January

Government adopts a legal framework for the production, distribution, and commercialization of renewable energies

The government’s goal here is to “tackle issues spurred by the insufficient power availability, increase the related capacity,” as well as reduce the county’s dependency regarding electricity. 

February

Green Climate Fund backs transition to clean energy in some WAEMU States

Togo, Benin, Burkina Faso, Guinea Bissau, Mali, and Niger get €100 million from the Green Climate Fund to accelerate their transition towards clean energies. The funds will be provided through the BOAD. 

March

The government provides a subsidy for households benefiting from the CIZO

Every month, over a period of 36 months, Togo has decided to provide a 40% subsidy for households having CIZO solar kits. 

Togolese startup Kya Energy Group selected to train 3,000 engineers to service solar kits under the CIZO project

KYA-Energy Group, winner of the 2018 BOAD Startup award, lands a deal with the government of Togo to train 3,000 service engineers on the CIZO project. 

Togo and AMEA POWER ink MoU to set up a solar plant in Blitta

During a trip to the United Arab Emirates, Togolese President, Faure Gnassingbé, signs a memorandum of understanding with AMEA Power. Under the agreement, a 30MW solar PV plant is to be built, in the North-central region of Togo. 

BOAD commits to finance Kekeli Efficient Power thermal plant.

The BOAD’s board of directors approves a XOF25 billion financing to build the Kekeli Efficient Power thermal plant. 

The Minister of Mines and Energy, Dèdèriwè Marc Ably-Bidamon, attends 13th Germany-Africa Forum on Energy

Among others, the official talks about challenges impeding the energy revolution and its financing, in Africa. 

June

SOLEVA, second approved operator on CIZO, starts activities

SOLEVA, the second operator on the CIZO project, after BBOXX, starts its operations. 

The laying of the first stone fo Kekeli Efficient Power plant takes place

Prime Minister Komi Sélom Klassou and Eranove executives lay the first stone of the Kekeli Efficient Power thermal plant. The infrastructure which will have an installed capacity of 65MW will use combined-cycle technology. This will ensure that it generates more power, without consuming additional gas, while limiting CO2 emissions. 

EU and AfDB announced support to CIZO 

Alongside the AfDB, the European Union announces its support to the CIZO rural power project, as part of its investment plan in Africa. 

July

Mitsubishi gets engaged in CIZO project

Mitsubishi announces its engagement in CIZO, after a talk between President Gnassingbé and the firm’s chief for Africa, Yas Doida. 

August

Mitsubishi buys into BBOXX

The Japanese conglomerate led a $50M investment in the British off-grid solar company. 

Ecobank transitions to clean energy

Ecobank Transnational Incorporated (ETI) migrates towards clean power by using solar PV power plants to meet part of its energy needs. 

October

World Bank lauds Togo’s power-related reforms in 2020 Doing Business report

In the 2020 Doing Business report, the World Bank lauded Togo’s results in the power sector. 

The country ranked 99th over 190 counties with a score of 72.6 points. The improvement was spurred by three main reforms: a 50% reduction in the fee to get connected to the grid for businesses, the reduction in the period to get connected to less than 30 days, from two and a half months in 2017; as well as a more efficient power supply. In 2019, Togo had ranked 105th in this report, with a score of 70. 

December

Eranove closes funding process for Kekeli Efficient Power thermal plant

Eranove closes the funding process for the Kekeli Efficient Power project - raising XOF65.4 billion from institutions and banks (BOAD, AFC, Orabank Togo, BIA Togo, NSIA Benin, and Banque Atlantique Togo). The operation was guaranteed by GuarantCo with XOF14.2 billion. 

AfDB invests about XOF9 billion in CIZO and PND

The government and the African Development Bank (AfDB) sign an agreement related to the CIZO’s social component, the PRAVOST, and the targeted support project aligning with the PND. 

Séna Akoda

Next April, Lomé should host the Etats Généraux de l’Eco summit. An initiative of the Togolese economist and former minister, Kako Nubukpo, the event should gather various experts who will discuss the Eco - which is expected to soon become West Africa’s new currency. 

The theme of the summit is: “Which currency for which development in West Africa? Eco 2020.”

Eminent African figures such as Mali’s Aminata Traoré, Carlos Lopese from Guinea Bissau, Cristina Duarte (Cape Verde), Felwine Sarr and Demba Moussa Dembélé (Senegal), Mamadou Coulibaly (Côte d’Ivoire), and Martial Ze Belinga (Cameroon), should be present. 

Nubukpo intends at the event to let African experts examine the currency, in order to provide appropriate answers to the various questions surrounding its effective implementation, in a few months. 

Let’s recall that so far, only Togo meets all convergence criteria for the adoption of the ECOWAS single currency. 

R.E.D

Since it was launched in 2014, the National Fund for Inclusive Finance (FNFI) claims it lent XOF87 billion to more than a million people. 

Last year alone, the fund registered 35,812 new beneficiaries and more than 32,000 renewals. 

According to reliable sources, the average reimbursement rate for the loans is 93%.

Part of the loans, it should be emphasized, went to annexed programs such as the national program for the promotion of rural entrepreneurship (PNPER). 

The FNFI’s purpose is to lend money, at low-interest rates, to citizens with no access to traditional financial systems, but who have various projects that can contribute to the growth of the Togolese economy. 

Overall, from 2014 to 2019, financial inclusion in Togo soared from 50% to 74%.

This year, HeidelbergCement will expand its Togolese subsidiary, Cimtogo, spending more than $30 million in the process. Eric Goulignac, MD of the German firm’s subsidiary, revealed this to the press on January 8.

Goulignac said: “This investment shows that HeidelbergCement believes in the growth potential of the Togolese economy, and is a way to contribute to its development, by using local resources, in line with the national development plan.”

In effect, the cement maker will increase, by a million tons per annum, the grinding capacity of Cimtogo’s factory in Lomé. 

In the process, HeidelbergCement, which already claims nearly 4,000 direct and indirect jobs in Togo, plans to create 30% more direct jobs. 

Counting the upcoming $30 million investment, the group would be investing a total of $250 million in the West African country, over a period of nine years. 

Let’s recall that besides its plant in Lomé, Heidelberg has a grinding station in Kara and an integrated clinker plant in Tabligbo. 

Séna Akoda

Yesterday, the UMOA securities market launched its second annual meeting in Dakar, Senegal. 

This year, the event focuses on this market’s challenges, especially on ways to consolidate its leadership. According to UMOA-Securities’ managing director, Adrien Diouf, “the goal this year is to mobilize the whole financial sphere of our region to innovate and get more investors - institutions and individuals - to make the market more dynamic (…) Hence, helping our countries to raise enough for their budgets and development projects.”

Among measures discussed at the gathering, to achieve this goal, is the need for a better distribution of securities. This should significantly expand the investor base, as well as to help produce more sophisticated financial products. 

In 2019, nearly XOF3,420 billion (about $5.8 billion) was raised on the UMOA-securities market. 

Ayi Renaud Dossavi

The people of Kara will soon benefit from government-led initiatives, to improve the health sector in the region. 

The initiatives will be specifically implemented by the national agropole development agency (APRODAT) and the South Korean foundation, Saemaul. They aim to better help communities in Kara adapt to the agricultural hub (‘agropole’) which is being established there. 

APRODAT and Saemaul, let’s note, are the two partners on the nationwide project. The two have recently started campaigns to sensitize local communities about the huge agro-food project and its impact on their lifestyle.

Séna Akoda

On January 21-22, there will be a forum for agricultural entrepreneurs. 

On the occasion, 1,000 of these entrepreneurs will be pre-selected to take part in a training workshop baptized “Camp du Futur.” Out of these, 500 candidates -with the best business plans for their projects - will get incubated. 

Next, 150 of them will get financial and technical support over a one-year period. 

Séna Akoda

Oragroup recently became one of the top 10 most dynamic firms listed on the BRVM - West Africa’s regional stock market. The news was disclosed by the stock market after its quarterly review of its stock indexes.  

Thus, the bank joins others like Total SN, CIE, CI, and becomes the second company based in Lomé, besides Ecobank, to be on the list. 

Here are, in order, BRVM’s top 10 perfomers: 

-  ECOBANK TRANSNATIONAL INCORPORATED TG           - ETIT    

- SONATEL SN                                                                                - SNTS    

- SOCIETE GENERALE CI                                                            - SGBC 

- TOTAL SN                                                                                    - TTLS        

- ONATEL BF                                                                                  - ONTBF  

- ECOBANK CI                                                                               - ECOC  

- TOTAL CI                                                                                      - TTLC    

-  CIE   CI                                                                                         - CIEC    

-  ORAGROUP TG                                                                          - ORGT   

-  SOCIETE IVOIRIENNE DE BANQUE                                    - SIBC

Let’s recall that the BRVM Composite, and the BRVM 10, are the BRVM’s top two indexes. The second is reviewed four times a year. 

Ayi Renaud Dossavi