Initially aiming at raising XOF20 billion to fund the 2019 state budget, Togo’s Treasury ended up mobilizing XOF18.625 billion, the results of its first operation on the regional financial market showed January 10, 2019. Of this amount the government will however only collect XOF13.625 billion.

The poor performance, though the market seems favorable, comes just after the country closed the year 2018 on good performances. At the beginning of this year, investors were interested in fundraising operations from ECOWAS countries. Benin, for example, on 9 January 2019, succeeded in raising nearly XOF22 billion while it was initially seeking XAF20 billion, in treasury bills with similar characterizes as that of Togo. The day before, it was Niger which, with an initial target of XOF25 billion, ended up mobilizing XOF25.313 billion.

It should however be recalled that 2018 also started off on a smaller performance for Togo, before the country gradually increased to become one of the best issuers on the market.

This year, Togo targets XOF390 billion, including XOF95 billion during the first quarter, to finance the budget.

Six months only after it was launched, the agricultural financing incentive mechanism (MIFA) provided a little over CFA1 billion worth of loans to a total of 5,062 farmers, including 916 women. This is 84% of the number (6,000 farmers) initially aimed at, for the period.

Besides, nearly 12,000 producers were impacted via direct loans and others from aggregators. Also, 4,948 producers, of which 999 women, were given access to insurance, under the scheme.

The MIFA backed more than 120 farmers’ cooperatives, facilitating their access to financings and loans.

Last, over the period reviewed, a total of 15,055 jobs ; 5,363 direct and 9,702 indirect, were created through the MIFA.

The MIFA, let’s recall, is a scheme based on risk-sharing. It was launched on June 25, 2018, to encourage banks to lend more to agricultural value chains. Over the next three years, this mechanism plans to support a million farmers and agricultural players.

On Thursday, January 10, 2019, the West African Economic and Monetary Union (WAEMU) will celebrate its 25th anniversary at its headquarters, in Ouagadougou.

The official celebration ceremony will take place at the Centre International de Conférences de Ouaga 2000, in the presence of Ivorian president, Alassane Dramane Ouattara, also president of the WAEMU’s Heads of State and Governments Conference. Burkina Faso’s president, Roch Marc Christian Kaboré, will also attend the ceremony.

The event’s theme is “Achieving free movement of goods and people together”.

The anniversary will be the opportunity to review progress made towards achieving this objective and overcoming challenges that impede its realization. On the ceremony’s sidelines, officials present will inaugurate the new administrative complex of the institution in the Burkinabe capital.

The WAEMU regroups the eight West African countries that have in common the CFA. These are Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau (since May 2, 1997), Mali, Niger, Senegal and Togo.

Séna Akoda

On Monday 7th January, a five-day training workshop on ways to fight money laundering and terrorism financing commenced. The session is taking place at the Centre de formation des professions de Justice (CFPJ) in Lomé.

Gathered at the meeting are magistrates as well as top members of the police and army. They will be taught how to better fight money laundering and terrorism financing by improving their knowledge and practices relating to these issues.

In effect, the workshop’s goal is to teach “how to appropriately conduct a financial investigation and obtaining tangible results, how to interrogate criminals, how to record minutes,” said Suzanne Soukoudé Fiawonou, head of CFPJ.

The ongoing workshop is one of a series started last December. It falls under a project to strengthen capacities to tackle money laundering and terrorism financing in West Africa (SAMOUA). This project is carried out in partnership with the Inter-governmental Action Group against Money Laundering in West Africa (GIABA).

The next workshop, a more advanced one, will be held in February 2019.

On Sunday, January 6, a new terminal opened at the Abuja Nnamdi Azikiwe international airport. Asky, the Lomé-based pan-African airlines was one of the first airlines to use the terminal.

The airlines transported from Lomé 91 passengers who landed at the terminal, according to a tweet from the Federal Airports Authority of Nigeria (FAAN), Nigeria’s airports management authority.

The presence of Asky on what is Nigeria’s second most important airport after Lagos’ once again is proof of Asky’s growing presence across the African sky.

Asky, in line with its growth objectives and with the support of its partner Ethiopian Airlines, is gradually increasing its fleet.

Séna Akoda

Togo’s post company (SPT) just launched E-Colis, a service that allows its clients to directly order and receive packages from Europe, within the Schengen area to be exact.

With the service, SPT’s customers can purchase any item on any European e-commerce website. It is cost-effective as packages, if many, are not sent separately but regrouped, and international delivery fees are reduced.

Interested people can subscribe to the service, freely, using the following link: https://www.laposte.tg/ecolis/index.html 

Subscribed customers get package delivery alerts and can track their packages on their accounts.

Séna Akoda

The national agency for the promotion and financing guarantee of SMEs/SMIs (ANPGF) in partnership with Togo’s chamber of commerce and industry (CCIT) is organizing a new edition of its “Mercredi de l’Entrepreneur” program, a program dedicated to young entrepreneurs.

During the program which will be held on January 9, 2019, various niches of opportunities for businesses relating to the new tax regime will be presented. This regime has been in place in Togo since January 1, 2019.

The event, which will be hosted by Coco de Souza, should help clear uncertainties that some business owners, young entrepreneurs especially, have concerning this new tax regime.

The goal, via the initiative, is to reassure these entrepreneurs about the government’s desire to promote entrepreneurship through tax incentives, and quiet rising concerns.

Coco Yawovi de Souza is a financial administrator and tax expert at the Togolese national assembly. He graduated from the COFEB (Centre Ouest-Africain de Formation et d’Etudes Bancaires) in Dakar (Senegal) as well as from the Clermont-Ferrand School of Taxes (ENI) in France.

Séna Akoda

Under its bond issuance scheduled for 2019, Togo will try on January 10 to raise 20 billion CFA. This will be done by issuing fungible treasury bonds and bills, at a unit value of CFA1 million.

Under terms and conditions released by UMOA-Titres regional agency, in line with Togo’s general directorate of treasury and public accountability, the issuance aims at mobilizing funds from individuals and companies to finance the country’s State budget.

The same document indicates that the securities issued will have multiple interest rates which are payable in advance and deducted from the bills’ nominal value.

While earnings perceived on the issued securities are tax-free for investors living in Togo, it is not the case for non-residents. They must pay tax imposed in their country of residence.

The fungible treasury bonds which will be issued will mature over 12 months and will be reimbursed on the first open day after the maturity date, knowingly January 9, 2020.

After the coming operation, Togo’s next issuance on the UMOA-Titres market should be fungible treasury bonds, aiming for CFA20 billion. It is scheduled for January 25.

Séna Akoda