Togo First
World Bank releases its new human capital index
As announced on the sidelines of Africa Pulse’s launch at the beginning of this month, the World Bank just released in Bali (Indonesia) its new human capital index. This was in the framework of the Bretton Woods institution's annual assemblies.
The new index measures losses in economic productivity incurred by countries that under-invest in their people. “The human capital index reflects the productivity as a future worker of a child born today, compared with what it could be if he or she had full health and complete, high-quality education,” World Bank explains.
The measure includes :
- Survival : Will children born today survive to school age ?
- School : How much schooling will they complete and how much will they learn ?
- Health : Will they leave school in good health, ready for further learning and/or work as adults ?
First results for the new study are quite alarming it appears. Indeed, it shows that 56% of children born today will be deprived of more than half of their potential lifetime earnings because governments are not making necessary investments to produce an educated, resilient and healthy population, ready for the workplace of the future.
According to the World Bank, “if governments take action now, children born today could be in better health, wealthier and more productive when they become adults”.
“For the poorest people, human capital is often the only capital they have,” World Bank Group President Jim Yong Kim said. “Human capital is a key driver of sustainable, inclusive economic growth, but investing in health and education has not gotten the attention it deserves. This index creates a direct line between improving outcomes in health and education, productivity, and economic growth. I hope that it drives countries to take urgent action and invest more – and more effectively – in their people” he added.
Fiacre E. Kakpo
Togo parliament gives approval for ratification of statutes of Africa 50-Infrastructure Fund
On October 9, 2018, Togo’s parliament authorized the government to ratify statutes of the Africa 50-Infrastructure Fund.
These statutes were adopted on July 29, 2015, in Casablanca, Morocco. The institution was established by 22 countries including Togo, and three African financial institutions, namely: Al-Maghrib bank, the African Development Bank (AfDB) and the Central Bank of West African States (BCEAO).
Once the statutes’ ratification is effective, Togo could raise long term financing from African investors to develop viable projects, at a large scale. It will do so via two institutions: the project finance company and the project development company.
Moreover, the country would be able to rely on financial support from other African nations to attract institutional investors, sovereign funds, pension funds and insurance firms, among others.
Séna Akoda
Togo urged to take part in AfDB’s upcoming Africa Investment Forum
From November 7 to 9, 2018, the African Development Bank (AfDB) will hold in Johannesburg the first edition of the Africa Investment Forum.
This forum is a totally transactional market place dedicated to advancing projects to bankable stages, raising capital, and accelerating the financial closure of deals. It is a platform to attract investors and ease transactions, in order to unlock investment opportunities worth billions of dollars in Africa, says AfDB.
During the three days the forum will last, the Abidjan-based institution will gather project developers, pension funds, sovereign wealth funds, private investors, policy makers, private equity firms and heads of governments, from all over the world, to raise funds in order to transform Africa’s economic, agricultural and industrial sectors. Hence, funds could be raised even during the forum, AfDB’s executives revealed.
Targeted projects and sectors include industrial parks, mini-grids, agropoles, new cities, ports, railways, fiber optics, clean energy, roads, etc.
This is a great opportunity for Togo which already positioned itself with its National Development Plan (PND 2018-2022) which covers many of the sectors concerned, such as industrial parks, mini-grids, agropoles, ports, railways, fiber optics, renewable energies, and roads.
Actually, AfDB’s office in Togo urged the country to be at the meeting in Johannesburg.
Let it be recalled that around $130-170 billion are needed each year to develop infrastructures in Africa, according to the AfDB’s 2018 African Economic Outlook report.
Fiacre E. Kakpo
Banque de France report on Franc Zone's economies : WAEMU more dynamic than CEMAC
In 2017, real GDP growth in Franc Zone stood at 3.9%, as compared to 3.6% in 2016. This was disclosed in a report released by Banque de France last Monday. According to the report, the increase should be sustained this year.
Last year, growth of economic activity in the Franc Zone was higher than in sub-Saharan Africa. However, France’s central bank indicates, there remain “major gaps between countries”.
Hence, economic activity in the WAEMU, spurred by growth in Côte d’Ivoire and Senegal, kept rising at a sustained pace of 6.7% whereas in the CEMAC, this figure stagnated, due to lower oil prices at mid-2014 and the beginning of 2016.
Meanwhile, far from inflationary shocks, countries that belong to the Franc Zone, benefiting from being pegged to the Euro, recorded in 2017, with favorable perspectives, inflation rates (+0.8% average per year) that are extremely lower than that of the sub-Saharan African region (+11%).
The apex bank’s report also notes a rise of public debt which could in the long run, cut leeway of the concerned nation’s budget policy. In addition, Banque de France recommended the diversification of exports which are still, in its opinion, too insufficient to foster economic development.
Beside France, the Franc Zone covers WAEMU nations, those of the CEMAC and the Union of the Comoros.
Fiacre E. Kakpo
Togo gets approval from its parliament to join Afreximbank
Yesterday October 9, the Togolese parliament unanimously passed the law authorizing the country to join the African Export-import Bank (Afreximbank). This was during the 2nd plenary of the 2nd ordinary session.
The government thus receives the parliamentary approval for a formal accession to the financial institution. Once this is done, the country will be able to participate in the bank's shareholding and benefit from financial assistance and support for export growth. In the long term, Togo would develop its private sector, its transport and logistics infrastructures, as well as its energy production capacity.
For the record, the government reviewed the draft law during the Ministers’ Council of June 13 this year. Afreximbank aims to promote and develop trade between African countries and between Africa and other continents (intra- and extra-African trade).
Séna Akoda
Asky Airlines to start serving the Mozambican air market in December 2018 thanks to a partnership with Ethiopian Airlines
Via its subsidiary, Ethiopian Mozambique airlines, Ethiopian Airways, technical partner and shareholder of Asky, will launch its operations in Mozambique as of December 2018.
To serve the local market in that country, Ethiopian Airways will mobilize part of the fleet of the panafrican company Asky Airlines, whose headquarters is in Lomé, Togo’s capital. To be precise, the company’s services will be delivered with a Boeing B737-800 and Dash8-Q400 chartered from Asky Airlines.
It is explained that Ethiopian Mozambique airlines based in Maputo, Mozambique’s capital will serve 9 airports in the country; 6 of which are international (Maputo, Beira, Tete, Nampula, Nacala and Pemba). It will compete with five local companies namely Mozambique Airlines (LAM), Mozambique Expresso (MEX), CFM Transportes Aereo, TTA and Solenta Aviation Mozambique.
Let’s note that before this new offer, thanks to the technical partnership between Ethiopian Airlines and Asky Airlines, the Panafrican company was able to fly to the USA, Brazil and many other destinations.
Séna Akoda
Lomé is hosting two 5-day workshops on the law regulating electronic transactions
Lomé is currently hosting two different workshops on the law related to electronic transactions and its implementation decree. Started October 8, the workshops will close on October 12.
While one of the sessions is open to the public, the other is only open to digital experts. However, both aim to help the public and professionals to better understand challenges related to the law adopted June 13, 2017 by the parliament.
The law in question creates a legal framework for e-commerce in Togo while facilitating and dematerializing related administrative formalities and procedures.
Minister of posts and digital economy, Cina Lawson, opened the first day of the workshops which focused on online communication. The second day focuses on e-commerce itself.
Works which are led by specialized firm Hoche Avocats, will be relayed on the Facebook page of the ministry of posts and digital economy.
Octave A. Bruce
Togo : Upcoming BRVM days aim to increase number of firms listed in WAEMU
Ahead of the 13th edition of BRVM days to be held 18-19 October in Lomé, executives from the stock market met the press on Monday in the Togolese capital. On this occasion, the executives discussed the upcoming event’s objectives.
The BRVM days fall in line with the exchange’s strategic orientations to be more dynamic.
They are a key milestone of the 2018 campaign, launched to get more firms listed. In this regard, the various advantages of listing for companies in the WAEMU will be presented during the event.
Moreover, the days will improve the visibility of BRVM and actors of this stock market; help vulgarize the stock market’s culture and practices across the WAEMU ; promote innovative financial services and products.
This year, beside Togo, BRVM’s promotional campaign will be held in three other WAEMU countries, knowingly Côte d’Ivoire, Senegal and Burkina Faso.
Séna Akoda
Total Togo launches second edition of its “Startup of the Year Challenge”
After a successful first edition, Total Togo launches a second edition of the “Challenge startupper de l’année” (Startup of the year challenge). Through this challenge the French oil firm rewards firms operating in various sectors, thus creating wealth and contributing to Togo’s inclusive and socioeconomic growth, says Frédéric Rivière, Managing Director, Total Togo.
“We will have on one side laureates with the best projects and on another side others with projects focused on energy. Both categories will be selected by a jury,” Rivière declared.
Applicants are to submit their projects latest by November 13, 2018. They must be aged between 18 to 35 years.
For the upcoming challenge, three winners will be rewarded with respectively CFA8,200,000 for the first, CFA5 million for the second and CFA3,250,000 for the third.
Séna Akoda
Togolese painter Richard Laté Lawson-Body: only African participating in International Postal and Digital Art Project in Italy
Togolese Richard Laté Lawson-Body is the only African who will participate in the International Postal and Digital Art Project which started last September 15th in Italy and will end October 13th, 2018.
The Togolese will exhibit under the digital category with an artwork entitled “Briser les chaînes de nos cœurs” (Breaking the chains of our hearts, Ed.note), a piece that combines futurist style, lyrical abstraction and contemporary art.
The event which focuses on the theme The Workshop of Peace gathers more than 251 artists from 32 countries. These artists will exhibit around 289 artworks, in the form of a postcard as imposed by the project’s rules. These rules also require that each artwork integrates the following quote of Nelson Mandela: “Peace is not a dream: it can become reality, but you have to be able to dream if you want to keep it”.
Artworks are exhibited as projections in museums, universities and on various buildings.
Octave A. Bruce