Togo First
BBOXX, active on CIZO project, raises $50M from Mitsubishi and others for its expansion
BBOXX, the first operator active on the CIZO project in Togo, just raised $50 million at the TICAD VII.
Most of the funds raised came from Japanese giant Mitsubishi with other investors including ENGIE’s arm promoting access to sustainable energy, the Luxembourg-based investor Bamboo Capital Partners, DOEN participaties and Mackinnon, and BENNETT & Company.
The monies will be used by the British firm to continue its global expansion in Africa where it operates in 12 countries at the moment, and Asia.
According to BBOXX’s CEO, Mansoor Hamayun (photo), Mitsubishi’s investment reflects Japan’s interest in Africa and for Pay-as-you-go (PAYG) solar energy as well.
BBOXX Togo has since 2018 provided more than 8,000 households with solar kits. It should be noted that half of the firm’s stakes is held by EDF.
Séna Akoda
World Bank renews support to Togo's national reform plan
The World Bank’s country office in Togo has renewed its support to the government’s national reform plan. This was yesterday in Lomé, during a review of all reforms implemented by the country at end-June 2019
After it said it is satisfied by reforms implemented, knowingly the adoption of a new tax code, the operationalization of Lomé’s court of commerce, the reinforcement of the statistics system or the first budget orientation debate, the Bretton Woods institution has announced a new battery of budgetary supports for Togo.
The reforms implemented by the government, let it be noted, helped make the country’s business environment more attractive.
According to Thierry Yogo, who spoke on behalf of the World Bank’s country representative in Togo, Hawa Cissé Wagué, the review “helps assess progress made with the reforms, but also identifies their weaknesses and strengths and recommends corrective measures.” Then, lauding the authorities’ efforts, he added: “The new budgetary support will surely help consolidate realizations achieved over the past two years and accelerate reforms already engaged to improve public management and make the health sector more viable, financially.”
From 2017 to 2018, the World Bank spent $92 million to support Togo’s reforms.
Séna Akoda
Customs of Togo, Burkina Faso and Niger ink agreement to interconnect their IT systems
Customs offices of Togo, Burkina Faso and Niger signed last Friday in Ouagadougou a memorandum of understanding to enact the interconnection of their IT systems.
Representing Togo at the signing was Atta Kwawo Essien, Head of Regional Customs Operations at the Togolese Revenue Office (OTR). This signing falls in the framework of the establishment of the Interconnected System for the Management of Goods in Transit (SIGMAT) started last March 22.
The project aims at simplifying transit at the three neighbors’ borders. Concretely, once a truck set to reach Niger or Burkina Faso is declared in Lomé, related information will be shared between customs offices of the two concerned locations (origin and destination). According to website Sidwaya.info, which cites Burkina Faso’s customs, SIGMAT should be operational “latest” by next October 1st.
Ayi Renaud Dossavi
Seventh Tokyo International Conference on African Development, TICAD VII, begins
The opening ceremony for the 7th Tokyo International Conference on African Development (TICAD 7) just took place in Yokohama, Japan.
The theme of this edition is: “Advancing Africa’s Development through People, Technology and Innovation.” The president of Togo, Faure Essozimna Gnassingbé, is at the event with a delegation. The latter organized last Monday, a business forum with actors of the Japanese private sector where they were presented opportunities Togo has to offer, in terms of investment.
The following day, President Gnassingbé met with top executives of Mitsubishi who were recently in Togo and expressed their interest in the Togolese power sector, especially in the CIZO project.
At the TICAD 7, the “Yokohama declaration” and a related action plan for its implementation should be adopted.
The event, according to its organizers, should gather more than 4,500 participants.
Séna Akoda
Togo: Ministry of security opens hot line to denounce corrupt security forces
From now on, any person asked for bribes or mistreated by security forces or aware of a criminal act can denounce it through a dedicated hot line. The corresponding number to call in such cases is 1014.
This measure, announced last Monday, by the ministry of security, aims at tackling corruption, incivism, and criminality, by ensuring that appropriate actions are taken immediately.
Let’s recall, the High Authority for Prevention and Fight against Corruption and Related Offenses (HAPLUCIA) had also recently opened a hot line (8277) serving the same purpose.
Ayi Renaud Dossavi
Togo : Contour Global shares its expertise with local actors of renewable sector
Yesterday in Lomé, Contour Global’s Togolese branch shared its expertise and offers on renewables with various actors of this sector in Togo, during a roundtable.
In Togo, the firm has a 100MW natural gas-fired power plant. However, it also operates in Italy, Peru, Brazil, Austria and Bulgaria in wind, solar, and hypower plants.
The firm has decided to invest in the West African country in line with its desire to contribute to the reduction of greenhouse gas emissions.
Ayi Renaud Dossavi
An IMF delegation is expected tomorrow in Lomé
A delegation from the International Monetary Fund (IMF) is expected to be in Lomé from August 28 to September 10.
This delegation, which will be led by Ivohasina Fizara Razafimahef (photo), will assess the implementation of reforms the institution agreed with Togolese authorities, under the fifth review of a three-year program of $224.8 million, backed by an extended credit facility (ECF).
This new review could if satisfying, just like the four previous ones, result in a new fund release by the IMF.
The reforms, it should be recalled, are monitored by the Bretton Woods institution and are the options picked by Togo at mid-2017 as it was suffering a public debt of 80% of GDP. At the time, authorities took this path to “reduce budget deficit and ensure long-term sustainability of debt and external position.” Moreover, the move aimed at “reorienting actions of public authorities towards inclusive growth leveraging well-defined social expenditures and sustainable infrastructures spending.”
If so far, most of the reforms implemented meet the IMF’s expectations, a major roadblock remains the delayed privatization of UTB and BTCI, two public banks (which have been facing difficult financial conditions).
Since the ECF-backed program began, Togo received from the Fund a total of $174.94 million.
In Q1 2019, Togo’s main export destinations were Burkina Faso, Benin and India
Togo’s main exports in Q1 2019 were Burkina Faso, Benin and India, with the first leading the pace.
Indeed, over the year’s first three months, 17.4% of the country’s exports, valued at XOF20.1 billion, were sent to its northern neighbor. This is slightly lower than the previous year, over the same period, knowingly 19% of Togolese exports (amounting to XOF21.1 billion).
Burkina Faso imported mostly from its neighbor, in Q1 2019, clinker (XOF3.9 billion), plastic bags, sachets, pockets and cones (XOF2.1 billion).
Benin comes next capturing 16.7% of exports in the first quarter of this year, against 9.9% last year, over the same period (respectively valued at XOF19.3 billion and XOF11 billion). Exports to Benin comprised mostly beauty products, and clinker.
Last is the Asian giant, India, which imported XOF13 billion of goods (11.2% of Togo’s exports in value) in Q1 2019. This is a significant increase compared to the previous year where it imported XOF3.6 billion of goods from the West African country (+8% year-on-year). India mostly imports phosphate from the country.
Ayi Renaud Dossavi
Togocel partners with IPNET Institute of Technology to train high school students in programming
In Togo, public mobile operator Togocel has teamed up with IPNET Institute of Technology, a local ICT school, to train science students till next 30 August.
The training will focus of Python language and benefit 66 students overall (33 in Lomé and 33 in Kara). In Lomé, the training takes place at the headquarters of IPNET and in Kara it does at the Eyadéma military High School of Tchitchao.
This is a free course and it falls under Togocel’s social responsibility but through it, Togo’s oldest mobile operator primarily wants to “nurture student’s creativity and their problem-solving capacity.” The company also hopes that such initiatives would in the long run bridge Togo’s digital gap.
Séna Akoda
Togo and Egypt in talks to strengthen cooperation in agriculture
After jointly building the Abatchang agricultural modern farm (in the central region of Togo), Togo and Egypt want to further strengthen their partnership in the agricultural sector.
On a five-day mission in Cairo, a Togolese delegation led by the president of Togolese parliament, Yawa Tsègan Dzigbodi, laid the founding stones for this stronger relation.
On this occasion, the Togolese official invited Egypt’s private sector to invest in Togo, in the national development plan to be specific. Indeed, two thirds of the funds required for this plan which spans from 2018 to 2022 should come from the private sector.
Séna Akoda