During H1 2018 which ended June 30, Ecobank Transnational Incorporated (ETI) recorded a net result of $168.5 million, up 37% compared to the same period in 2017.

According to the CEO of the Lomé-based Pan-African group, Ade Ayeyemi, pre-tax profit also rose by 41% last semester, standing at $213 million.

Similarly, the group’s treasury grew by about $341.03 million. This is good news, even if its pre-provision operating profit (PPOP) slumped 3% over the period reviewed; especially considering actual tensions between emerging markets, attributed mostly to the trade war going on between China and US. Actually, the treasury’s surge prevented Ecobank from issuing Eurobonds to fund its activities as it had planned.   

Other improvements were recorded in services segments, distinct from corporate and investment banking. The group’s holding, eProcess, investment and assets management divisions, and its Paris subsidiary recorded a pre-tax profit of $112.3 million.  

However, the group’s trading operations fared poorly, slumping 17% to $192.4 million (as compared to $232.6 million in H1 2017). This greatly affected operating profit, despite fee-commission income and interest income on customer loans rising 11% and 3% respectively.    

Assessing these results, analysts from Ecofin Agency said they did not take into account some variables that will impact the group’s full year results. These include an exchange difference on translation of foreign operations of $74.4 million, and a potential loss of $31 million on investment securities. Taking these variables into account, Ecobank would end up with a consolidated profit of $63mln for the recent semester, down by 77% compared to $274.3 million during the same period in 2017 

Fiacre E. Kakpo

Subsequent to the recent adoption of the new land code, the government redefined attributions of the ministry of urbanism and housing.

The new code contains 736 articles and aims to improve land laws tackling speculation and expropriation, and solve the issue of dual registration of a single property, as well as that regarding construction in flooded areas and sell-off of rural lands.

In this regard, the government indeed had to ensure that the ministry of urbanism had an “appropriate organizational and operational framework, allowing the implementation of the new code’s provisions” to satisfy both the people and investors (local and foreign).

Adopted by the parliament last June 14, the new land code takes into account socio-economic and cultural transformations happening in Togo. It also recommends a battery of innovative and fair solutions to develop the agricultural sector.

Togolese Paul-Harry Aithnard has been appointed new Managing Director of Ecobank Côte d’Ivoire and Regional Executive, UEMOA designate.

Aithnard was previously head of the group’s securities and asset management division. He joined Ecobank in 2008, as the Group’s Head of Research. Before that, he worked at BBSP Investment Advisory. He will be coming into office in November this year, replacing Ivorian Charles Daboiko who will be retiring officially.

The Togolese holds two masters degrees, one in Finance (from HEC Business School of Montreal) and another in History (from University of Paris IV). He also holds a Post-Graduate Degree in Business Administration.

Besides Aithnard, Ecobank announced other appointments, taking effect immediately. Indeed, the Ghanaian, Josephine Anan-Ankomah, and Congolese, Yves Mayilamene, were respectively appointed group executive in charge of commercial banking and group executive in charge of human resources.

Last week, PROMECO, a project that aims to boost local economy by supporting agricultural and agropastoral activities, was launched in Tabligbo, in the Yoto prefecture (Southern region).

The project benefits from a FCFA100 million financing (spreading over two years) provided by the Tabligbo municipality and Organisation Internationale de la Francophonie (OIF), among others. It will initially profit six pilot villages, boosting local consumption and diversifying sources of financing.

PROMECO is a local component of OIF’s program to “integrate SDGs in regional, national and local policies and strategies”. The latter’s goal is to improve farmers’ yields and ensure the adoption of environment-friendly agricultural practices.

Besides, it includes many aspects such as boosting processing of local products, making food products more available and teaching local communities about project management.

It must be outlined that the project will focus on cassava, fishing and vegetable production. Under its implementation, semi-modern processing units will be set up for each of these sectors.  

Séna Akoda

To tackle the significant decline of landline services in the country, spurred by mobile’s emergence, Togo Telecom decided to apply a single monthly tariff for landline calls.

From now on, all landline users, except major companies and the public administration, will be able to pay CFA4720 monthly to call each other; regardless of consumption levels. 

Through this move which will be effective starting September 3, Togo Telecom wishes to boost landline services, as they struggle against mobile services.

The recent decision is part of a series of measures undertaken by the public operator to become more competitive, providing its services at a lower cost. To the same end, Togo Telecom will merge with mobile operator Togocel, its first rival in the voice segment.

Fiacre E. Kakpo

Togo and Ghana will soon connect their customs IT systems, in the framework of the First Port Duty Project.

Initiated by the Ghana Revenue Authority, this project aims to better secure customs transactions. In effect, it will help improve customs controls and ease data exchange between both countries’ customs services.

To speed up the project’s implementation, a joint committee will be set up. This was revealed after a meeting between the concerned parties on August 16, at the headquarters of the Togolese Revenue Office – OTR.

Besides interconnecting the two neighbors’ customs IT systems, First Port Duty will require physical collaboration between both administrations. It is a major milestone in their fight against tax fraud which, according to recent data, cost Ghana significant sums.

Octave A. Bruce

The President of the Arab Parliament, Mishaal bin Fahm Al-Salmi, urged Togolese authorities, as well as those of Romania and Honduras to reconsider their decision to move their respective embassies to Jerusalem.

According to Bahrain News Agency, the AP president, in a letter addressed to the three nations’ parliaments, asked them to comply with the UN resolutions, adopted on December 21, 2017, which “oppose any encroachment on the historical and legal status of the occupied city”.  

Al-Salmi warned that any measure aimed at changing Al-Quds (Jerusalem)’s status would have no legal impact and will be null and void.

Let’s recall that on December 21, 2017, nine countries, including Togo, voted against the United Nations’ resolution to condemn US’ decision to recognize Jerusalem as Israel’s official capital.

Fiacre E. Kakpo