Yesterday, Sani Yaya, the minister of finance met with microfinance institutions to assess the impacts of the Covid-19 outbreak on their activities and review the implementation of measures taken by the Central Bank. 

On this occasion, Yaya reiterated the government’s commitment to supporting microfinance institutions. 

“This crisis, and the situation of microfinance institutions, are major concerns for the government,” the minister indicated while emphasizing that key decision-makers across the WAEMU are also looking into the issue.  

The official demanded that the institutions provide working capital to their customers, to cushion the negative impact the current sanitary crisis may have on their activity and support the government’s efforts in the agricultural sector. 

A reflection committee should soon be put in place to organize the economic response to the pandemic. This committee should include members of the ministry of finance, the Central Bank, banks and microfinance institutions, as well as various actors of the private sector. 

German cement group HeidelbergCement will contribute XOF20 million to the national solidarity fund recently launched by the Togolese government to fight the Covid-19 outbreak. 

Eric Goulignac, managing director of the group which operates in Togo via Cimtogo, Scantogo, and Granutogo, said “it is natural that HeidelbergCement contributes to joint efforts to overcome the pandemic. It is a common cause,” he added.   

HeidelbergCement’s contribution thus adds to that of others such as the professional association of banks which has disbursed XOF100 million for the same cause.

Last year, the Togolese Office of Revenues (OTR) paid back more than XOF2 billion of VAT loans to business operators. 

The amount makes 65% of a total of XOF3.2 billion the authorities should have reimbursed. 

The OTR explained the non-payment of the remaining sum saying corresponding requests did not conform to their objectives. For example, some companies asked for money to purchase goods for personal use while others demanded funds for equipment that is not part of eligible goods. 

Throughout the reviewed year, VAT loans were repaid over an average of 23 days, according to data available. 

VAT loans are calculated by subtracting deductible VATs, which are paid by businesses upon purchases, and collected VATs, which is the amount collected after sales.

Séna Akoda

Last Tuesday, the national health insurance institute (INAM) and the Fund Supporting Youth-led Economic Initiatives (FAIEJ) inked a partnership agreement to train tailors and seamstresses so they make quality face masks amid the Covid-19 pandemic. 

The masks in question will be reusable, washable, and sold at a subsidized price. 

The move aims at preventing the spread of the virus in a context where more artisanal masks and ventilators are being produced in the country. 

Séna Akoda

Tomorrow, May 7, all health ministers of the WAEMU will hold a videoconference to discuss practical steps to take towards implementing recommendations of the Union’s leaders relative to the Coronavirus. 

Moreover, the officials will talk of ways to improve coordination to handle the pandemic at the community level. For example, they will look at sanitary measures that should be taken at the internal and external borders of the WAEMU. Most importantly, they will elaborate and put in place a regional strategy to boost the capacities of member-States’ health systems to tackle the threat. 

So far, Togo has reported 128 Covid-19 cases. Out of these, 45 are still active, 79 recovered and 9 died. Across the WAEMU, the most affected are Côte d’Ivoire (1,464), Senegal (1,329), Niger (763), and Burkina Faso (688).

The Teolis Foundation and GIZ, the German cooperation, have partnered to establish a digital College. 

According to the two actors, the project aligns with their interest in digital professions and education which is key to emergence. 

In effect, they say, the academy will enable its students to “travel, take certified courses from home at low costs, get remote jobs,” and practice digital professions such as web developers, community managers, and more. 

The TEOLIS digital college, which is a pilot, will be improved and replicated in the coming years, added GIZ and its partner.  

Séna Akoda

In the first quarter of  2020, 3,668 new businesses were officially started, 25% of which were by women. 

This figure corresponds to nearly 90% of all businesses started since the beginning of this year, knowingly 4,304 businesses, and 37.48% of the figure recorded throughout the past year). 

In detail, 65% of the created firms since the year began were registered by private individuals while the remaining 35% were registered by corporate bodies. Also, 3,324 of them (77% of the total) were started by Togolese citizens while 980 (23%) were started by foreigners. 

It should be noted the number of newly registered businesses between March and April was down by 46% (from 1,180 to 636), mainly as a result of the Covid-19 pandemic. However, a good point is that 1,187 firms were registered without resorting to a notary (which is one of the reforms initiated by Lomé to improve the local business environment). 

Last year, a total of 11,482 businesses were created in the country, a record. This was in a context where Togo was ranked the 15th top reformer in the world, regarding starting a business in the Doing Business report.

The University of Lomé (U.L) is giving away internet connection kits and smartphones to students. The move aims at helping them take online courses that the university resorted to due to measures taken by the government to contain the Covid-19 outbreak. 

In effect, the tools which have unlimited access to the internet will help beneficiaries access the campus’ social, participative network (RESCOUL) whose purpose is to ease interactions between the various actors of the academic community. 

“Throughout the period classes will be given online, students’ head representatives and chiefs of associations will keep the phones provided to help their mates with the registration process. They will help them open their Rescoul accounts, recover lost passwords and download classes, reactivate mail notifications, and get informed about when online classes begin,” U.L indicates.

Séna Akoda

In Togo, the block-release training institute for development (IFAD) of Elavagnon will be giving online and distance classes since schools and other training centers have been closed due to the current Covid-19 outbreak. 

In effect, the institute where aquaculture is taught will make sure learning continues while waiting for live classes to restart when current restrictions imposed to contain the Coronavirus are lifted. 

Ten IFADs should be established across the country, under the national development plan.