Togo First
Togo-EU forum : Organizers, private sector and EU delegation all satisfied with the event
More than 1,000 participants, and 141 bankable projects for which XOF852 billion were mobilized and six billion for the PND’s key projects. These are the highlights of the recent Togo-EU economic forum (FETUE) that took place in Lomé on June 13 and 14.
They were confirmed Wednesday at a press conference reviewing the event.
Besides investment promises, talks at the forum revolved around improving the business climate. “We all acknowledged that private sector is the driver of economic growth. And the private sector’s needs usually revolve around an attractive investment environment,” says Sanda Johnson, head of Togo’s business climate cell (CCA).
The official also referred to recent data released by UNCTAD revealing an increase of about 15% of FDIs to Togo. This performance is recorded in a context where in some African countries, the figure slumped by up to 45%.
“The seed is planted, and now the tree is sprouting; we must now hang unto it and get the most out of its fruits,” she concludes.
On another part, Kodjo Adedze, minister of trade and private sector, said the Togo-EU forum boosted Togo’s visibility and credibility as a safe destination for investment. The event, he lauded, “started as a trial was more than a masterpiece.”
Germain Mèba, president of the chamber of commerce and industry of Togo (CCIT) also praised the event declaring that “it is the first time we have experienced a sincere collaboration between the government and the private sector.” He added that the forum met all expectations and urged concerned parties to make sure they optimally leverage commitments made at the event.
FETUE, a starting point for the renewal of relations between Togo and the European Union
“More than a mere business meeting, the FETUE we believe marks the renewal of relations between Togo and the European Union,” says Bruna Hanse, Chargé d’Affaires of the EU delegation in Togo. “The FETUE was a great international showcase for Togo but this should not be the end. This event should be the beginning of a new partnership between Togo and the EU, one focused on investment support, bettering trade ties and creating more jobs,” Hanse added.
Séna Akoda
Togo: AfDB and EU about to finalize deal to back CIZO rural project
The European Union (EU) is sealing with AfDB a deal to back the CIZO rural electrification project in Togo. The information was disclosed June 19 by Bruno Hanses, Chargé d’Affaires of the EU delegation in Togo.
This would make the project the first effective beneficiary of the Togo-EU economic forum recently held in Lomé. It should be noted that nearly 10,000 households have been provided power under the initiative. The latter is carried out by BBOXX and SOLEVA.
Hanses added that the “EU would make sure that as many investment projects as possible benefit from the external investment European plan presented at the forum.”
Moreover, the EU should keep track of partnership foundations laid between local economic actors and European investors. It will also put in place a facility to support all 141 bankable projects selected during the forum.
Lastly, the European institution will support businesses engaged in agrofood that wish to export to Europe as well as help with the operationalization of the European Chamber of Commerce in Togo, EUROCHAM-Togo.
Séna Akoda
Champiso startup in talks with MIFA in the framework of its industrialization strategy
In Togo, the agricultural financing incentive mechanism (MIFA) is in talks with Edem Bessanh, founder of the Champiso drinks startup.
As the startup seeks XOF650 million to industrialize, “it is discussing with local partners such as MIFA which is ready to support the process. The MIFA is already working with us and talks are ongoing,” Bessanh tells Togo First.
If the talks are conclusive, the MIFA should provide Champiso substantial funding and help it achieve industrial production.
Séna Akoda
BIDC readies a XOF1.5 billion financing for a Togolese firm
The ECOWAS development and investment bank (BIDC) plans to invest XOF1.5 billion in Diwa Industries, a Togolese firm specialized in industrial production of gas bottles, metal packaging and accessories.
The funds will be part of monies raised through a bond issuance. The latter launched last May 28 will close on June 26 and aims at securing XOF25 billion.
In detail, 2.5 million securities, with a nominal value of XOF10,000, will be issued in the operation. These will mature over seven years. A 6.4% interest will be paid each semester.
Overall, proceeds of the issuance will be used to finance seven projects across six countries, Togo included. The projects are in the energy, industry, hospitality and financial services sectors.
Togo : The ministry of justice announces roadshow to promote legal guidebook for land disputes
The ministry of justice announces a roadshow around the country to present a legal guidebook for land disputes.
This guidebook, elaborated to fight against land insecurity, contains 55 FAQs that clarify real estate laws.
For instance, this guide informs that land deeds obtained fraudulently or by irregular means could be invalidated. It also indicates that in case of conflict involving two land deeds that seem regular, the oldest takes precedence over the other.
Via this guidebook, the ministry wants to lay the foundations for comprehensive land law in Togo. This roadshow has been thus organized because the magistrates’ understanding of this guidebook is important for its implementation. The project was presented during the ministerial council on June 17, 2019.
Let’s note that apart from the minister of justice, the minister of urbanisation, and representatives of the revenue authority (OTR) will be part of this roadshow.
Ayi Renaud Dossavi
Togo: Agriculture ministry initiates 2-day roadshow in the Plateau to present the government’s ambitions for the sector
Today June 18, 2019, a delegation of the ministry of agriculture has started a roadshow in the Plateau region (about 174 km from Lomé). The goal of this roadshow led by agriculture minister Noël Koutera (photo) is to meet with local farmers, processors and the ministry’s representatives in the region.
During the roadshow, the delegation will visit farms, take part in consultation meetings to present the government’s ambitions to farmers. The farmers will also be briefed on their roles for the agriculture sector’s development.
The delegation will also lay the foundation stone of agriculture products commercialisation group NSCPA in Kamina. They will also visit ESOP riz Elavagnon and exchange with agriculture experts and entrepreneurs.
Tomorrow June 19, 2019, the roadshow will end by a meeting with recipients of improved furnaces at Nangbéto and with fishermen, ice-makers and fishermen at Agbonou.
Séna Akoda
Togo: President Gnassingbé inaugurates the aquaculture promotion center of Elavagnon
Togolese President Faure Essozimna Gnassingbé chaired today June 18 the official inauguration of the Alternative Education Institute for Development (IFAD) of the town of Elavagnon, located 235 km from Lomé, in the prefecture of East-Mono.
This vocational center, dedicated to aquaculture promotion, aims to train students under the country's new agricultural policy and Axis 2 of the National Development Plan, which pays particular attention to agricultural development.
Following a 3-year training, designed on a skill-driven approach, the graduates will be able to start their own business. Training targets two varieties of fish: tilapia and catfish clarias.
Let’s note that IFAD Elavagnon is one of the 10 such centers the Togolese government intends to create across the country. The big project targets agriculture, logistics, construction, transport and digital technology, and is expected to reduce youth unemployment and underemployment.
Recent socio-political unrests cost Togo $640 mln
In its Global Peace Index 2019 (GPI), the Institute for Economics and Peace IEP observed that socio-political unrests in Togo over the 2017-18 period cost the country about XOF378 billion, or $646.9 million. This makes 5% of the national GDP.
Togo dropped 9 places in the ranking, compared to 2018, now being the 108th most peaceful country in the world. It gets same score level as Côte d’Ivoire, Burkina Faso, and Uganda. Top 3 of ranking is comprised of Iceland, New Zealand and Portugal.
The 2019 GPI found that the economic impact of violence in Togo reached a bit over $1 billion over the period reviewed.
More than $1.4 billion of commitments secured at Togo-EU economic forum
More than $1.4 billion (€1.3 billion) worth of commitments have been secured from European investors at the closure of Togo-EU economic forum.
This is about one-fifth of five billion US dollars of private funds needed for Togo’s national development plan.
Lauding the achievement, Prime Minister Komi Klassou declared: “Togo’s emergence process is underway.”
For his part, Germain Meba, president of Togo’s chamber of commerce and industry, said as the forum was ending: “This ending economic forum is the perfect example of a win-win economic partnership backed by international cooperation.”
“Now, we must get the best from this forum and work together… The EU is ready to boost its support,” added Bruno Hanses, Representative of the EU delegation’s chief in Togo. He then urged the Togolese government to “relentlessly pursue its reform policy.”
Exactly 141 bankable projects were retained at the Togo-EU economic forum
At the recently-ended Togo-EU economic forum, Germain Mèba, president of Togo’s chamber of commerce and industry, revealed that 141 bankable projects were retained by the committee specifically established for this purpose.
The projects are in various sectors, ranging from agriculture to tourism, including oil and manufacturing, and many more. They all align with one of the three axes of the national development plan.
Let’s recall that under the first axis of this plan, Togo plans to have a logistics hub and first-class business centre. Under the second, it wants to develop poles for agricultural transformation, manufacturing and extractive industries. In line with the last axis, Togo’s government plans to consolidate social development and reinforce inclusion mechanisms.
Séna Akoda