Since its creation in 1973, the West African Development Bank (BOAD) has supported more than 1,200 projects initiated by the WAEMU States and the private sector in the region. In the process, the bank has spent about €9 billion (more than XOF5,800 billion). 

In Togo alone, for example, the BOAD’s board has approved the construction of a 30 MWC photovoltaic power plant in Blitta, for an investment of XOF 7 billion. 

More recently, it injected XOF25 billion in the construction of the Kekeli Efficient Power combined-cycle thermal plant. Under the same project, the BOAD, alongside Oragroup, arranged the financing of the whole project; Totalling the sum of XOF65.4 billion, the funds were successfully secured from commercial and institutional lenders. 

In the past five years, the BOAD, according to its chairman, Christian Adovelande, “has secured from international investors over XOF1,400 billion (or €2.1 billion) in loans to finance its operations in its member States.”   

After adding climate issues and renewable energies to its investment priorities, the Bank was awarded the Investment Grade by rating agencies Moody’s and Fitch, a feat that should help it keep its partners’ trust. 

Séna Akoda

Air traffic volumes in the WAEMU fell drastically as a result of the various measures put in place to contain the coronavirus pandemic in the region. 

During a meeting held yesterday, between the Union’s ministers of transport, the president of WAEMU commission, Abdallah Boureima, revealed that air traffic volumes reduced by 95% exactly. 

This reduction, according to the ministers, caused a substantial loss in revenues for those working in the industry and exposed some companies to bankruptcy.

In Togo, due to the Covid-19 response, only cargo planes remain operational since they serve to transport sanitary equipment like respiratory equipment and masks. 

Regarding land transport, things are not much better. The closure of borders has immobilized transportation companies; the same goes for the maritime sector. 

Yesterday’s video conference, according to Boureima, was the occasion to “assess the pandemic’s impacts on transports, evaluate the respective responses of the Union’s States to contain it, as well as identify the sector’s needs once activity resumes.”  

Séna Akoda

Togo’s public debt may be less exposed to fluctuations in exchange rates, the country’s ministry of economy and finance said in its latest report for the quarter. 

This is mainly because the country’s debt is mostly (66.7%) labeled in CFA francs, the report indicates. 

However, “the external debt portfolio (which represents about 33% of Lomé’s total debt, ed. note) is still affected by fluctuations in some currencies.” Among the latter are the US Dollar (24.7% of external debt), the Chinese renminbi (21.8%), and special drawing rights (20.4%). 

The exposure of external debt is still mitigated by the fact that a significant portion of this debt is labeled in Euro (which has a fixed parity with the CFA). 

Ayi Renaud Dossavi

Togo will keep using Chloroquine in the Covid-19 treatment. This was disclosed last Wednesday by the national coordination team for the Covid-19 response. 

The announcement was made amid a controversy that arose following the publication of a study that claims the molecule is inefficient and even increases the chances of dying from the disease. 

The study, published in The Lancet has caused the WHO to stop clinical trials on Chloroquine. In Togo however, authorities prefer not to rush into conclusions. According to the head of the Covid-19 response coordination team, Col. Djibril Mohaman: “First, there is selection and interpretation bias.”

Other potential factors responsible for higher mortality rate in Chloroquine-treated group

While it is true that more patients treated with Chloroquine have died than those treated without, other possible factors might be responsible for the higher mortality rate, Mohaman said. Among these is the age of patients, medical history (obesity, heart diseases, diabetes, etc.). Some patients needed more oxygen as well (20% in the group treated with Chloroquine and 7% in the other group). 

“We have been taking Chloroquine for long and are very aware of its secondary effects. We will, therefore, continue using it here since we have nothing to lose.”

To date, Togo has confirmed 395 Covid-19 cases. Out of them, 183 have recovered and 13 deceased. 

Ayi Renaud Dossavi

In Togo, the National Federation of Cotton Farming Associations (FNGPC COOP-CA) acquired 50 tractors to boost farmers’ capacities and reach a cotton output of 200,000t by 2022. 

The move is good news for the sector which has recorded a 15% fall in output year-on-year (from the 2018-2019 campaign to last year’s). 

In line with its intent to mechanize the industry, the FNGPC COOP-CA is hiring 25 agricultural tractor drivers. Selected applicants will be deployed in all five economic regions of Togo; eight (8) in the Savanes, seven (7) in Kara, five (5) in the Central region, two (2) in the Plateaux, and three (3) in the Coastal region. 

Séna Akoda

The regional energy interconnection project, which is steered by the West African Energy Pool (WAPP), is expected to be completed in 2023. 

The 600 MW project costs $567 million and aims at supplying reliable, cheap electricity to the 14 of the 15 ECOWAS member States. It includes a rural component, which will be carried out in Burkina Faso and Niger, and another component under which coastal countries (Nigeria, Benin, Togo, Ghana, Côte d’Ivoire) should be connected. Apart from these, the project should run along the Ghana-Burkina Faso-Mali axis. 

The regional project is financed by Nigeria (0.9%), the French Development Agency (6%), the African Development Bank (20.5%), and the World Bank (72.6%).

From 600 tons in 2012, fish production at the Nangbéto Lake has risen to 3,200 tons in 2019. 

The significant increase is attributable to the Nangbéto Lake Fisheries Management Plan which falls under the Agricultural Support Project (PASA). 

Adopted in 2013, this plan aims at preventing the exhaustion of fish resources in the lake concerned, due to its inappropriate exploitation mainly. Besides, according to the office for fisheries and aquaculture, it helped improve living standards of communities living near the Lake and reinforced the legal-institutional framework regulating fishing. 

For the sector’s actors, the plan should consolidate existing achievements, by improving co-management and monitoring fish processing and sales.

Let’s recall that more than 22,000 people work in Togo’s fishery sector. The latter contributes nearly 4.5% of GDP for a yearly output of about 25,000 tons.

Last week, the KYA-Energy Group delivered ten automated solar-powered handwashing kits to the ECOWAS Investment and Development Bank (BIDC) in Lomé.

Called KYA-SolWasherKit, the tools were made by a local solar power startup, Kya Energy Group. They are equipped with presence detectors, automatic soap, and water suppliers. 

The move is the startup’s contribution to the fight against the coronavirus. 

Under the CIZO rural power project (funded by the African Development Bank -AfDB), Kya-Energy is teaching 3,000 solar (off-grid) technicians how to set up and maintain the kits, in rural and suburban areas especially.

By June 5, Togo will attempt raising XOF20 billion on the WAEMU stock market. The money will be used by Lomé to finance its 2020 budget. 

The funds should be raised by issuing fungible treasury bonds, at a nominal value of XOF1 million per unit, and a one-year maturity period. The bonds will start taking value on June 8 and reimbursement will commence on June 6, 2021. 

Séna Akoda