With a second quarter getting off to a great start marked by two successful issuances, Togo’s treasury plans to raise CFA50 billion on the regional financial market this month. The operation covers two 3-year and 5-year issuances of OAT fungible treasury bonds whose results are scheduled for July 20.

The sales occur as the country is regaining a foothold on the market, reflected by the latest successful operations. Indeed, two of the last three treasury issuances over-performed.

Out of the CFA55 billion sought in Q2 2018, Togo successfully captured CFA54 billion. However, the treasury retained only CFA51 billion. Still, this performance exceeds that of neighboring countries whose issuance curve are unsteady.

In Q3, Togo plans to raise CFA130 billion, broken into CFA110 billion OATs and CFA20 billion fungible treasury bills (BATs). As scheduled, the country’s OATs issuances target CFA50 billion in July, CFA40 billion in August and CFA20 billion in September. The only BAT-related transaction of CFA20 billion is scheduled for September.

Overall, the 8 WAEMU countries expect to mobilize CFAF916 billion through auction, divided into CFA438 billion treasury bills and CFA478 billion treasury bonds during the quarter.

 Fiacre E. Kakpo

Last week, Nouvelle société cotonnière du Togo (NSCT) rewarded the best cotton producers of the six production regions in Togo. The producers were awarded at the end of the tenth edition of the Togolese farmers’ forum (Forum national du paysan togolais-FNPT) held in Kara.

These farmers (54) were awarded on the basis of the productivity per hectare (yield per hectares) and the quality of their products.

The laureate (the best women producers and the best male producers) received tricycles, agricultural inputs, recognition certificates and funds ranging from CFA600,000 to CFA1 million.

According to Nana Nanfame, director of NSCT, this decision to award the producers is aimed at stimulating the sector (which has been affected by the climatic variations during the past campaign) to achieve better production. “Our aim is to distinguish the best, motivate and support the producers' groups for better production”, he explained in statements published by Agridigitale.

Let’s remind that for the current cotton campaign (2018/2019) launched at the end of  May 2018, the production is expected to reach 140,000 tons with yields estimated at 1,000 kg per hectares while the yield during the last campaign (2017/2018) was 117,000 tons. NSCT aspires to boost the production to 200,000 tons with improved yields estimated at 1,600 kg per hectares and 95% of premium cotton by 2022. Let’s also remind that about 40% of Togo’s exports revenues is generated from cotton.

Fiacre E. Kakpo

On July 7, 2018, Komi Selom Klassou, the Togolese prime minister met with Siddhart Jaain, managing director of the Indian company Ping Pong Global, to discuss the planning and construction of a reference hospital in Togo.

Announced in March 2018 after a memorandum between the Indian company and the government, this meeting is the concretization of the project. This hospital of international standard will host 300 beds with modern equipment.

This project “will help resolve health problems not only in Togo but also in the sub-region”, said Siddhart Jaain at the end of the meeting. “We will invite Indian doctors to work there and Togolese of the diaspora as well to contribute to the resolution of health problems in Togo”, he added.

With this project, the government just confirmed its will to improve the country’s health system by upgrading sanitary infrastructures and encouraging Public-private partnerships.

Though the location where this infrastructure should be built is not confirmed yet, the managing director of Ping Pong Global is optimistic. “We have the government’s support. On behalf of the president of the republic, the prime minister assured us that he will rapidly take all the appropriate measures to prepare the place to ensure that the project is effective”, he said.      

Togo’s raw cashew exports to India, the world’s largest processor, soared by 54% to 9,088 tons at the beginning of 2018, Rongead revealed in its N’kalo report released end-June.

Beside Côte d’Ivoire and Nigeria whose exports to the Asian nation slumped recently, other West African cashew producers recorded good performances this year.

Ghana’s exports to India grew 71%, standing at 45,418 tons over the period reviewed. As a result, it stole Côte d’Ivoire’s position, as the leading West African cashew supplier to India (volumes of cashew exported by Côte d’Ivoire fell 11% as compared to 2017).

Over the first five months of 2018, Nigeria exported 12,303 tons of cashew to India, as against 6,730 tons at the beginning of 2016.

Volumes exported by Benin, Burkina Faso, Guinea, Guinea Bissau, Gambia and Senegal stood at 10,593 tons (+42% from 2016), 4,950 tons (+101%), 1,336 tons (+912%), 577 tons (+173%), 52 tons (+4%) and 63 tons respectively, at the beginning of this year.

Fiacre E. Kakpo

Togo’s agricultural sector has recorded some positive results these past two years. Data disclosed at the recent national farmer forum launched in Kara yesterday, revealed.

The data indicates that food supply, compared to needs improved relatively well. For example, for grains, the supply and demand coverage ratio which was at 105.9% in 2015 rose to 106.35% in 2017. Over the same period, this ratio for meat and fishery products grew also to 58% and 35% respectively, against 55% and 24% in 2015.

The various improvements helped reduce poverty rate from 61.7% in 2006 to 53.5% in 2017.

Lauding the performances, Ouro-Koura Agadazi, minister of agriculture, said: “I am convinced that agriculture is a major lever for wealth and job creation, one that will spur inclusive development and economic growth”.  

In fact, the sector contributes nearly 40% of gross domestic product. A figure which should improve gradually with new schemes such as the Incentive Mechanism for Agricultural Funding (MIFA) or the Agropole Development Project (PRODAT).

Séna Akoda