Togo First
French firm EDF and Energy Generation team up to train women on solar off-grid jobs
To boost its off-grid offer and develop local skills regarding the installation of off-grid solar kits, French firm EDF, Europe’s leading power producer and supplier, just partnered with Lomé-based institution Energy Generation which provides power to rural people in sub-Saharan Africa.
The related agreement, which focuses on the “Women and Solar entrepreneurship” Program, will help equip women with skills needed to set up and repair off-grid solar systems as well as teach them more about entrepreneurship in the clean power sector.
In detail, EDF will design the training modules while Energy Generation, leveraging on its knowledge of the West African market, will implement these modules at various training centres dedicated to power professions. Under the first phase of this initiative, about 100 women will be trained by end-2019. Beneficiaries will be from Togo, Côte d’Ivoire and Ghana.
“With this program, about 100 women in Togo, Ghana and Côte d’Ivoire will be trained to a promising job with great economic potential, but they will most importantly be taught to be major actors of their country’s energy transition,” said Astria Fataki, CEO Energy Generation.
Established in 2016 by Astria Fataki, Energy Generation already partners with EDF for the EDF Pulse Africa contest which aims to reveal and support African innovators who contribute to power development in Africa.
Fiacre E. Kakpo
BBOXX sold 2,400 solar kits to 12,000 Togolese, since last December
New-generation solar power provider BBOXX, has supplied in Togo more than 12,000 people with BBOXX home smart solar kits, since its establishment in the country, last December.
The firm entered the Togolese market by partnering with the government for the Cizo project which aims to provide access to power to more than two million Togolese citizens by 2022, focusing on rural areas mainly. It has so far sold 2,400 of its solar kits across the country, and the number of its customers soared by 45% during the month of May 2018, alone.
BBOX says it created around 100 jobs in local communities in the framework of its activities in Togo. Also, it now has 10 stores in the country; stores able to serve all of Togo’s five regions. This number is quite an improvement compared to the two stores it had in 2010.
“It is very interesting how BBOXX’s activities, in the past six months only, has impacted Togo. We have great ambitions for our expansion in the country and aim to sell 10,000 kits more before the year ends,” said Mansoor Hamayun, Managing Director BBOXX. “BBOXX keeps having a great impact in the region, fostering a greater financial inclusion by providing reliable power that be used for smartphones, lamps and other household appliances,” the executive added.
According to the firm’s chief, it also plans to engage in the mobile payment market. Additionally, it will start selling, this year, new devices such as solar fans.
Besides Togo, BBOXX operates in Rwanda, Kenya, Nigeria, Cameroon and the DRC where it plans to supply solar kits to 2.5 million people, by 2020. The company has already raised CFA2.5 billion from UTB to expand its activities in Togo.
Fiacre E. Kakpo
Afreximbank to support Togo’s development plan
Resolutely engaged in the development of Inter-African trade which represents just a minor part of the trade by African countries, Afreximbank, the Pan African import-export bank based in Cairo, could provide its financial support to a pool of African countries, Togo included.
“Projects of about $1.5 billion have already been funded and some are being funded in Côte d’Ivoire, Nigeria, Gabon, Togo, Chad and Burkina Faso”, Benedict Oramah, managing director of Afreximbank, revealed in a statement at the end of the bank’s annual general assembly on July 16, 2018.
According to the manager, these projects are aimed at the development of the industrial park. As far as Togo is concerned, in its national development plan, it aims to build two industrial parks integrated and turned towards export industries which require intensive labor force like the textile industry by 2022.
In addition, projects aimed at the development of Export Processing Zones’ in Africa are targeted.
This financing announced since January 2018 by Coface should support the national development plan which seeks to transform Togo into a logistics hub of excellence and a first-class business center in the sub-region.
Meanwhile, Togo which is one of the shareholders of this bank is activating its file. This is evidenced by the review of the bill authorizing the complete adherence to the agreement created by Afreximbank at the ministers’ council on June 13, 2018.
Let’s note that in 2017, the institution’s revenues grew by 25% to reach $645 million. The shareholders will share dividends worth $57.53 million while the dividends were $37.96 million in 2016 (a 51% growth).
Let’s also remind that Afreximbank is a Pan African institution created in 1993 to facilitate, finance and develop commercial exchanges between African countries as well as trade with the rest of the world. In 2016, thirteen African countries, Togo included, became shareholders of this bank raising the number of country shareholders to fifty.
Fiacre E. Kakpo
The first ever Afrofuturism in Togo to be held on July 25, 2018
On July 25, 2018, at 8 AM, the US embassy in Togo and the Goethe Institute in Lomé, in collaboration with the cultural association Tre-kah, will launch a big event on the concept named Afrofuturism at Canal Olympia Lomé.
The director of Goethe Institute, the US ambassador, the Togolese minister of communication and renowned officials of the political, cultural, literature, scientific and philosophy world will take part in the event during which, debates, panels, conferences and film projections will be organized.
According to the organizers, this event which is a first in Togo will initiate decisions at the national level between political, university actors and artists as well as social entrepreneurs to pave the way for a new society in Togo and Africa in general.
Five panels will be held around specific themes namely, architecture and urbanism, political institutions, Afrofuturism in art, medicine, health and agriculture as well as religion, solidarity and African values.
Let’s remind that the Afrofuturism concept is based on the idea that the solution to human problems lies in Culture, tradition and African ingeniosity. The term was coined half a century ago by the author Mark Dery in his essay “Black to the Future”. It was brought back to life by the movie Black Panther, with its representation of the Wakanda.
By the way, the theme “Afrofuturisme, quel est ton rêve, quel est ton Wakanda”?(Afrofuturism: what is your dream, what is your Wakanda?) is inspired by the idea vehiculated by the film which will be shown at the end.
Registration is open and will be closed on July 23, 2018. It is free and can be done here by anybody wishing to participate.
US equips Togo with Anti-Drug and Narcotic Equipment
Togolese Ministry of Security and Civil Protection received July 16 a batch of anti-drug equipment provided by the US, Togo First learned.
This donation, estimated at CFA300 million, is to help the country fight more effectively drug and narcotics trade. It includes a number of microscopes, an autoclave, a scale and other accessories for police laboratory.
“It (ed: the grant) will make it possible to detect in a short time the harmful substances which arrive from other countries at the airport, to carry out toxicology tests, and distinguish pharmacy drugs from those illicitly sold on the market,” Commander Comi Djobo, head of the anti-drug department, said in the presence of the US ambassador David Gilmour.
Fiacre E. Kakpo
Togo: World Bank provides CFA16bn for Infrastructure and Urban Development Project
World Bank approved, via the International Development Agency (IDA), $30 million (over CFA16 billion) in financing to Togo to help implement the Infrastructure and Urban Development Project (PIDU). The latter was designed to renovate, rehabilitate and improve infrastructures in underserviced neighborhoods in the three cities of Lome, Kara, and Dapaong.
The fund will also be used to strengthen the institutional capacity of the seven most populous cities which include, in addition to the three above-mentioned, Kpalime, Tsevie, Atakpame, and Sokode. The strategy is set to be achieved through technical assistance and training aimed at ensuring sustainable urban development management in the cities.
“Togo is experiencing rapid urban development, but infrastructure services are inadequate in most secondary cities. This new investment will focus on improving people’s living standard in certain cities. The project also targets the improvement of urban development services, and could eventually lead to other investments,” said Pierre Laporte (photo), World Bank’s country Director of Operations for Togo.
About 2.3 million people are expected to benefit from this initiative, which aims to reduce gaps in the public services’ delivery in the focus cities. According to the Bretton Woods Institution, PIDU could cover the development of road networks and public spaces, drinking water access points, sewage and rainwater disposal systems, as well as small economic and social infrastructures (such as markets, schools and health facilities).
Let’s note that the project (PIDU) is in line with World Bank Group's new 2017-20 partnership framework with Togo. This partnership is expected to put the country on the path to more inclusive and sustainable growth, driven by the private sector and more effective public investments.
Fiacre E. Kakpo
Togo, following IMF’s recommendations, launched a page to disseminate its macroeconomic data
Togo just moved another step forward in regards to data transparency and modernization of its statistics system.
Indeed, a national summary data page (NSDP) was just created to that end. It will help implement recommendations of the enhanced general data dissemination system (eGDDS) which aims to help adhering nations boost their data’s transparency as well as their governance’s, by publishing information that is key to the assessment of macroeconomic conditions.
Data published on the NSDP will be available in various formats so that it can be read by various devices. This page is on the national statistics office’s website and on the IMF’s dissemination standards bulletin board at the following link:
https://dsbb.imf.org/egdds/country/TGO/category
According to the IMF, releasing key macroeconomic data on the NSDP will enable Togo’s decision-makers and other important parties, such as foreign investors and rating agencies, to easily access information that its board considers to be of high value.
Data released on the NSDP will be based on a defined schedule, thus contributing to the development of adequate macroeconomic policies and help obtain good feedback from financial markets.
Louis Marc Ducharme, Head of Statistics Division IMF, lauded this major step towards statistical development in Togo. “I applaud Togolese authorities for launching the NSDP. It is a significant milestone in regards to data dissemination. I am convinced that Togo will benefit from using the eGDDS to further improve its statistical system,” he said.
The eGDDS was established by the IMF’s executive board in May 2015 to support improved data transparency, encourage statistical development and help create synergies between data dissemination and surveillance.
Fiacre E. Kakpo
Togo and Ghana at risk of border dispute over an ultra-deep oil block
Togo and Ghana could instigate a legal battle over oil exploration in the East Keta ultra-deep block. This situation worries the Public Interest and Accountability Committee (PIAC), one of Ghana’s oil regulatory authorities, which published July 16 its 2017 annual report.
Let’s recall that a few months ago, the Ghanaian government awarded the operation of an oil block in East keta to a joint venture made of Blue Star Exploration, Ghana National Petroleum Corporation (GNPC) and Heritage E & P. But Togolese authorities are disputing the move, claiming that the maritime boundary covering the awarded block is a Togolese territory.
PIAC said explorers are being intimidated by the Togolese coastguards anytime they attempt to explore close to the border. “PIAC has noted adverse claims being made by the Togolese authorities concerning the maritime boundary with Ghana in respect to the East Keta Ultra Deep Block and urges government to initiate urgent steps to delineate Ghana's maritime border with Togo,” the report explained.
Let’s note that Ghana just emerged last September from an 8-year maritime dispute with Côte d'Ivoire over a vast oil zone located in the maritime boundary between the two countries. Finally, the verdict handed down by the International Tribunal for the Law of the Sea was in favor of Ghana. Drilling is planned to begin before the end of this year.
Olivier de Souza
Ecobank to suspend its Eurobond, amid difficult conditions in emerging markets
Due to actual difficult market conditions, Ecobank announced it will suspend the roadshow it started for its Eurobond last month.
In an interview conducted last Thursday, Ade Ayeyemi, CEO of the Lomé-based pan-African group, said market conditions in emerging countries hardened over the past three months. “There was no trade war when we started… There were no issues in Turkey. Now, we wait. If things do not calm down, we will just postpone to next year,” Ayeyemi said.
He added that since the group recorded a 50% increase of its post-tax profit this year, it no more needs to seek external funding at the moment.
Ecobank also estimates it has improved its loan portfolio with the volume of its bad debts having slumped. It also plans to reduce its cost/revenue ratio from 60% to 50% in the mid-term.
“Once we have done that, we will be able to produce a return on equity of over 20%,” Adé Ayeyemi said.
Present in about 30 African countries, Ecobank recorded a post-tax profit of $228 million in 2017, and a 10% return on equity, according to Bloomberg. A performance that it owes to a growing number of its digital services users.
Fiacre E. Kakpo
Coris Bank International-Togo starts building a new branch in Kara
Coris Bank International-Togo is, according to reliable sources, commencing the construction of a new branch in the northern part of the country, in Kara which is situated 400km from Lomé, the capital. Sources claim that dimensioning for the project is already underway. ArchiLUX and CIMEX are in charge of the construction.
Opening a new branch in Kara is part of the bank’s expansion plan across the country where it has been operating for 3½ years. This will be Coris’ fifth branch in Togo.
Indeed, the lender presently covers Lomé with four branches, knowingly the main branch, the Grand Marché branch, the Hedzranawoe branch and the Port branch. However, sources close to the institution indicate that another branch is almost fully built in Agoè. In Cinkassè, works are at the same stage as those for the Kara branch.
Let it be recalled that on April 25, 2017, Coris Bank International raised its social capital from CFA5.5 billion to 12.5 billion. This aligns with regulations in place which requires local banks to raise their social capital to at least 10 billion. Moreover, the lender aims through the move to commit more to the whole Togolese population and particularly to its customers.
Séna Akoda