Togo First
AFD provides €8 million in a project to support ecological transition in five ECOWAS nations, Togo included
The project to support agro-ecological transition in West Africa (PATAE) was launched April 27, in Abuja. The project currently covers Burkina Faso, Mali, Côte d’Ivoire, Senegal and Togo.
With €8 million (CFA5 billion), AFD supports this project which will extend over four years, from 2018 to 2021.
PATAE will in detail finance field projects supporting agro-ecological intensification and experience-sharing, to help draw public policies, according to ECOWAS top authorities.
According to ECOWAS commissioner for agriculture, environment and water resources, Sékou Sangaré, this initiative will foster ecological transition in agriculture, food and nutritional security in West Africa, especially in areas with arable land degradation, low rain and natural resources degradation issues.
According to Sangaré, PATAE will be an experimentation field which will later be expanded to other member-States of ECOWAS.
Fiacre E. Kakpo
Togo-Qatar: Six conventions and memoranda signed to boost bilateral cooperation
During a visit in Doha, a Togolese delegation led by President Faure Gnassingbé himself signed on April 30, six conventions and memoranda of understanding with Qatar’s emirate.
Under these agreements, holders of diplomatic and special passports from any of the two countries can visit the other, without a visa. Also a mechanism of periodic diplomatic consultations will be set up to boost cooperation between the two nations.
Besides, Lomé and Doha committed to mutually promote and preserve investments and foster collaboration in the economic, commercial and technical sector.
Last, a memorandum of understanding was signed between Qatar’s chamber of commerce and Togo’s chamber of commerce and industry, in addition to a partnership agreement in the law sector.
It should be emphasized that before the conventions were signed, Togo’s leader met with Qatar’s, Sheikh Tamim Ben Hamad al-Thani.
Fiacre E. Kakpo
Togo seeks another CFA20 billion on UMOA-Titres market, by issuing fungible treasury bonds
Togo’s public treasury wants to raise CFA20 billion on UMOA-Titres financial market. This is the second operation of such size in Q2 2018 and it will occur on May 4, a note from UMOA-TITRES reveals.
According to the source, fungible treasury bonds issued by Togolese treasury have a nominal value of one million CFA per unit. It comes with multiple interest rates to give much margin to investors. It matures over twelve months thus on May 5, 2019.
Let’s recall that the country’s two most recent issuances were very successful, recording a subscription rate of more than 100%.
Results for the current operation will be released May 4.
Séna Akoda
Togo: Faure Gnassingbé announces major investments in health sector
Government plans to make significant investment in health sector, said President Faure Gnassingbé last Friday during his speech for the 58th anniversary of Togo’s independence.
The investments align with major projects launched by Lomé, to enhance hospital management and improve health services. “Besides putting management of public health centers under contract, massive investment will be made to rehabilitate various infrastructures and renew equipment,” the President said.
In this framework, Togo’s largest hospital, CHU Sylvanus Olympio, was contractualized on April 24, 2018, and two new major hospitals will be built to take care of cases that currently need to be transferred abroad. One of these facilities will be built by Indian firm Ping Pong Global.
Togo’s President also said training in health sector will be improved. This will lead to the construction of four nursing schools in Dapaong, Atakpamé, Kpalimé and Tsévié respectively.
Fiacre E. Kakpo
Two Togolese fintech startups run for first prize at African Digital Awards 2018
Two Togolese startups were nominated in the framework of the African Digital Awards (ADA) which rewards 10 innovative tech firms and SMEs from seven African countries (Côte d’Ivoire, Burkina Faso, Senegal, Ghana, Rwanda, Benin and Togo).
The two Togolese firms are SEMOA Group headed by Edem Adjamagbo and Namcredit which is led by Ayawo Ameganvi.
The first is a startup that specializes on e-payment solutions. As for Namcredit, it also is a digital platform to send call credit (Moov, Togocel, Togotélécom), cash via Flooz or internet data to friends and relatives across Togo.
The two Startups wish to win the first prize for the ADAs. It is possible to vote to support them via the following link: https://docs.google.com/forms/d/e/1FAIpQLScR-c4AnYnbeirjblZksxwm1P_35yv841-oyLgZWd49aZcZew/viewform.
Awarding ceremony should take place on June 16, in Cotonou, Benin.
Séna Akoda
Qatar and Togo in talks to boost their economic cooperation
Togo and Qatar just agreed on signing soon, an agreement to allow their respective diplomats to travel between the two countries without visas, to foster their cooperation.
This was during a work visit in Doha, between Togolese minister of foreign affairs, Robert Dussey, and his Qatari counterpart, Sheikh Mohamed bin Abderrahmane Al-Thani.
In order to boost bilateral relations between the two nations, a memorandum of understanding covering the economic, commercial and technical sectors, as well as that of air transport; and another on reciprocity in regards to promotion and preservation of investments, will be soon signed.
Following the minister’s visit, Togo’s President Faure Gnassingbé went to Qatar himself, invited by the latter’s Emir for a 48-hour visit. This was relayed by the Presidency’s website, republiquetogolaise.com.
Fiacre E. Kakpo
Togo to host its first Insurance, Banks and Financial Institutions fair on May 24
In Togo, professionals of insurance firms, banks and financial institutions will meet in Lomé, for a fair on 24-26 May, 2018.
According to the event’s initiators, its main goal is to create a platform for exchanges between actors of the finance and public sectors.
This is the first edition of the fair and its main purpose is to augment the number of involved actors; ease search for new partners and democratize services provided by banks and insurers, and make them more visible through media.
Séna Akoda
President Gnassingbé says €100M will be invested in the TIRSAL fund to boost agricultural sector
Togo’s government plans to invest €100 million (more than CFA65 billion) in the Togo Incentive-Based Risk Sharing System for Agricultural Lending (TIRSAL). This was revealed by President Faure Gnassingbé today, April 27, on the sidelines of Togo’s 58th independence anniversary.
“With the help of TIRSAL fund whose capital is €100 million, or CFA65 billion, the issue of access to financing faced by farmers will find an inclusive response, and subsequently interest rates on loans will be reduced,” the Head of State said.
While the government will raise a significant portion of monies needed for the fund, the President counts on financial and technical partners, lenders, insurers but also private investors for the remainder.
Launched on April 25, 2018, TIRSAL aims at reducing risks associated with agriculture and provide guarantees for agricultural loans granted by financial institutions (banks, decentralized financial systems, cooperatives). Its main purpose is to boost farmers’ access to loans, at a low cost. Its creation falls under the 2018-2022 national development plan.
Fiacre E. Kakpo
Between 2012 and 2017, Togo’s government wrote off 36 ships from its registry, due to illegal activities
Between November 14, 2012 and November 26, 2017, Togo’s government has prohibited 36 ships from operating on its seas. These include among others Pioneer 168, Fat Crow, Med Way, Kun Peng, Albany and more, all operating under the Togolese banner.
Maritime affairs directorate says the ships carried out illegal activities and thus hurt Togo’s reputation.
Let it be recalled for example the case of the Togolese ship arrested in Sicilian waters for smuggling diesel loaded from Libya. This had greatly impacted the country’s image.
By deregistering the ships, the government wants to tackle the issue and ensure that ships are well registered and subsequently improve business environment in the maritime sector.
Séna Akoda
Togo: Remittances from diaspora reached nearly 9% of GDP in 2017
Remittances from Togolese diaspora to their relatives and friends at home were at 8.7% of the country’s gross domestic product by the end of 2017, a report released by World Bank April 22, 2018, reveals.
Proportionally to GDP, Togo was the seventh country to have received the most funds from its diaspora in the sub-Saharan African region. It comes ahead of nations like Mali (6.9% of GDP), or even Nigeria (5.6%) which captured the most remittances in Africa and is the fifth worldwide in this regard, with more than $22 billion received in 2017.
According to World Bank’s report entitled “Migration and Remittances: Recent developments and Outlook”, money transfers to sub-Saharan Africa (SSA) are the most expensive worldwide (cost about 29% more than global average).
The document highlights that West Africa captured a significant portion of the remittances in SSA. Indeed, based on GDP, eight countries of the region are found in the top 10 of countries that received most funds from their diaspora in sub-Saharan Africa. These are Liberia, The Gambia, Senegal, Cape Verde, Togo, Guinea Bissau, Mali and Nigeria.
In regards to the volume of transfers captured also, West Africa also had a strong presence with Nigeria ($22 billion), Ghana ($2.2 billion) and Senegal ($2.2 billion) leading the race. In this top 10, Mali ($1 billion), Liberia ($0.6 billion) and Burkina Faso ($0.4 billion) which are all in West African are also listed.
Fiacre E. Kakpo