Togo First
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
Togo to set High Authority for Quality and Environment to protect consumers
Togo wishes to set a High Authority for Quality and Environment, said Yaovi Attigbé Ihou, minister of Industry and Tourism. This was on the sidelines of the launch, April 11, 2018, of regional workshop on United Nations guide on guidelines for consumer protection.
The new institution will focus on making marketable products of quality but also look into environmental concerns.
According to the minister, the need to protect consumers, institutionally, is due to the fact that they are the “weak link” in the producer-marketer-consumer chain.
This is a major source of concern for West African nations, especially in the current context, of globalization, creation of new markets as well as exchange liberalization and most importantly with more fake products and services being supplied to various markets.
Regarding the issue of quality, States alone could not overcome it. “Regardless of the system of quality control put in place by the State or public powers, action of consumer associations remains extremely significant,” the minister said. Indeed, these associations are counterweight against industrials and marketers to ring the alarm bell that often calls authorities to take action.
In Togo, major consumer associations include the Consumers League of Togo and the Togolese Consumers’ Association.
Séna Akoda
Soon, commercial courts will be set in Togo
As reforms to improve Togo’s business climate are still being implemented, “one of the medium-term objectives of the government” is to establish commercial courts. This is revealed in a document from the Business Climate Cell.
According to this source, in the long run, the project should lead to the specialization of civil and commercial jurisdictions, at the institutional level, into first instance and appeal courts. Once materialized, the reform would help respond to an issue pointed out by business holders, which is: legal and judicial security.
In effect, from first instance to conflict solving between economic operators, the latter want to have the assurance that their case will be handled by a competent judge, who solely deals with business-related cases.
Togo, let’s recall, already set commercial chambers that solely take care of commercial conflicts ; the nation even has special commercial chambers for cases involving minor amounts.
Séna Akoda
Togo: State spends CFA2.9bn to subsidize fertilizers for 2018-2019 agricultural campaign
Togo raised about CFA2.9 billion to subsidize fertilizer purchase in the 2018-2019 agricultural campaign, says Ouro-Koura Agadazi, minister of agriculture, husbandry and fishery.
The subsidy will profit only “vulnerable” farmers selected all over the nation, “based on certain criteria”. According to sources, these are farmers owning between 0.25 and 1 hectare of arable lands. This would help them boost their output and be more autonomous, financially.
Overall, 36,700 tons of fertilizer is expected in the framework of the project. Private companies selling this fertilizer will also get involved in distribution process. Ideally, these firms would have at least a sales spot in each of the 385 cantons where the 244,597 vulnerable farmers identified live, according to data released. The main objective is for the fertilizers to be closer to these farmers.
Also, the subsidy would help lower price of fertilizers from CFA13,000 to CFA9,000 a bag. Each farmer will get three bags.
Séna Akoda
Togo : Number of firms created in Q1 2018 increased by 13.6%
In Q1 2018, the number of firms launched soared by 13.6% year-to-year, according to statistics from the Centre for Business Formalities (CFE).
This increase results from reforms implemented by the government to improve business climate. Overall, 2,935 enterprises were created in the first three months of the year, against 2,583 a year earlier.
In detail, 2120 of those firms were Togolese, which is 83% of the total. Remaining companies, 417 overall (about 16% of total) were foreign.
Data also shows a constant increase monthly since January 2018. The related figure rose by 4%, 12.4% and 26% respectively in January, February and March 2018, as compared to the same months last year.
This trend should be maintained throughout the rest of the year and even accelerate further if the current sociopolitical crisis that the country experiences comes to an end. This will also be as a result of the various measures initiated by Lomé to improve its business environment.
Among these reforms, there are : reduction of fees to launch a business, online business creation, creation of business under private deed, liberalization of social capital for LLCs, issuance of construction permit in few days, reduction of cost and delay needed to connect users to power grid. All these, promote entrepreneurship in Togo.
Fiacre E. Kakpo