The International Finance Corporation (IFC) and Togo’s government will develop 90MW of solar power plants in the West African country. The related agreement was recently signed in the presence of President Faure Gnassingbé and Sérgio Pimenta, Vice President of IFC, who is currently in Togo.

The deal falls under the World Bank’s Scaling Solar program which provides a set of services including technical assistance, insurance and guarantee instruments, fund mobilization, etc. This program aims at rapidly (within two years at most) building big plants at a low cost. It recorded a rapid success in Zambia, before being expanded to Ethiopia, Madagascar and Senegal where it is currently underway.

“We have talked of how IFC could support the development of Togo’s private sector. We are already active in the country with a portfolio estimated at $325 million. We will open an office in Lomé to be closer to local businesses,” Pimenta declared.

Being an old partner to Togo, IFC is “very” present in the power sector. It took part in the development of the ContourGlobal plant and the elaboration of the national electrification strategy in June 2018. This program aims at electrifying the whole country by 2030, raising the share of clean power in its energy mix by 50%.

In line with the Decentralization Support Programme (PAD), major construction and rehabilitation works will be conducted in Aného, Atakpamé, Sotouboua, Kara and Dapaong. The works will focus on key economic infrastructures (markets, etc.).

According to Togo’s Urban Works Execution Agency (AGETUR-Togo), the group of companies selected to conduct studies (architectural, technical, environmental and social impact) for the works in Aného, Atakpamé and Sotouboua is Banca-Engineering-Poly Consult.

In Kara and Dapaong, the group picked to complete the same studies is Betra-Bâtir.

The PAD aims at making the concerned towns growth hubs by developing economic circuits and ensuring a sustainable utilization of targeted infrastructures. This would in the long run boost local governance.

In its first stage, the project targeted Kpalimé, Tsévié and Sokodé. The German Cooperation (GIZ) invested XOF7.8 billion (€12 million) in the project. An additional XOF1.2 billion is expected from the State and XOF140 million from benefiting towns.

Séna Akoda

From 10 days, a year before, delay needed for property transfer in Togo at the end of May 2019 was six days. The figure was recently published by the land conservation agency.

Another major feat is that the number of cases processed last May was 40, against only 16 the same month in 2018.

This is attributed to multiple incentives put in place in the beginning of 2018 and augmented this year. The change has in effect propelled the number of property transfers, since January 2019, to more than 60 per month (60 in January and February, 66 in March, 65 in April, and 40 in May).

This year, the Togolese government initiated new reforms adding to others it created last year. This pushed up the country’s score and rankings on the Doing Business under the Property Transfer index.

Some of the new reforms include combining land conservation procedures, which enabled speeding up processes, and reducing registration and transfer fees to XOF35,000. A new tariff grid for notaries for property transfers was also created. To these were added, reforms for business creation, power connection, resolution of commercial and fiscal conflicts. These reforms improved Togo’s business environment and revamped economic activity in the second half of 2018, throughout this year, after slowing in 2017.

On Monday, the Majorel contact centre was inaugurated in Lomé. On this occasion, the firm’s subsidiary released a press communiqué saying it intends to create 500 medium term jobs (by 2021).

So far, the joint-venture between German Bertelsmann and Moroccan Saham has about 150 employees. However, by the end of the year it expects to raise the staff to 300 employees, leveraging good human resources in Togo.

“Togo offers quality human resources, top-class infrastructres and a proximity to many clients already settled in the country,” says Imane Benaziz (photo), Chief of Operations of the Group in Sub-Saharan Africa.

While the opening of the Majorel centre first results from the group’s expansion strategy, it also aligns with the first axis of Togo’s national development plan (PND 2018-2022). The latter consists in making Lomé a first-class business centre and a reference in the region.

While aiming to create 500 medium term jobs through the new centre’s launch, the move will contribute to a greater goal of the country to create 500,000 jobs by 2022.

Séna Akoda

Last week, Togolese startup New Road Company revealed its chocolate drink, Choco Noor.

According to the firm’s Managing Director, Adoyi A. Bimon-Isso, the drink’s production aligns with Togo’s national development plan (PND 2018-2022), which is to make Made in Togo products. 

Indeed, the startup uses locally grown cocoa to make the beverage. The latter, according to executives of New Road Company, meets all standards set by the Togolese Institute for Agricultural Research (ITRA) and the National Hygiene Institute (INH).

This was confirmed by Martin Aziato, Head of Food Technology at ITRA, and Dikeni Kondi Ousmane from INH.

Aziato on the same occasion deplored the low level of cocoa processing despite the beans being produced in quantity and quality across the African continent. He therefore lauded New Road Company’s initiative and urged Togolese to follow its example.

Séna Akoda

Last Friday, the Mifa support project (ProMifa) was officially launched in Lomé by the minister of agriculture, Noël Bataka (photo).

ProMifa is co-financed by the International Fund for Agricultural Development (IFAD), the Togolese government, private sector and its beneficiaries themselves. A total of $35 million (XOF20.24 billion) was mobilized for the project which is to last six years.

According to Aristide Agbossoumonde, Director General of Mifa, ProMifa aims at “providing organized and dynamic actors of the agricultural chains of value, sustainable access to market and both financial and non-financial services.”

In effect, the project will focus on three axes: first, it will provide technical support for agro-pastoral development and access to the market; the second relates to financial support and last is support for the project’s management and coordination.

Overall, ProMifa is to directly benefit 300,000 beneficiaries from rural exploitation areas, professional associations and small enterprises. Women and children will get particular attention under the project, said Martin Lisandro, IFAD’s director for West and Central Africa.

“This launch is a major step for relations between Togo and IFAD and it paves the way for a more efficient, flexible and durable partnership,” he added.

Let’s recall that agriculture currently contributes 40% of Togo’s national GDP.

Octave A. Bruce

For the first quarter of this second half of 2019, Togo will seek XOF115 billion on the UMOA securities market.

The funds will be raised through six issuances of fungible treasury bonds and bills.

In effect, there will be four issuances of fungible treasury bonds and two of fungible treasury bills. The first is scheduled for July 12 and 26, August 9 and September 6. For the fungible treasury bills, the country will proceed to their issuance on August 23. The date for the second operation of this type is yet to be disclosed; however, it was revealed that a sum of XOF15 billion will be sought in this process, while all other five will aim at raising XOF20 billion.

The amount sought by the country represents 18% of the XOF616 billion targeted by all WAEMU States on the regional financial market this quarter.

Séna Akoda