Togo First
Togo: Half of ContourGlobal's Lomé-based thermal power plant generators now operate with gas
Togo’s national power utility company (Compagnie Energie Electrique du Togo-CEET) just announced that ContourGlobal, the thermal power plant installed in Lomé, is now using 50% gas in its operations.
According to the CEET, a supply contract was signed June 8 with Axxela Ltd, specialized in natural gas distribution and formerly known as Oando Gas and Power Ltd.
Based on that agreement, the Lagos based company has been supplying natural gas to the 100MW plant since July 1, 2018. The gas is transported via the pipeline of the West African Gas Pipeline Company Ltd (WAPCo) to the generators of ContourGlobal.
This month, three of the six generators of this plant are already being operated thanks to gas, CEET indicates estimating that the remaining generators should start using gas by November 2018.
With this shift to natural gas which, according to CEET, "optimizes its energy mix", the utility company has taken a crucial step to reduce its relatively high exploitation cost due to the use of heavy fuel to power ContourGlobal’s generators.
"This shift to gas optimizes the energy mix of CEET and progressively reverses from emergency to rolling mode, with a drastic reduction of greenhouse gas emissions and a decrease of the country’s dependence on energy imports”, the utility company explains. It should ensure energy security at a cost compatible with households’ revenues in Togo.
Let’s note that to meet the increasing energy demand, Togo plans to install a second thermal power plant, whose generators will be powered by natural liquefied gas from Equatorial Guinea, in the port zone. Last April, a memorandum of understanding was signed by Togo and the central African country. According to information received by Togo First, the two countries are working to concretize this partnership that should transform Lomé into an energy hub for natural liquefied gas supply to landlocked countries, Mali and Niger particularly.
Fiacre E. Kakpo
Music: Toofan, best African band and best Francophone artist at the 2018 Afrimma Awards in Dallas
Toofan, the Togolese music band was crowned “Best African band” and “Best Francophone Artist” during the 5th edition of the Afrimma Awards (African Muzik Magazine Awards & Music Festival) held October 7 in Dallas.
The duo, composed of Master Just and Barabas, represented Togo in 3 categories including the Best Men's band in West Africa, Best African band and Best Francophone artist. Let’s mention that this award occurred after the two men dropped their new album called Conquistadors.
The band then outperformed Ivorian musicians such as Serge Beynaud and Dj Arafat, the Congolese Fally Ipupa, Hiro and master Gims, and even Cameroonians Stanley Enow, Locko and Daphne.
The Afrimma Awards, a prestigious annual competition that honors the best African artists, covers all musical genres on the continent.
Octave A. Bruce
Togo and Kuwait’s national airlines to exercise unlimited traffic rights between the two countries
Under a bilateral air transport agreement signed October 2, the national companies of Togo and Kuwait will now benefit from unlimited traffic rights. The document was initialed by Dokissime Gnama Latta (photo) and Yousef Al-Fozan, both MDs of the National Civil Aviation Agencies of Togo and Kuwait, respectively.
Since it commissioned its new terminal at Gnassingbé Eyadéma International Airport, Togo became an air hub and attracted new airlines on this facility, including Ethipoian Airlines, Asky Airlines, Air France and Brussels Airlines. In addition, in connection with his involvement in the emergence of an air transport sector on the African continent, the Togolese Head of State was designated by his peers as the “champion” of the single air transport market in Africa.
Mr. Latta was honored with ASECNA's highest distinction in this domain, the “Aerodrome Medal” during the 138th session of the Board of Directors of this institution.
On the Kuwaiti side, the signing of this agreement marks an important step in the authorities' efforts to broaden cooperation with the African continent. Until this agreement, Kuwait airline only served Egypt.
Séna Akoda
Togo: Moroccan BCP reported a CFA96.3bn net profit, up 1.8%, in H1 2018
Moroccan group Banque Centrale Populaire (BCP), active in Togo via its subsidiary Banque Atlantique, announced it achieved a net profit of MAD1.6 billion (CFA96.3 billion) during the first half this year, an increase by 1.8% compared to the same period last year.
The company’s net banking income (NBI) reached MAD8.2 billion (CFAF493.5 billion), an increase by 2%. Net operating income fell by 2.7% to MAD4.05 billion (CFAF243.8 billion), while total assets increased slightly by 0.16% to MAD381.2 billion (CFAF23 trillion), over the period.
In addition to Morocco (where it has 5.9 million customers) BCP is present in about 15 African countries including Togo, Senegal, Côte d'Ivoire and Benin, through its subsidiary Banque Atlantique, the third largest banking group in the WAEMU zone in terms of market shares. It also holds representative offices in 14 other countries around the world, including Germany, Saudi Arabia and Canada.
The Moroccan group also announced it reached an agreement with French BPCE to acquire majority stakes in four banks in Africa, including Banque Internationale pour l'Epargne et le Crédit (BICEC) in Cameroon, International Commercial Bank (BCI) in the Republic of Congo, Banque Malgache de l'Océan Indien (BMOI) in Madagascar and Tunisian-Kuwaiti Bank (BTK) in Tunisia. The agreement was signed September 24 in Paris.
Togo: ATAF's competent authorities are meeting in Lomé to improve exchange of information on tax matters
Competent authorities of the African Tax Administration Forum (ATAF) are holding their second consultative meetings in Lomé, Togo’s capital. The meetings started October 4, 2018.
Placed under the theme “the importance of Competent authorities in the exchange of information in a globalized world “, this meeting should show African authorities and fiscal actors, the advantages of information exchange in nations’ resources mobilization.
Kossi Toffio, representing Togo’s minister of economy and finance, informs that, “the exchange of information helps conciliate two interests usually wrongly deemed contradictory: ensure sufficient resources to states for their operational needs versus taxpayers’ will to maximize their profits”.
According to the official, the meeting's topic is relevant because “no fiscal system could function if it does not use the exchange of information on tax matters as a precious tool to improve global transparency and cooperation”.
Seeing African countries’ inclination to more exchanges with the rest of the world than with their counterparts, Kodzo Adedze, general commissioner of Togo’s revenues bureau (Office Togolais des Recettes-OTR) expresses his conviction in the participants’ capacity in taking into account “African administrations’ will to appoint competent authorities in charge of the management of this sensitive sector that exchange of information is”.
Séna Akoda
Government announced capital opening of TogoCom
Togo’s government adopted a bill to open the capital of TogoCom, State-owned company born from the merger between the country’s respective leaders of the landline and mobile sectors, TogoCel and Togo Telecom. This was during the ministers’ council held last Wednesday in Lomé.
The government’s move aligns with its objective to keep innovating in the telecom industry. This sector indeed has over the recent years become very competitive in the region as major operators like Maroc Telecom, which is active in Togo via Moov, MTN, Orange or Vodacom expand their footprint in West Africa.
TogoCom’s great ambitions
TogoCom’s main ambition is to significantly boost access to broadband by 2020, leveraging on 4G and optic fiber. This will enable the group to improve its investment capacity and use the latest ICT innovations to develop new growth segments.
Commenting on the merger, the group said that more than half of TogoCel’s mobile sites have been connected to Togo Telecom’s optical fiber. This helped double the average speed of internet on mobile and considerably reduce 3G connection cuts.
Beyond Lomé, the merger has yielded positive results. In rural areas, internet coverage has improved and free connection spots were established in Aného, Atakpamé, Dapaong, Kara, Kpalimé, Sokodé and Tsévié. Since end-June, 4G deployment started, to improve connectivity across the country.
According to a source close to Affoh Atcha-Dédji, TogoCom’s Managing Director, the group wants to become in the years to come, one of the leading telecom firms in the region. By passing this new step (capital opening, Ed. note), “TogoCom will be able to provide services of quality at a cheap cost for the greater joy of consumers”, said a source close to the minister of posts and digital economy, Cina Lawson.
Togo: Forecast for 2019 budget amounts to CFA1,461 billion, up 11.5% compared to 2018
During a ministers council held October 3, the government adopted the 2019 finance and management bill.
Under the new bill, the State’s budget for 2019, covering expenditures and revenues, should stand at CFA1,461 billion, against CFA1,311 billion in 2018, thus up 11.5%.
Budget revenues are expected to amount to CFA881 billion against 895 billion in 2018, down about 1%.
The government expects budget deficit next year to amount to CFA13.9 billion, financed by treasury surplus. Indeed, treasury earnings should reach CFA576.8 billion, up 17.5% while treasury expenses are to stand at 562.9 billion.
To meet this budget, Lomé expects its economy to expand, driven by household consumption and private investment. In addition, it will make sure public investments are at an acceptable level. Hence, Togo’s economy should grow by 5.1% in 2019, against 4.9% in 2018, spurred by major projects like the 2018-2022 national development plan (PND 2018-2022) whose main objective is to structurally transform Togo.
According to Togo’s government, 2019’s budget forecast are based, just like previously, on authorities’ goals under their social and economic policy as well as on a coherent macro-budgetary framework with the three-year program backed by the IMF’s extended credit facility (ECF) concluded May 5, 2017.
In this framework, the government commits to be “as strict towards the implementation of the 2019 finance and management bill”, to avoid “any occurrence that could hurt macroeconomic stability”.
“The government fully commits to improving public finances and take all measures necessary to speed up economic growth, ensuring that social needs of the Togolese people are met,” the authorities declared.
Fiacre E. Kakpo
Dark clouds hover over Africa’s economy, World Bank says
A low growth, a more unfavorable global environment, tighter financial conditions when raising capitals on international markets, increase of commodities prices in contrast with the capping or fall of mineral prices, a rise and change in the structure of public debt, paired with a low productivity. Those are the projections that made the World Bank scale down its growth forecast for the Sub-Saharan African region.
Indeed, the institution, in its half-year report on Africa’s economic situation released on 3 October 2018, reduced forecast for the region to 2.7%, from 3.1% previously (in April).
The decrease is attributed to a growth slower than expected of major economies like Nigeria, Angola, and South Africa. A situation that contrasts with other countries of West Africa.
Economic activity was strong in countries known for recording a rapid growth but being less rich in resources, a performance driven by agricultural production, services, household consumption and public investment, the World Bank said.
To accelerate and sustain inclusive growth, the Bretton Woods institution urges African leaders to pursue investments that favor the people and boost productivity, and also improve resource management.
According to the Bank’s forecast, Africa’s economy should grow by 3.3% and 3.6% in 2029 and 2020 respectively.
Fiacre E. Kakpo
World Bank delegation meet Togolese authorities to discuss Togo’s performance under 2017 CPIA
Last Monday, World Bank experts and officials from various ministries gathered for a workshop to discuss the 2017 edition of the Country Policy and Institutional Assessment for Togo.
Among officials present were the minister of development planning, Kossi Assimaïdou, the minister in charge of the coordination of MCA-Togo, Stanislas Baba, the Permanent secretary supervising reform policies and financial programs, Mongo Aharh-Kpessou, the National Coordinator of the Business Climate Cell, Sandra Johnson, and the World Bank’s resident representative, Hawa Cissé Wagué.
During the meeting, the World Bank delegation briefly discussed Togo’s performance saying the country’s score grew by a point to stand at 3.1 pt (due mainly to an improvement of the Economic Management indicator). In detail, participants talked about the economy’s strengths, weaknesses and ways to improve its score in the CPIA, thus helping it secure more of the IDA’s financing.
The World Bank urged Togolese authorities to commit more to the reduction of budget deficits, multiply its efforts to reverse public debt curve, and end pre-financing and other extra-budgetary financing mechanisms. However, the Bretton Woods institution congratulated authorities for establishing the OTR which helped collect more taxes, posting online detailed budget data and budget execution reports, putting in place a performant framework to implement reforms needed to improve the business environment and boost social inclusion.
Despite these achievements, Togo still has a lot to do to move up in the CPIA ranking, reaching nations such as Senegal (one of the best in the region) or Rwanda (one of the best in Africa and the world).
The CPIA, let’s recall aims to direct reforms needed to boost the economy of countries illegible to World Bank’s IDA financing. Over the past decade, Togo’s score in three out of four of the rankings' indicators (namely economic management, structural policies, and institutional management) slightly rose.
Fiacre E. Kakpo
Eurona in talks with Togo to develop telehealth network
Spanish telecom firm Eurona will, via its African subsidiary Nortis, supply broadband via satellite to 300 schools in Benin. The firm disclosed this in a statement dated September 24, 2018, on its website. The project which is backed by the Fund for the Internationalization of the Company (FIEM) aims to improve access to internet and quality education for students in Benin.
Eurona also said it is currently in talks with Togo’s government to set an internet network that will be used for telehealth. This would improve populations’ access to health experts and services of quality. Test phase of a similar project will soon be launched in Morocco’s central region.
According to the Spanish multinational, all these investments show how strong its commitment to universalize internet access in Africa is, to bridge social gap. Fernando Ojeda, Eurona’s CEO, added that “the projects are strategic commercial milestones falling under the firm’s 2018-2022 business which it revealed a few weeks ago”.