Togo First
FAO boosts food security in Northern Togo
The Food and Agriculture Organization (FAO) will spend XOF41.4 million in Northern Togo, the Savanes region precisely, to improve food security in the area.
The institution’s representation in the country indeed signed last Friday a memorandum of understanding in this framework with the ministry of agriculture, the Red Cross, the national agency for civil protection and the Technical Support and Council Institute (ICAT).
FAO’s provision falls under a project to “boost resilience of households affected by floods in the Savanes region,” and part of the funds will thus help these people cope with the phenomenon.
In detail, food supplies will be distributed to 900 people, technical trainings in agriculture will be offered, savings and loans associations in villages will be established as well as community listening clubs.
Togo: Loans to the economy on the rise, while related cost and public debt slumps
On July 4, 2019, Minister of finance, Sani Yaya, confirmed IMF’s recent forecast for the Togolese economy this year. This was during the second roundtable of the national credit council (CNC) in 2019.
“Looking at available data, economic growth should reach 5.1% in 2019, after standing at 4.9% in 2018 and 4.4% in 2017. This growth would be spurred by growth in all sectors of activities, the tertiary in particular, amid controlled macroeconomic balances,” Yaya declared.
He then lauded better financing conditions which probably contributed to an increase in loans to the economy (38% of GDP at the end of March 2019, the highest within the WAEMU), even if they are still insufficient compared to investment needs.
“At March 31, 2019, loans to the economy rose, driven by intermediation activities of banks and decentralized finance systems,” the official said before adding: “Also, cost of lending by banks slumped. Weighted average interest rate on loans provided by banks was 7.80% at this date, against 8.31% a year early.”
Similarly, public debt which for long was a bottleneck for public investment also reduced to 67.5% (against a standard of 70% in WAEMU) as the government paid part of its arrears and musters efforts to improve public finances.
For Sani Yaya, “the decrease should continue, with a controlled public deficit.” A projection he “correlates with more rationalized public expenses and greater tax income.” In these conditions, inflation should remain weak, standing at 1.7% in 2019, against 0.9% in 2018.
Togo : BCEAO confirms surplus balance of payments in 2017
The Central Bank of West African States (BCEAO) organized last week the ninth day dedicated to the diffusion of Togo’s external accounts results for 2017.
According to the apex bank, the country’s balance of payments that year was in surplus, just like in 2016, with respective amounts of XOF10.113 million and XOF67.15 million.
External trade of Togo also recorded a surplus of XOF85.315 million.
Meanwhile, a program backed by the IMF’s extended credit facility over the 2017-2019 period was launched. Paired with this, reforms and projects to improve roads were initiated.
Besides Togo, within the West African Economic and Monetary Union, trade balance was in surplus in Côte d’Ivoire and Senegal as well.
Ayi Renaud Dossavi
MIFA teams up with African Guarantee Fund to boost agricultural sector in Togo
The agricultural financing incentive mechanism (MIFA) and the African Guarantee Fund West Africa signed on July 2, 2019, in Lomé a partnership agreement to establish a fund aimed at further increasing financing to actors of the agricultural sector.
The signing took place in the presence of Minister of agriculture, Noel Koutéra Bataka. The fund is baptized “MIFA’s guarantee fund for agricultural actors.”
The new agreement will enable both parties involved to contribute to the formalization and establishment of portfolio guarantees covering 50% of amounts needed for projects submitted by MIFA S.A to partnering financial institutions.
Additionally, individual guarantees will be put in place for MIFA-backed actors and those seeking funding from MIFA’s partnering finance institutions.
“The partnership that AGF signed with MIFA directly aligns with our strategy for the coming years and it is a unique opportunity to boost Togo’s agriculture which is currently facing structural changes,” said Adidjatou Zanouvi, Managing Director AGF West Africa. “With it”, he adds, “we will help ease and gradually improve the share of bank loans to the agricultural sector; an increase that will substantially impact Togo’s economic growth and the sector itself.”
WAEMU: CRRH-UEMOA listed last week its eighth bond on the BRVM
WAEMU’s regional mortgage refunding fund (CRRH-UEMOA) listed exactly one week ago its eighth bond, on the regional stock market, BRVM.
The operation helped raise a total of XOF30.2 billion between 30 October 2018 and January 15, 2019. The proceeds will be used to refund outstanding housing loans provided by banks that hold shares in CRRH-UEMOA.
The bond issuance, BRVM’s managing director Edoh Kossi Amenouve says, makes “CRRH-UEMOA one of the stock’s regular and major issuers.” This regularity according to him “confirms the relevance of the fund and the key role it plays in facilitating access to housing for people across the WAEMU.”
CRRH-UEMOA helps people access housing loans by providing banks with cash. It is based in Lomé, Togo.
Ayi Renaud Dossavi
Lomé-based Oragroup increased its capital to XOF69.415 billion
Pan-African banking group Oragroup recently raised its capital to XOF69.415 billion, thus adding XOF6.097 billion to its initial capital. The new capital, the group indicates, is divided into 69,415,031 shares with a nominal value of XOF1000 per share.
From October 29 to November 22, 2018, the Lomé-based group had proceeded to an Initial Public Offering issuing 6,097,561 new shares and selling 7,785,445 existing shares at XOF4100 per share.
In the process, it raised on the regional financial market XOF56.92 billion. The operation was fully subscribed and this was the largest IPO ever recorded on the stock market.
According to Binta Touré Ndoye, former managing director of the group, “the fundraising will help us invest in digital banking, seize opportunities to expand in Central Africa, and boost the Group’s reputation among the people and the financial community, as well as boost equity of some subsidiaries.”
Séna Akoda
Togo chairs African Union Security and Peace Council this month
Since July 1, 2019, Togo started chairing the African Union Security and Peace Council, sources close to the union revealed.
The country’s chairmanship which will close on July 31, 2019, will focus on issues related to maritime security, safety and development in Africa.
Regarding safety issues, Toba Sébadé, Representative of the African Union in Togo, will discuss conflict management and settlement with representatives of the 15 member-States of the council.
Next July 16, a meeting will be held to review the implementation of decisions taken at Maritime Safety and Security Summit held in Lomé in October 2016.
Togo’s mandate will be dedicated to light weapons trafficking across Africa, as well as the use of cluster munitions and land mines in populated areas. Sexual abuses in times of conflict will also be discussed.
Togo’s chairmanship will end with a field mission led jointly by the ECOWAS and the African Union, in Gambia, to help with the post-conflict reconstruction process in the country.
Ministry of Foreign Affairs launches a High Council for the Diaspora
Togo’s minister of foreign affairs, Robert Dussey, just launched today, July 2, the High Council for the Togolese Diaspora (HCTE in French). This is a few months after he released the Togolese Diaspora Roadmap.
The new council, the official declares, “will represent the Togolese diaspora, and will serve mainly as a place for exchange and mutual trust with the government.”
Its launch marks a new step towards achieving its goal of mobilizing the diaspora to tackle obstacles to development.
The decision was driven by a constant growth over the past years of remittances from the diaspora, most of which serves recipients, friends and families.
Within the same framework of the newly launched council, a week for diaspora successes was initiated. Other measures included visa exemption for Togolese with dual citizenship and the creation of a website specifically designed for the diaspora.
Séna Akoda
On July 3, Oranbank Togo will reveal its new online banking platform, KEAZ
Tomorrow, July 3, Orabank-Togo will launch KEAZ, its brand new digital platform.
The platform “aims at allowing all strata of the population to access the bank’s services,” in the simplest form possible.
Among main services that will be provided on KEAZ is Internet Banking for individuals and businesses. It will also be possible to access the multipurpose counter enabling cash deposit, withdrawals without card, update of customer and account details.
“KEAZ users will be able to carry out all transactions safely via internet from their mobile phones, tablets and computers, and also through the MY KEAZ app available on Google Play and App Store. KEAZ will replace Ora@net, the bank’s current online banking platform.”
Séna Akoda
Togo plans on opening a transport and logistics training centre
Soon, Togo should have its first transport and logistics center, credible sources indicate.
The initiative falls under a project to make logistics services more competitive for trade promotion. It also aligns with the first axis of the country’s national development plan (PND) which aims at making Togo a first-class business centre in the region and a reference logistics hub.
It will help tackle the key issues that are the training-job mismatch, unemployment and underemployment, which impedes the country’s development.
Besides the training centre, the project will also lead to the construction of new offices at the headquarters of the Road and Railway Transport Directorate (DRTF).
Séna Akoda