On November 21, 2018, Hungary’s new ambassador to Togo, Andras Szabo, presented his credentials to President Faure Gnassingbé. On this occasion, the European official affirmed that his nation wishes to build a strong relationship with Togo.

Comforted by its recent experience in Ghana where it opened an embassy two years ago, Hungary now wants to invest in Togo, in sectors such as energy, water, ICT, defense, security, agriculture and agrofood. “I told the President of the Republic that we would like to develop in Togo the same projects we did in Ghana, because if we could do it there, we can do the same here,”  said Andras Szabo.

Soon, Hungary should have in Togo an honorary consulate. “We need someone here to represent us daily. Very soon, I hope to return to inaugurate our honorary consulate; it is very important,”  Szabo added.

Séna Akoda

Yesterday, Nov. 21, Togo’s President, Faure Gnassingbé received UK’s former Prime Minister, Tony Blair, head of the Tony Blair Institute for Global Change.

Blair during the meeting lauded Togo’s business environment indicating that it is favorable to foreign investments. “Now, investors can be attracted here”, said the former minister whose institution supports the implementation of Togo’s 2018-2022 national development plan.  

Tony Blair attributes the country’s attractiveness to foreign investments to “major decisions”  taken by its authorities. Actually, these efforts helped Togo gain 19 places in the 2019 Doing Business.

Blair said he has great faith in Togo’s potential to develop, emphasizing on one of its main assets: its deep-water modern port. He added that his institution is ready to provide Lomé with the necessary support to make it a regional logistics hub.

Séna Akoda

The following are the top ten banking groups operating within the WAMU, according to the Central Bank of West African States.

1- Ecobank

With 14% share of the market in 2017, Ecobank, whose headquarters is in Lomé, is the most important banking group operating within the WAMU. Present in every country of the union, it has 9.2% of the desks, 18.5% of the automated tellers and 15.2% of the accounts. It also contributes 15.4% to the interim result in the banking system.

 2- Bank Of Africa

Constituted of eight banks and present in seven WAMU countries, Bank Of Africa (BOA) owned by the Moroccan BMCE is the second on this list with 10.5% of the total assets. It concentrates 10.8% of the desks, 9.8% of automated tellers, 16.7% of the bank accounts and generates 15.1% of the interim result.  

3- Société Générale

Société Générale is the third with 9.8% of the assets. Present in five WAMU countries, it gathers 5.8% of the desks, 8.9% of the automated tellers, 7.4% of bank accounts and 15.3% of interim result. Société Générale Côte d’Ivoire is the largest subsidiary in the union.  

4- Atlantic Business International (ABI)

At the fourth place comes Atlantic Business International (ABI), really active within the union with Banque Atlantique. The west African subsidiary of Moroccan Banque Centrale Populaire (BCP), is present in every country of the union with eight subsidiaries and one branch office. ABI owns  9.6% of the market share, 8.2% of the desks, 7.4% of automated tellers and 7.5% of accounts. Its result in 2017 was 4.6% of the interim results.

5- Attijariwafa bank

The fifth group in this ranking, Attijariwafa bank confirms Morrocco’s leadership in the WAMU banking sector. It has six subsidiaries and three branches for 7.7% of assets. It has its name on 12.3% of the desks, 7.9% of the automated tellers, 9.2% of bank accounts. Its result is estimated to be 9.3% of interim results within WAMU.

6- NSIA Bank, ex-Diamond Bank

The Ivorian group NSIA Bank, which newly entered this segment acquired the assets of Diamond Bank in 2017. With Two subsidiaries and three branch offices, NSIA Bank is at the fourth place and represents 5.5% of assets, 5% of desks, 5.4% of automated tellers, 5.2% of bank accounts and 5.4% of interim results.

7- Coris Bank International

Burkina Faso’s group Coris Bank International (CBI) is the seventh most important banking group within the union with 5.3% of assets, 2.7% of desks, 2.2% of automated tellers, 3.4%  of bank accounts and 2.6% of interim result.  

8- Oragroup

The Lomé-based Oragroup is the eighth in the ranking and has 4.3% of assets, 3.8% of the desks, 3.2% of automated tellers, and 3.2% of bank accounts. The bank which announced its introduction on the stock exchange by February 2019 realised 6.5% of the union’s interim result in 2017.

9- BNP Paribas

First bank in the eurozone in 2016 and fifth international banking group, the French bank BNP Paribas is the penultimate of this top 10. Its market share was 4.1% by the end of December 2017. With four subsidiaries, the group owns 3.7% of desks, 4.8% of automated tellers, 3.4% of bank accounts and 5.2% of interim results.

10- BSIC

BSIC Bank has seven subsidiaries in the union, 2.9% of total assets, 4% of desks and 2.1% of bank accounts. The Libyan bank is the tenth banking group within WAMU.

Fiacre E. KAKPO

On November 20, 2018, Togo’s minister of infrastructures and transports, Ninsao Gnofam, and Chinese ambassador, Chao Weidong, toured various project sites in the country. These include construction sites for phase 2 of Lomé’s major bypass and Lomé’s administrative center.

According to the minsiter, works for the major bypass project have reached a completion rate of 67.2%. They should be ended in May 2019. “This road is a first-category inter-States route. Maximum driving speed on this road is 80km/h”, he added.

It connects to the road that comes from Ghana and “is part of a project that aims to boost transportation in the region, especially along the Abidjan-Lagos corridor”, Gnofam said. “On our side, we have planned a two-by-two axis that will mainly support heavy traffic, including heavy vehicles and buses”, the minister noted. The 21km-long road will enable heavy vehicles exiting the port to directly reach Noépé’s Control Stations.

Regarding the construction of Lomé’s administrative center, it is 90% complete and should be over in three months. The infrastructure cost more than the CFA18 billion provided by China as a grant.

Séna Akoda

From 2000 to 2015, BOAD poured CFA300 billion into Togo’s development. The figure was disclosed by Patrice Gbaguidi, Head of Project Assessment at BOAD, during a country portfolio assessment session. 

According to Gbaguidi, the session was the occasion to take a look at all projects financed by the bank over the period reviewed, taking into consideration the following five aspects: “technical, financial, environmental, institutional and partnership with other lenders”.  

In detail, monies spent by BOAD were injected in infrastructures, power and development projects mostly. However, the bank also supported a grassroot development project that impacted all layers of the population, young people, men, women, according to the BOAD executive.

He emphasized on the project that led to the construction of a technical landfill centre along the Kpalimé road. This project, Gbaguidi says, had a positive impact on waste management in Lomé and its surroundings, and on populations’ health subsequently.

All the projects have been carried out in urban and semi-urban areas.

Séna Akoda

Togo’s services exports have since 2007 almost tripled in their value from CFA115 billion to CFA323 billion, at the end of 2017. 

The growth is far above the one recorded by goods exports which, over the same period, stood at 36%.

In detail, the performance of services is to be attributed to transport services exports which almost tripled from 50 billion, ten years ago, to CFA140 billion in 2017.  

Meanwhile, travel services exports generated CFA72 billion last year, four times more than they did in 2007. Same goes for communication services which generated CFA25 billion in 2017.

For insurance and finance services, however, the growth was less significant.

Fiacre E. Kakpo

Internet Services Provider (ISP) Teolis SA revealed in a statement released recently that it signed a partnership with Microsoft to distribute and support the tech giant’s products in Togo.

Teolis which entered the Togolese market after securing its operating licence, initiated six months ago a process to certify equipment needed to deploy and support Microsoft’s services in the country.

The process should be completed in December 2019 but already enables Microsoft’s products and services to be distributed in Togo.

Teolis’s ambition is to “provide a reliable internet network, one that is fast and cost-effective, both for professionals and general public, with a top quality customer service”. Ultimately, “this network should become a bridge connecting among themselves and to the rest of the world”. 

Séna Akoda