls and boys in school by 20%.
Séna Akoda