Togo First
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
Togo : 57% of the population had access to drinking water in 2017, up 15% compared to 2013
Over the past five years, access to drinking water in Togo has improved from 42% in 2013 to 57.22% in 2017. However, supply of water and sanitization services remain a major challenge.
According to the 2017 public assistance report (RAPD 2017), government’s efforts to implement action plan for the water and sanitization sector (PANSEA) helped achieve significant results, in line with sustainable development goals (SDGs) and SCAPE.
In details, rate of access to drinking water in rural areas soared from 47.3% in 2013 to about 65.77% in 2017. In semi-urban areas, this rate rose from 42% in 2013 to 58.94% in 2016, then slumped to 57.7% in 2017.
In urban areas, though this rate increased by 9% between 2013 (40%) and 2017, it also slightly decreased from 2016 to 2017, according to the RAPD.
In regards to sanitization, significant improvements were recorded.
Access to drinking water and sanitization for all is the sixth sustainable development goal (SDG 6).
Fiacre E. Kakpo
Togo conducts the Pilot Stage of AfDB Pan-African Manioc Development Project
Togo will receive technical support from the International Institute of Tropical Agriculture (IITA) under the African Agricultural Transformation Technologies (AATT) initiative. The latter is part of the “Feeding Africa” strategy.
In this framework, Togo welcomed July 9-10, a delegation of the institute based in Abuja, which works with partners to improve crop quality and productivity, and reduce risks for producers and consumers.
This visit, which is the second of the sort (the one held from June 18 to 21 being the first), enabled the IITA delegation to take stock of the cassava sector in Togo, chosen between 35 countries to serve as the program’s starting point.
Let’s note that during these two visit days, the delegation checked existing facilities, analyzed production data, as well as specific studies conducted by ITRA. It also organized information sessions for the youth. Subsequently, an action plan was established to provide the cassava sector with a refined technical assistance, focusing on the introduction of SAH (Enhanced Intensive Plant Material Production) technology and the delivery of bred seeds.
Specifically, the AATT initiative aims to implement actions that can speed up the agricultural transformation in Africa, through higher productivity of rice, cassava, millet, sorghum, groundnut, cowpea, livestock, corn, soya, yam, cocoa, coffee, cashew nuts, palm oil, horticultural products, beans, wheat and fish.
Ultimately, all these actions pulled should generate nearly 513 million tons of additional food and lift nearly 250 million Africans out of poverty by 2025.
Fiacre E. Kakpo
Togo: Government supports cultural industry with CFA400M
Togo plans to infuse the plural cultural industry with new energy through a call for proposals under the Culture Assistance Fund, which amounts to CFA400 million.
Launched by the Ministry of Culture, this initiative intends to support heritage promotion and cultural/creative industries by boosting their potential. Moreover, it aims to support the sub-sectors’ professionals in efforts towards harmonious socio-economic development.
According to document seen by Togo First, eligible subsectors include performing arts, plastic arts, cinema and audiovisual, literature and cultural heritage. Although cultural actors plead for an upward review of this fund, the project itself reflects government’s desire to develop a sector that could generate jobs and drive growth.
For the record, Togo adopted last May 8 a draft law on cinema and moving image code during a Minister’s Council. The objective is to foster the emergence of the local film industry over the “too strong” consumption of foreign films which “convey exogenous ways of thinking and acting that are gradually replacing endogenous cultural values”. Furthermore, the government plans to make cinema a growth and development booster.
Séna Akoda
Togo : FDIs soar by more than 400% standing at $145 million in 2017 (UNCTAD)
Foreign direct investments (FDI) in Togo surged back in 2017, after a negative performance (-46.5 million $) the year before.
According to data from the UNCTAD, FDIs in Togo in 2017 stood at $145 million, thus hiking more than 400%, over a year.
Despite the fall in prices of commodities, oil’s most significantly, having reduced FDIs flow to Africa in general, West Africa suffered more from the crisis and distinguished itself as the second region of the continent to receive the most FDIs after North Africa. Indeed, the region captured 21% of all FDIs captured by the continent, or $11.3 billion (-11% compared to 2016).
Though West Africa performed relatively well, compared to other parts of the continent, in terms of FDIs captured in 2017, the overall slump was spurred by lower performances recorded by Nigeria (-21% to $3.5 billion), Guinea (-64%), Mali (-25%) and Liberia (-45%). Ghana also attracted more FDIs over the period reviewed.
Besides these few countries, others in the sub-region such as Togo did quite well. Truly, the latter recorded a 400% surge. There is also Sierra Leone (+300%), Benin (+40%), Burkina Faso (+24%), Côte d’Ivoire (+17%), Senegal (+12.7%) with respectively $560 million, 184 million, 485.9 million, 674.7 million and 532.3 million of FDIs captured in 2017.
Fiacre E. Kakpo & Séna Akoda
Source: http://www.unctad.org/en/Pages/DIAE/World%20Investment%20Report/Annex-Tables.aspx
WAEMU: Togo implements 65% of the community reforms
Out of the 122 WAEMU community reforms engaged on a community level, Togo implemented 79 and is a community model in that regard. This was revealed by Kossi Toffio (photo), the chief of staff of the economy ministry during this year’s edition of the annual review of the political reforms in the framework of WAEMU’s programmes and projects, launched on July 16, 2018, in the Togolese capital.
The aim of this meeting is to measure the efforts made by Togo in the implementation of such reforms.
As far as these reforms are concerned, the country’s implementation rate is 65%, a bit above the average in WAEMU (62%) in 2017.
Such performance is due to the adoption of the uniform act on money laundering and terrorism financing in WAEMU. In addition, there was the publication of three series of decrees on the protection of the roadway heritage and related equipment, the regulation of electronic services and transactions as well as the universal electronic communication and services.
Séna Akoda
Togo : CFA95 million provided to farmers in the framework of MIFA
MIFA (Mécanisme Incitatif de financement agricole), the scheme launched with great enthusiasm to encourage investments in the agricultural sector receives a great boost.
On July 13, 2018, the cooperative of rice and Cassava producers of Tagnamboul, Dankpen, a region known for its high agricultural potential, received the first check in the framework of the initiative inspired by the Nigerian success-story NIRSAL.
In Kara, in the North, for the Evala celebration, Faure Gnassingbé, the Togolese president took this opportunity to meet actors of the agricultural sector and gave them a check of CFA95 million (a financing from SOGEMEF-Société Générale de Micro et Méso Finance). This will help the producers improve their production and competitiveness.
Let’s remind that the MIFA was officially launched on June 25, 2018, by Faure Gnassingbé, to develop the agricultural sector (which provides jobs to about 70% of the active population with a contribution to GDP estimated at 40% and a participation to economic growth estimated at 1.7% in 2017). It is a risk-sharing scheme aimed at increasing the funds destined farmers. Thanks to it, 6,000 farmers should receive loans at preferential interest rates, by the end of this year.
This scheme which will involve banks and microfinance institutions in the development of the agricultural sector is also aimed at promoting mechanization, innovation, and the use of agricultural inputs. Above all, it wants to transform the sector into a real pillar for job and wealth creation.