Togo First
School Assur: Nearly 1.5 million pupils out of 2 million targeted benefit from the initiative so far
In Togo, the School Assur project actually benefits 1,468,391 pupils spread across of the country’s economic regions. This project aims at providing free health insurance to pupils and high school students in all of Togo’s public schools and was launched August 30, 2017.
In detail, 184,693 students benefit from the scheme in the Central region ; in Kara, they are 288,776 ; in Plateaux, they are 380,693 ; in the Savannas region, they are 233,338.
Combined students in the Lomé-Commune and Maritime regions are 441,539 overall to benefit from the initiative: 189,023 and 252,516 respectively.
It should be indicated that the project is still at its pilot stage and will see each beneficiary get CFA30,000 during 2017-18 academic year.
The School Assur project is financed by the government (CFA3.5 billion) which implements it in partnership with insurance firms NSIA and Ogar.
According to Prof. Moustapha Mijiyawa, it should enable a “40% coverage of population”.
Séna Akoda
Renewables : University of Lomé to help Togo build a 25MW wind park
Togo could, according to Prof. Komlan Batawila, build a 25MW wind park, to tackle its current power issues. This, he said during a regional workshop on “renewables’ challenges in West Africa”, organized by the University of Lomé, and West African Science Service Center on Climate Change and Adapted Land Use (WASCAL).
According to the lecturer, the project would greatly fulfill its 2012 commitment to reduce CO2 emissions under its energy plan. It would be the country’s first wind park despite having large space and strong sea winds.
However, Togo has opted for solar power. One of the project involving this technology is the CI-ZO project, which benefited recently from a $40 million grant from India, on the sidelines of the International Solar Alliance (ASI) in New Delhi. Under this project, Togo will have its access to electricity boosted through the provision of PV solar kits.
19.32 million tons of oil and gas were sent to port of Lomé in 2017
In 2017, Lomé’s port received about 19.32 million tons of oil and gas. This is against around 13.99 million tons, according to data from ministry of transports.
Over the past year, number of oil tankers that brought the resources to Togo also soared, rising from 1311 in 2016, to 1375.
Regardless of this improvements, one major challenge is security at the Autonomous port of Lomé, which by the way helps landlocked States access the sea. The increase in activity at the port comes with some risks indeed, mainly related to the handling of oil and gas as these are flammable. “An oil spill would have drastic consequences on our marine and coastal ecosystem, as well as our seaside tourism, artisanal fishery and port activities,” said maritime prefect, Colonel Takougnadi Neyo.
Togo to raise CFA15 billion next April 20, out of CFA50 billion planned for Q2 2018
Under its plans for public securities issuance in Q2 2018, Togo’s public treasury will try next April 20, to raise CFA15 billion of fungible treasury bonds (FTB). It will be the country’s first issuance on the regional market this quarter. Overall, it plans to raise up to CFA50 billion throughout the quarter.
The sum will be mobilized, in detail, through two FTBs of CFA15 billion each, planned respectively for April 20 and June 8, 2018, and the issuance of fungible treasury bills, on May 11, worth CFA20 billion.
April 20’s transaction, according to UMOA-Titres is stipulated to have a 3-year maturity, thus maturing at April 23, 2021. Its proceeds will be divided into securities having a nominal value of CFA10000 per unit. Interest rate was set on 6.25% and value date was set on April 23, 2018.
June 8’s issuance will also mature over three years while May 11’s will be over a year.
Let’s recall that out of CFA90 billion it aimed to raise during Q1 2018, the nation mobilized nearly CFA77 billion on the regional debt market. This, in an unfavorable political context. For its latest issuance, it recorded a 108.59% coverage rate raising 21.7 billion over CFA20 billion targeted.
Séna Akoda
BBOXX to raise £2.5M to provide solar kits to four African nations, Togo included
British firm BBOXX, which specializes in solar energy said last Thursday it wants to raise, with the U.K government’s support (25%), 2.5 million pound sterling ($3.5 million). This is in the framework of the Energize Africa initiative launched by crowdfunding platform Lendahand Ethex.
With the monies, the UK firm intends to provide more new-generation solar kits in Rwanda, DRC, Nigeria and Togo to which it supplies off-grid power sources, under national electrification scheme.
According to BBOXX’s top executives, the fundraising will be the first of a series that should generate up to 10 million pound sterling ($14 million) over the coming years, providing 100,000 African households with access to clean and cheap energy.
Since 2010 when it was created, the firm has raised nearly $60 million and installed 150,000 power systems, satisfying the needs of 750,000 people. Now, it wants to raise more than $100 million by 2020, to provide electricity to 20 million Africans.
Let’s recall that in Togo, BBOXX, under CIZO scheme, has already benefited from a $4 million financing from Union Togolaise de Banque (UTB).
Fiacre E. Kakpo
Bolloré group soon to appear before court regarding case of concession of ports of Conakry and Lomé
French business mogul Bolloré, CEO of eponymous firm, should soon be auditioned by French judges in the framework of an investigation concerning his activities in Africa, Challenges reported citing Reuters, April 12, 2018.
According to the French magazine, justice will look into Bolloré’s takeover of the Conakry port’s concession in Guinea and that of management of container terminal at Lomé port, Togo.
In effect, the judges suspect Bolloré’s management of having resorted to communication group Havas, then controlled by Bolloré, to ease the elections of Guinea and Togo’s presidents, in exchange for port concessions.
Contacted by Reuters, Bolloré’s lawyer, Olivier Baratelli, said the firm is not aware of the audition but he did not deny the existence of this “old case”, which “dates back to 2010”.
Regarding the coming hearing, besides Vincent Bolloré, many other executives of the group will be heard.
Fiacre E. Kakpo
IMF welcomes Togo’s application to join G20’s Compact with Africa program
Togo has applied to Compact with Africa scheme. A delegation from the International Monetary Fund (IMF) disclosed this to the press April 10 after the second review of “Extended Credit Facility (ECF) program”. “The delegation lauds efforts made by authorities for Togo to apply to G20’s scheme Compact with Africa,” a statement from the Bretton Woods institution reads.
Angela Merkel, who initiated the program, aims to “attract more private investments to help African nations achieve sustainable growth” and also reduce migration to Europe. IMF believes Togo is right to apply and that the latter might even be accepted, especially looking at the potential benefits of the scheme.
Indeed, the German funding depends on some criteria related to reforms aiming to, among others, foster good governance, transparency, fight for human rights and against corruption. In depth, this scheme closely resembles the Millennium Challenge Account.
Regarding the actual program, it should be noted that Tunisia, Ghana and Côte d’Ivoire already benefited from Germany’s financing in its framework.
Séna Akoda
Togo: Sociopolitical crisis causes companies’ results to drop (CCIT)
This is one of the conclusions of an investigation, ordered by the Chamber of Trade and Industry of Togo (CCIT), on the impact of sociopolitical crisis that has been occurring in the country since August 19, last year, on the economy.
Sample population for the study comprised 912 companies operating all over the nation: SMEs and SMIs with less than 10 employees and big firms with at least 250 employees.
According to the report, 71.93% of firms surveyed said their turnover fell, while 82.77% said their performances decreased since the crisis began. Meanwhile, 74.34% of the companies declared they are presently in a bad financial situation. For most of the firms, the slump in turnover ranges between 25 and 50%.
CCIT’s initiative, to conduct the study, aimed at drawing the attention of the crisis’ protagonists (government-opposition) on the consequences that the situation could have for the economy if it lasts. Germain Meba, President CCIT, in fact said that leaders from the two opposing sides would benefit from reaching an amicable solution, since “none of them would be able to lead a country with a suffocating private sector and an economy on its knees”.
Togo: Government teams up with PAL’s authorities to better tackle risks related to flammable products transiting via the port
Togo’s government, with authorities of the Autonomous Port of Lomé (PAL), wants to put in place a more efficient coordination framework in the event of accident involving flammable products used at the port. This was reported by Republic of Togo citing conclusions from a reunion of the national institute in charge of sea-related actions (ONAEM).
According to the online media, significant volumes of flammable products transit through the port and handling them involve some risks.
Truth is there is no real cooperation between the State and PAL, even if both respectively have an emergency saving organization plan and efficient means to prevent and react to an accident.
For his part, the minister of infrastructures and transports says it is urgent to find ways to achieve synergy. In 2017, more than 1,375 were docked at PAL supplying tens of thousands tons of oil and gas.
Fiacre E. Kakpo
World Bank disburses $210M to fight coastal erosion in West Africa
Togo and some other West African nations with access to the sea, thus Benin, Côte d’Ivoire, Sao Tomé and Principles, and Senegal, will get $210 million from World Bank to finance a regional project which aims to make populations more resilient to coastal erosion.
The project, steered by benefiting States, falls under the West Africa Coast Management Program (WACA), World Bank said.
With this investment, the Bank intends to develop various ways to fight coastal erosion, such as fixing sand dunes, restoring humid areas and mangroves, beach nourishment and building protections and dikes.
The project will focus on reducing flooding, “fighting pollution by better handling sea waste, as well as industrial and municipal waste, and oil spills”.
“The resilience investment project-WACA is a collective response to an urgent need to fight coastal erosion using an integrated and regional approach. It will help make West African people more resilient to the phenomenon and transform their means of subsistence,” said Makhtar Diop, Vice President of World Bank Africa.
In detail, the funding comprises a $120 million loan and a $70 million grant from the International Development Association (IDA), as well as $20.23 million provided by the Global Environment Fund (GEF). Additionally, the Northern Development Fund (NDF) and the French Fund for Global Environment should respectively provide €13.1 million and €1.3 million for the same project. Other lenders are also expected to back the initiative.
Let’s recall that Mauritania is part of benefiting nations.
Fiacre E. Kakpo