Togo First
Once approved, Oragroup’s listing will be the biggest ever in the history of the BRVM
Oragroup, the Pan-African banking group based in Lomé just announced that the public offering it launched last October was fully subscribed.
Through the operation which began on October 29 and closed November 22, the group opened 20% of its capital to the public. In detail, it issued 6,097,561 new shares through a capital increase, and sold 7,785,445 existing shares, at a unit price of CFA4100, on the secondary market.
The 20% of the shareholding will be floating and the remaining 80% will be kept by the group’s other shareholders, with Emerging Capital Partners (ECP) remaining the major shareholder (50%).
Once listed on the BRVM, Oragroup would have made the stock market’s biggest listing ever. According to Oragroup, the listing should occur during the first quarter of 2019, after it is approved by the regional board for public savings and financial markets (CREPMF) and the BRVM itself.
Fiacre E. Kakpo
By December 31, the CRRH-UEMOA and its partners would disburse CFA224 billion of housing loans
By December 31, 2018, WAEMU’s regional fund for mortgage refinancing (CRRH-UEMOA), would disburse CFA224 billion of housing loans, in line with its mission to improve access to housing across the sub-region.
This was disclosed by the institution’s regional head, Christian Agossa, during a two-day workshop recently held in Lomé. The workshop focused on asset/liability management and on management of housing loans portfolios.
In detail, the regional fund raised CFA165 billion on the regional financial market through eight bond issuances.
It disbursed in 2017 CFA12 billion and 26 billion in 2018 as concessional funds. Also, CFA14.636 billion was mobilized for technical support and CFA5.854 billion as financial resources for the CRRH-UEMOA and its partners.
The institution’s refinancing model relies on concessional funds and market capitals. Its goal in the long term is to expand its activities, efficiently.
Séna Akoda
Togo: CEET reduces connection fees by 50%, to improve business climate
Initially cut by 30%, fees for connection to medium-voltage distribution networks of the nation’s power utility, Compagnie Energie Electrique du Togo (CEET), have now been reduced by 50%, Togo First learnt.
“Fees for provision and installation, VAT excluded, and advances on consumption, in relation to connection to the medium tension (electric equipment and meters) which were initially reduced by 30% are now decreased by 50%,” reads a note from the power utility’s general directorate.
According to the public company, the new reduction aligns with the government’s will to improve Togo’s business climate, by enabling newly established firms to thrive.
Since November 28, 2018, the decrease has been effective and the fees payment can be made over six months. However, a first tranche has to be paid before connection begins.
Fiacre E. Kakpo
Togo: In 2019, the government plans to spend CFA35.4 billion to clear part of its arrears
Next year, the government plans to spend CFA35.4 billion to pay part of the arrears it owes local companies. This is after recently announcing that it had, by the end of November 2018, paid for the arrears of a total of CFA55 billion out of 64 billion it initially planned to pay under its yearly budget forecast.
By clearing part of the arrears, authorities wish to instill a new dynamic in the private sector which, in 2019, should play a major role in the effective launch of projects falling under the national development plan (PND).
Last October, the Togolese government, in line with the ECF had committed to gradually clear its arrears and take appropriate measures to avoid new ones from piling up again.
Fiacre E. Kakpo
Public investments to stand at CFA284 billion in 2019
Next year, the government intends to allocate CFA284.4 billion to public investments, down 9.5% compared to this year where it planned to set aside 314.7 billion for these investments.
Despite the decrease, capital expenditures which should cover the investments represent almost a third of budget expenses. The latter are expected to amount to CFA894 billion, down nearly 3% compared to the figure fixed in the initial law of finances for 2018. Meanwhile, operating expenses remained stable at CFA610 billion.
Let’s recall that the global budget for 2019 is fixed at CFA1,461 billion, as against CFA1,311 billion in 2018.
Fiacre E. Kakpo
NSCT to build cottonseed storage units for its plants in Dapaong and Blitta
In Togo, Nouvelle Société Cotonnière du Togo (NSCT) plans to rehabilitate and build infrastructures under its 2019 budget. For example, in the Savannas region, the company wishes to build cottonseed storage facilities for its Dapaong plant.
In the Central region, in Blitta more precisely, the NSCT also intends to build similar facilities.
These, the firm hopes, would help it manage its outputs more efficiently, and produce 200,000 tons of cottonseed by 2022. During the 2017-2018 campaign, the NSCT’s production stood at 116,000 tons, thus 8,000 tons more than the previous year.
The increase is mostly to be attributed to various programs initiated to boost the profitability of the agricultural sector. According to data from the ministry of agriculture, husbandry and fishery, the sector contributes nearly 40% of Togo’s GDP and cotton generates almost 40% of the country’s exports revenues.
Séna Akoda
Vlisco Fashion Fund 2018 : Togolese Anoumou Djidjolé Placca wins first place
Anoumou Djidjolé Placca, a Togolese, just won the Vlisco Fashion Fund 2018. This was revealed by Vlisco itself on its facebook account.
The youth thus gained a CFA3 million financing which he will use to finance his fashion project. He will also follow in Amsterdam, Holland, a two-weeks sewing course at the renowned fashion school “Meester Coupeur”.
According to Vlisco, the work and talent of the 29-year old Togolese designer, who created the Aristide Création brand, impressed both the national and international jury during the contest. To win the latter, the young man created an original collection that tells the story of a king seeking the perfect bride.
Other finalists were Akouvi Médarde Danyo and Djiédjom Hundeglah, respectively second and third.
Séna Akoda
Togo: Government to start granting tax reliefs to firms in difficulty, starting January 1
Starting January 1, 2019, Togo’s government will provide a set of exemptions to firms undergoing restructuring and facing some difficulties.
In effect, tax reliefs will be granted for a maximum of five years, with the approval of the ministry of finances. This measure will benefit firms that operate in strategic sectors which are promising, in terms of employment and growth, as well as those planning substantial investments. Last, there are firms in difficulty to sustain competition.
The new derogation system has several tax advantages for companies in difficulty. These include exemptions on profits, provision reversal, and capital gains from sales, among others. Also, wages, built and unbuilt properties, financial transactions and turnovers could be exempted.
The reliefs also concern registration fees and stamps purchased to increase capital in cash or by incorporating debts, profits, reserves or provisions of any sort. Are also exonerated mergers of firms and the transfer of shares and fixed assets.
It should be highlighted that the ministry’s approval can be limited to one or more, or all tax reliefs projected under the new derogation regime.
Fiacre E. Kakpo
Backed by the World Bank, Togo will spend CFA500 million to develop its beekeeping industry in 2019
Next month, a major beekeeping project will be launched in Togo, leveraging a fund of CFA500 million.
The project which is an initiative of the government, with the World Bank’s support, aims to boost employment in the beekeeping sector. Overall, 500 jobs are to be created in its framework, 100 in each region of Togo.
This project mainly focuses on youth who will receive adequate training and equipment to deliver quality honey and beeswax.
In the long term, the country hopes to export its honey to other markets like Nigeria whose annual demand for honey stands at 380,000 tons.
The creation of this new fund aligns with Togo’s desire to modernize the beekeeping sector, exploiting innovative techniques that are more environment-friendly and ecologic, while boosting productivity.
With the support of India, the Fazao-Malfakassa national park is about to be recognized by the UNESCO as a “biosphere reserve”
Recognized as a national park in 1975 and recommended, along seven other sites in Togo, to be listed on the UNESCO’s world’s cultural heritage in 2001, the Fazao-Malfakassa national park is about to be recognized as a biosphere reserve.
This title is given by the UNESCO to protected areas that contribute to reduction of biodiversity loss, improve local populations’ livelihood as well as easing social, economic and cultural conditions to make environments more sustainable.
According to the UN institution, the park’s efforts to improve livelihood, in a manner that respects biodiversity, and become a reference in terms of sustainable development were strengthened with a $1 million facility provided by the UN-India Fund in the framework of a development partnership.
Entitled : “Biodiversity actions in the Fazao-Malfakassa national park : a way to reduce poverty, preserve biodiversity and achieve sustainable development, this project which was submitted by the government and approved by the Fund, will be implemented by the UNESCO and Togo’s ministry of environment,” says Yao Ydo, regional director UNESCO. It will among others “foster small bee keeping activities, carbon sequestration in the biomass, protection of water basins, as well as bio-prospecting or ecotourism in Togo,” he added.
Spanning more than 192,000 ha, the Fazao-Malfakassa national park is located in Togo’s central region. It hosts beautiful gallery forests, fertile plains, large mammals, birds, reptiles and primates. It is towered by an eponymous chain of mountains.
The seven other sites on the tentative list submitted to the UNESCO in 2001 are: Lomé’s governor’s palace, Woold Home (Slavery site in Agbodrafo), the Kéran national park, the Oti and Alédjo fauna reserves, the Aného-Glidji agglomeration, the Nok and Mamproug cave dwellings and the traditional homes of the Batammariba in Tamberma.
Fiacre E. Kakpo