Togo First
Togo to close Q2 2019 through a last XOF20 billion issuance on sub-regional financial market
Next Friday, Togo will proceed to a last issuance of fungible treasury bonds on the regional financial market. According to UMOA-securities which disclosed the information, the country will try to raise XOF20 billion through the operation.
The latter will mature over 36 months and its interest rate is 6.25% while nominal value per unit security is XOF10,000.
Subscribed securities will come into value starting from July 1, 2010 while reimbursement should end June 3, 2022.
This operation will be the last for the current quarter during which Togo performed well on the regional financial market.
Séna Akoda
Togo: PASA and PPAAO have shown better results in Q1 2019
The portfolio performance for the PASA and PPAAO, two projects financed by the World Bank in Togo, has improved during the first quarter of 2019. This was disclosed by the institution’s representative resident, Hawa Cissé Wagué, on June 20 at a mini-review of projects the World Bank finances in the country.
The representative attributes the improvement to “actions undertaken by all parties involved in the projects’ implementation,” before adding that “the rate of disbursement has risen to 19%, which is above the average in Africa.”
PASA, the agricultural sector support project, let’s recall cost more than XOF26 billion and aims at boosting Togo’s agricultural output. As for the PPAAO, it focuses on improving mechanisms and processes for the expansion of improved technologies in the agricultural sector. It cost more than $17 million, $12 million of which was provided by the World Bank.
Ayi Renaud Dossavi
Lionel Zinsou: Togo’s reforms impressed "everyone in Europe"
On June 14, 2019, Lionel Zinsou, Benin’s former prime minister and managing partner at SouthBridge Group took part in a panel entitled “Togo, le centre d’affaires, d’investissement et de la haute finance émergente d’Afrique de l’Ouest” (Togo : The emerging business, investment and high finance hub in West Africa). This was on the second day of the first Togo-EU economic forum in Lomé.
During the panel, the former manager of the large investment fund in mainland Europe presented Togo’s comparative advantages.
According to him, the reforms operated since 2010 to modernize key infrastructures such as the Port of Lomé, have paid off.
“Togo is exceptionally ahead on every subject related to maritime safety and blue economy,” Lionel Zinsou said.
He indicated that thanks to this advance, the country has comparative advantages to fulfil its ambition which is to make Togo a logistics and financial hub.
Lionel Zinsou said he was impressed by the way Togo matches words with actions.
“Togo says what it does and does what it says,” the Franco-Beninese said with satisfaction. He also revealed that the promptness in the implementation of those reforms “impresses everyone in Europe.”
These breakthroughs, the Afro-optimism’s flag-bearer attributes them to President Faure Gnassingbé’s leadership.
“Port of Lomé is above all the president’s vision… It is only here and in Kribi that 8,000-container ships can be received,” he said.
Indeed, between 1968 (when the last wharf was dismantled in Lomé) and 2019, the port platform has become one of the most important transhipment ports in the sub-region.
“Port of Lomé is a good example because, in Lomé, there are people who have invested and will continue to invest billions of dollars in the port platform,” Lionel Zinsou said.
He advises Togolese authorities to also attract Mauritius banks, focus on professional training for financial services, promote bilingualism and strengthen infrastructures, in the telecommunications sector notably, to make the economy attractive.
As a keynote speaker for the panel, there was Ade Ayeyemi, Ecobank group’s managing director. The participants included Dominique Strauss-Kahn, former managing director of the IMF, and Ronke-Amoni Ogunsuliré, country manager at the IFC for the West African region. The exchanges were moderated by Paul-Harry Aithnard, managing director of Ecobank Côte d’Ivoire.
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.