BBOXX, first operator active on the CIZO project in Togo, just raised more than six million euros through a crowdfunding arranged with Trine, a service that carries out sustainable investments in solar energy.

Sources close to BBOXX reveal that in Europe, 4,400 single investors took part in the crowdfunding, investing an average of €500-€600.

BBOXX’s goal is to “speed up installation of domestic solar kits in Togo, Kenya, Rwanda, DRC, Mali, Senegal and Guinea.”

The fundraising, the largest ever via crowdfunding in Africa for solar power, should benefit more than 200,000 people with no or limited access to power in these countries. “This investment will benefit all customers of BBOXX, unlocking potential of households, communities and SMEs in both rural and urban areas,” the British firm added.  

Crowdfunding, an innovative way to fund solar energy projects

Mansoor Hamayun, CEO and Co-founder of BBOXX declared: “Hundreds of millions of people in Africa still live without electricity. Our collaboration with Trine helped us reach out to single investors that share a vision which is to transform the lives of these people by providing them sustainable energy. Crowdfunding could change the way the solar industry is financed and put pressure on investors active in the sector to adapt their commercial models, thus benefiting customers.”

For his part, Sam Manaberi, CEO and Co-founder of Trine added: “We recorded an unprecedented demand of retail investors who wish to invest, sustainably, in solar power in growing markets like Africa… Crowdfunding is a flexible and cost-effective funding mechanism that allows high-growth firms like BBOXX to easily expand.”  

Séna Akoda

This year, the value-added tax (VAT) should yield CFA269 billion in revenues for the Togolese economy. This represents 40% of tax earnings expected throughout the year.

Compared to 2018, this amount is 6% lower than the forecast for VAT revenues. Indeed, the government, in its June 2018 mini-budget expected VAT revenues to stand at CFA286 billion (128 billion for internal VAT and 158 billion for customs VAT).

Scale-down noticed by Togo First will affect both internal and customs VAT. The first should slump about 10% to CFA114 billion while the second is expected to fall to CFA155 billion.

Let’s recall that since January 1, 2019, VAT is set at 18%, perceived on a single basis unlike in the previous years where this tax was reduced from some products.

Regarding total budget revenues, they are expected to stand at CFA881 billion, including CFA669 billion of tax earnings, this year.

In Togo, four new solar power plants are expected to be developed by 2025. The infrastructures which will each have a capacity of 30MW will help boost access to power in rural areas.

The plants’ installation aligns with the government’s goal which consists in ensuring that renewables contribute 50% of national energy mix, by 2030. The project falls under the “Solar Program”, in the framework of which Togo already secured a $15 million financing from the Abu Dhabi Fund for Development. Regarding this facility, they were used to partially fund the first large-scale solar plant (30MW) in Togo.

Still in line with its energy transition, Togo plans to set up mini-grids across the territory by 2030.

Séna Akoda

German basketry firm Hansen Korbwaren, will help Togo professionalize and improve its skills in this sector. This, it will do under a partnership reached with Togo’s chamber of commerce and industry (CCIT).

“We will provide the Togolese people basketry trainings in order for them to perform this work more professionally,” said Johannes Hansen, who led a delegation from the German company to Lomé. Besides the trainings, the 85 year old European firm will introduce new seeds adapted to basketry.

In fact, five varieties of such seeds were planted on the sideline of the partnership’s announcement.

In detail, six Togolese will initially receive the trainings in Germany.

Commenting on the partnership, Germain Meba, head of CCIT said that it should in the long-run provide Togo with both raw material and expertise needed for basketry to emerge and thrive on the regional market.

Ayi Renaud Dossavi

To raise funds needed for its 2018-2022 National Development Plan’s implementation, Togo signed with Ecobank a partnership agreement.

The agreements were signed by Sani Yaya, Togolese minister of economy and finances, and Ade Ayeyemi, Head of Ecobank Group. Present at the signing were important African financial and diplomatic figures. These include IFAD’s Director General, Gilbert Houngbo, economists Samuel Mathey and Patrick Sevaistre, and Lionel Zinsou, former Prime Minister of Benin.

So far, no additional details relating to the agreements have been disclosed.

Let’s recall that back in September, Ade Ayeyemi accompanied Togolese officials in Hangzhou, China, for the first-ever Togo-China Business forum. At the time, Togolese authorities showcased the national development plan to Chinese investors.

Ayi Renaud Dossavi

Togo recently received from the German cooperation (KfW) seven million euros (CFA4.6 billion) to improve technical education, as well as youths’ professional training and insertion. The facility aligns with stage III of the Program for Technical and Professional Training, and Youth Employment (PAFPE).

In effect, the monies will be used to modernize many technical and professional training centers across the country.

Related financing and execution agreement were made last Friday, by Togo’s minister of economy and finances, Sani Yaya, and Germany’s ambassador to Togo, Christoph Sander.

On this occasion, Yaya welcomed the financing and recalled that PAFPE falls in the framework of “reforms implemented in the Togolese education system,” to ensure a better professional insertion of citizens and provide skills training.

During the first two stages of this program, 12 training centers were rehabilitated and modernized.

Ayi Renaud Dossavi

This year, Togo’s Revenue Office (OTR) should collect XAF669 billion of tax and customs revenues.

According to Philippe Kokou Tchodié (photo), new general commissioner of the institution, who disclosed the information, major decisions are being taken to this end. Among these are measures to improve OTR’s governance, and better tackle corruption and fraud. Also, tax base will be broadened in line with land reform which is to lead to property taxation.  

Commenting on OTR’s performance in 2018, Koukou Tchodié declared : “Overall, performances in 2018 were satisfactory as we were able to meet budget demands set by the government."

Séna Akoda