The International Organization of the Francophonie (OIF) just launched the 2018 Young Francophone Entrepreneurs Award, which is the contest’s second edition. The goal of the event’s promoter and its partners, namely Nouveau-Brunswick (Canada) and CONFEJES is, to encourage, reward and valorize the Francophone youth’s dynamism, excellence and creativity in terms of entrepreneurship and sustainable wealth creation.

In effect, the contest will reward the two best entrepreneurs, a man and a woman who will each receive a €10,000 financial support, in addition to technical support.

The contest is also to help show how important private businesses are for the development of African economies, and it is also a way to valorize successful young entrepreneurs, the OIF said in the call for proposals it issued related to the event.

In the framework of selection, priority will be given to entrepreneurs operating in the following sectors: education (with a particular accent to the French language promotion), culture, circular economy which is supportive or help adapt to climate change.

There is also sustainable development and agriculture (under green economy), ICT, and the blue economy (fishery, aquaculture, marine resources). The award will be given in October 2018 during the 17^th Summit of the Francophonie in Erevan, Armenia.

Deadline for submission of proposals is July 30.

Séna Akoda

Adoption process for a new customs code has started. On June 11, 2018, deputies started a plenary session to study the document.

According to credible sources, the new bill should complete and amend that of April 24, 2014. Among new measures to be added include that regarding disposal of seized or abandoned goods. Others relate to tax evasion and other types of infringement, as well as to declaration control after clearance.

The adoption of the new code falls under a battery of reforms implemented by Togo’s Revenue Office (OTR) to boost tax and custom revenues for the benefit of State budget and local communities.

Séna Akoda

From 6.4% in Q4 2017, GDP of the West African Economic and Monetary Union (WAEMU) grew by 6.5% in Q1 2018, driven by local demand. This, in the context where prices of oil, cashew, cotton, cocoa, and gold went back up, and prices of palm oil, coffee and rubber slumped.

The figure was disclosed in a statement released at the end of the second ordinary session of the WAEMU’s monetary policy committee (CPM), held last June 6.

Commenting on the figure, the governor of the Central Bank of West African States (BCEAO), Tiémoko Meyliet, also chairman of CPM, declared: “this growth which began since 2012, continues at a pace that we deem satisfying as it exceeds 6%. It is one of the strongest growth rates in Africa at this time”.  

Moreover, average inflation rate in the union grew by 0.9% in Q1 2018, as compared to the previous quarter. The committee attributes the rise to an increase in food prices resulting from cereal prices soaring in some Sahel nations.

By the end of 2018, inflation rate is expected to rise by 1.5%, well in line with goals set by the community in terms of price stability.

In regards to budget deficit, the States forecast the figure at 3.8% of GDP in 2018, against 4.2% in 2017. However, CPM urged WAEMU States to keep making efforts to raise internal funds, in order to bring the gap down to 3% at end-2019.

Given the satisfying conditions, CPM has decided to maintain its benchmark rates. Hence, minimum interest rate for application to demand for liquidity supply, which is the BCEAO’s main benchmark rate, remains at 2.5%, the same since Sept. 16, 2013. Similarly, interest rate on marginal lending facility was kept at 4.5% and reserve ratio imposed to banks within the union was maintained at 3%.

Fiacre E. Kakpo

Last Friday, a delegation from Eximbank of China was received by President Faure Gnassingbé in Lomé to discuss opportunities to support Togo’s socioeconomic development.

Leading the delegation was the Chinese institution’s Vice President, Sun Ping, who told the press after meeting with the President: “This is my first time in Togo. It is a very beautiful country and I believe that in the future, the China-Togo relationship will be deepened via the support of our bank. We foresee great things for the China-Togo cooperation”.

Besides the president, the delegation met with other officials from the ministry of economy and finance.

Eximbank of China financed many projects in Togo, at concessional rates. For example, the Lomé airport terminal and installation of fiber optic falling under the e-government project.

Séna Akoda

The International Monetary Fund (IMF) office in Togo released May 7^th a report on economic outlook for the sub-Saharan Africa region, in the presence of the minister of planning and development, Kossi Assimaidou.

The document forecasts a slight recovery of economies in the region. Economic activity is expected to rise by 3.4% and demography by 2.7-3%.

The timid rise can be attributed both to situational and structural reasons. Truly, the drop in prices of commodities and decline in terms of trade started since 2015, and keeps weighing on African economies which, for the most part, still have a lot of structural challenges.

Also, the economies have issues raising funds on their own via tax collection, or attracting private and foreign investments mainly due to poor infrastructures and business climate.

According to Kossi Assimaidou, each country should make more efforts to reverse this trend by achieving a more robust growth.

Concerning Togo, the timid restart report indicates that despite sociopolitical protests recorded in Q2 2017 which impaired performances of the tertiary sector, local economy should grow by 4.9% in 2018, against 4.4% last year. In 2019, it should grow by 5.2% according to IMF. In sight of these promising projections, the minister of planning ensured that the Togolese government will relentlessly keep improving public finances and implementing reforms to achieve a more inclusive and sustainable growth.

Fiacre E. Kakpo

The ministry of agriculture, husbandry and fishery, and Société Togolaise de Karité (Togo’s Shea Corporation) initiated a vast program to pre-finance the shea sector.

According to local newspapers Togo Press, the project will be developed in three regions which are the Central region, Kara and the Savannah region. It aims to boost and protect local shea production against foreign speculators.

Long-term goal is to empower women that work in the sector and make sure it is more viable.

The first region to benefit from the project is the Central region where 13 shea farming cooperatives got a pre-financing facility valued at CFA6,280,000, as well as protective equipment (boots and gloves). “Farmers, I urge you to more perseverance and I promise cooperatives the support of Société Togolaise de Karité, STK, for their growth, said Elisabeth Pali-Tchalla, President of the Shea sector in Togo.

For his part, Moussibaou Séidou, Director General of Agriculture, Husbandry and Fishery said “the pre-financing operation, which aims at securing this key sector, contributes to the country’s economic growth”.

Togo, let’s recall, joined the Global Shea Alliance in March 2018. The West African nation which is currently the 7th largest shea nut producer in Africa is also among countries that are likely to host the 12th global meeting in this sector.

Séna Akoda

From June 5 to 7, 2018, the Office for the Development and Exploitation of Forests (ODEF) held open days to inform the public about its activities over the past 40 years.

During the event, exchange sessions and furniture exhibitions took place. ODEF revealed that so far it has reforested, enriched or developed about 12,000 hectares of State lands.

Between 2013 and 2016, the office indeed produced 500,000 seedlings including 255,000 teak stumps. It also purchased 3 million seedlings and stumps for its reforestation programmes.

“ODEF is committed to a sustainable management of Togolese forests, with the support of local communities. This is why, we want the people to be at the heart of exchanges regarding all our operations across the country,” said ODEF’s managing director, Gbadoé Edjidomélé.

With ODEF’s contribution, the size of protected ecosystems increased over the past three years, from 7% to 7.4%. Meanwhile, the size of restored areas (previously degraded) expanded to 210 ha in 2015, from 171.5 ha in 2014.

Séna Akoda

West Africa’s leading incubator, CTIC-Dakar, which has been appointed by the Togolese ministry of posts and digital economy to conduct feasibility study for a Tech Hub project in Lomé released yesterday the results of this study.

The results’ presentation took place in the capital in the presence of the minister of digital economy, public and private actors, Tech communities, various associations, banks and also actors of the Tech industry.

In detail, the study looks at advantages and challenges of the project, potential support mechanisms and its structure.

It will serve as a roadmap for the tech hub’s installation. The facility, let’s emphasize will be built on a 3,000 m2 dedicated area. It will include a “Fablab”, modular conference rooms, co-working spaces, meeting and training rooms, recreational areas, etc.

“The facility will be a hybrid, multipurpose and open space to foster meetings, exchanges, debates, creativity and innovation among entrepreneurs, investors and other decision-makers of all sectors,” the minister of digital economy said.

According to Togolese authorities, setting up the tech hub is part of various projects developed by the ministry of posts and digital economy, such as “Wifi Campus”, or the “Digital Working Environment (ENT)”.

Fiacre E. Kakpo