Togo First
Ogar Assurances exits Togo
Ogar Assurances exited Togo and thus closed its last operation in West Africa.
The exit comes after a meeting of the regional regulator of insurance markets (CRA). During the meeting, held in December 2019, the regulator retrieved all of Ogar’s accreditations.
Prior to the ultimate move, the CRA had prohibited the insurer from registering any subscription or renewing expired insurance policies, unless Ogar produced a solid financing plan. This was at a session in Douala, on July 22-27, last year.
Unfortunately for the insurer, it couldn’t meet this condition and subsequently had to end its activities in West Africa, a market it intended to conquer.
Séna Akoda
Loans given by microfinance institutions in Togo grew by 8% in Q3 2019, y/y
In Q3 2019, loans given by Togo’s microfinance institutions were up 8%, compared to the same period in 2018, data from the West Africa Central Bank (BCEAO) shows. In the West African Economic and Monetary Union (WAEMU), the figure grew by 12.1% y/y, to stand at XOF1,498.9 billion.
Togo, over the period reviewed, was behind Mali (+17.1%), Burkina Faso (+13.5%), Senegal (+13.3%), Côte d'Ivoire (+12.9%) and Benin (+8.2%). However, volumes of loans granted in Niger recorded the least growth rate across the union, +3.1%. In Guinea Bissau, the figure slumped by 36.7%.
Regarding deposits, Togo recorded the second-highest increase rate for the quarter concerned, knowingly 11.4%, right after Mali (+17.9%). The two are followed by Benin (+9.8%), Côte d’Ivoire (+8.8%), Senegal (7.5%), and Burkina Faso (6.1%). In contrast, they slumped in Guinea Bissau (-23.1%) and Niger (-0.9%).
Over the period reviewed, deposits in the WAEMU stood at XOF1,454.1 billion, up by 8.9% compared to the year before, XOF1,335.5 billion.
Ayi Renaud Dossavi
UK’s impact investor CDC Group invests $20M in Adiwale Fund I, to support SMEs in Francophone West Africa
CDC Group, UK’s State-owned impact investor, just committed a $20 million investment in the Adiwale Fund I, a private equity fund targeting small and medium enterprises (SMEs) in West Africa. Adiwale Fund I is the first fund raised by Adiwale Partners, a private equity management fund founded by Togolese natives Jean-Marc Savi de Tové and Vissého Gnassounou.
The announcement was made earlier this week, at the Uk-Africa Investment Summit.
Besides Adiwale Fund I, CDC Group also invested $19.2 million in Verod Fund III (which is active in Nigeria and Ghana). This makes a total of $39.2 million of commitments announced by the British group to support West African SMEs.
In detail, Adiwale Fund I will invest mostly in Francophone West Africa, with a focus on Côte d’Ivoire, Senegal, Mali, Burkina Faso, Benin, Guinea, and Togo. Financings could vary between $3 million and $10 million. As for Verod Fund III, it will mostly target English-speaking West Africa.
Ayi Renaud Dossavi
3.2km-long road in Kara to be asphalted for XOF2.6 billion
The International Development Association (IDA) will finance works to rehabilitate and asphalt a 3.2km-long road in Kara (450 km from Lomé).
The works, which are estimated to cost XOF2.6 billion, are part of the Urban Development and Infrastructure Project (PIDU). They are divided into two parts.
The first part spans a distance of 1.5 km and asphalting works will cost XOF1.11 billion. Works for the second, which covers a distance of 1.7 km, will cost XOF1.488 billion.
The works should be completed over a 12-month period. The two parts will be respectively taken care of by two different consortiums: NECBAPS-EEBTP-EGK and EEBTP-EGK.
The information was disclosed by the ministry of urbanism and housing.
Séna Akoda
Togo-Brazil business forum will be held in São Paulo
The Togo-Brazil business forum should be held in São Paulo this year.
We planned to hold it (the forum) in 2020 and we will do it, said Brazil’s ambassador to Togo, Antoniõ Carlos de Salles Menezes. This was yesterday, during a meeting with the president of Togo’s national assembly, Yawa Dzigbodi Tsegan.
Besides Togolese officials and Brazilian businessmen, the event should attract economic actors and entrepreneurs from the ECOWAS.
The idea for the forum, let’s recall, emerged in June 2019, during a trip to Brazil by Togo’s minister of foreign affairs, Robert Dussey. It aligns with the Togolese national development plan.
R.E.D.
More than 7,000 young entrepreneurs participate in the ongoing agripreneurs forum in Kara
A total of 7,350 people applied to take part in Togo’s first agricultural entrepreneurs’ forum. The event which started today takes place at the University of Kara in the northern region.
A quarter of the applications (1,126) were sent by women. The total number of applications registered has, according to the forum’s organizers, exceeded the expected, that is 5,000 entrepreneurs.
The forum, the organizers added, is aimed at informing participants - women and youths especially - about the selection and support of the best local entrepreneurs operation in the poultry, fishery, and beekeeping sub-sectors.
“Three hundred (300) women and youths, separated in two batches of 150, will be selected.” Following the incubation of this group, 150 of them will benefit from financial and technical support. They will subsequently be dispatched in Kara’s agropole.
Séna Akoda
French Agricultural Research Centre, CIRAD, wants to restart cooperation with Togo
The French Agricultural Research Centre for International Development (CIRAD), which has many operations in Africa, wishes to rebuild its relationship with Togo.
In an interview with newspaper CommodAfrica, Christian Cilas, CIRAD’s regional director for West Africa, said the institution wants to “revitalize some regions like Guinea Conakry and especially Togo.” According to the French executive, the CIRAD worked with Togo in the 70s, 80s, and 90s and should, he hopes, restart cooperating very soon.
To this end, the research centre will try to reach out to “the Togolese Agricultural Research Institute to re-develop research actions with this country which we consider to be important.” Potential areas for cooperation between the two institutions include climate change (creating crops that are better adapted to drought), genetic improvements of coffee and cocoa.
Let’s recall that in West Africa, the CIRAD covers Côte d’Ivoire, Benin, Ghana, Nigeria, Guinea Bissau, Guinea Conakry, Liberia, Sierra Leone, and Togo. Worldwide, the research centre cooperates with more than 100 countries, in 12 regional centres.
Ayi Renaud Dossavi
Performances of the Togolese National Health Insurance Institute (INAM) have improved significantly in the past seven years
To date, Togo national health insurance (INAM) covers 254,844 people and has 104,288 subscribers. The numbers were reached in the past seven years.
INAM, let’s indicate, provides insurance to public workers and their relatives. The instrument covers maternity expenses as well as fees for the treatment of non-professional diseases, and accidents.
The institution is currently headed by Myriam Dossou. It has partnered with 90% of health centres and 95% of pharmacies active in the country.
Healthcare insurance
Health insurance covers 80-100% of the fees needed by beneficiaries for treatment. In detail, the INAM covers the following: consultation and hospitalization fees, drugs, surgery, and paramedical procedures.
Biological analyses and medical imaging procedures are also covered; same as pregnancy and childbirth care services; compulsory vaccines and equipment.
A step closer to universal coverage
After public officers and their relatives, the INAM plans to expand its services to the private sector, artisans and others. In this framework, it launched in partnership with the minister of craftsmanship, a health insurance product specifically for artisans.
The institution also recently launched the pilot phase of its health insurance for students; 500 have subscribed so far.
On January 21, the INAM plans to organize a meeting in Lomé to discuss its next target, the association of press people of Togo.
The national health insurance institute was created by decree in 2011. Its purpose is to ensure that its beneficiaries get the best healthcare possible.
Séna Akoda
Over the next three months, Togo, Benin, and Ghana will get fewer gas supplies from Nigeria
Throughout the current quarter, Togo, Benin, and Ghana will get fewer gas supplies from Nigeria. This is due to inspection and cleaning works which will begin on the West African Gas Pipeline (WAGP) from January 20th and end on, or before, March 21st.
The news was disclosed in a statement issued by the West African Gas Pipeline Company (WAPCo) which operates the infrastructure. It was also confirmed by the Ghanaian Ministry of energy.
The works will limit gas supplies in Ghana and could adversely impact Togo’s power output.
So far, Togolese authorities made no comments regarding the announcement. However, let’s recall that the country highly depends on gas to produce electricity. The fuel is especially important for the Contour Global power plant as it fully runs on liquefied natural gas (LNG).
Ayi Renaud Dossavi
Togo raises XOF69 billion for its first operation on the UMOA-securities market in 2020
For its first operation on the UMOA-securities market this year, Togo recorded more than XOF69 billion of subscriptions for its fungible treasury bonds. Initially, the government was seeking XOF25 billion through the fundraising that occurred last Friday.
The performance represents a coverage rate of more than 276%. This is in a context where elections -which usually are a period of uncertainties in African nations, sub-Saharan Africa especially - are closing in.
Over the amount mobilized, the country will retain only XOF27.5 billion. This sum should support the public treasury and help meet budget needs, for 2020.
Let it be noted that the fungible bonds issued will mature in a year. Their nominal value is XOF1 million and the payment of related interests will begin today, January 20.
Séna Akoda