Togo First
Togolese population should exceed 8 million this year
Togolese population, both inside the country and outside, should exceed 8 million in 2018. This is according to the latest demographic projections of Ecobank’s research team released yesterday on africaficc. The latter is a new website dedicated to forecasts and analyses of economies where the pan-African bank operates.
According to data from Ecobank, given the strong economic growth that Togo recorded over the past five years and bright forecasts announced for this year, GDP per capita should grow by 7% standing at about $660.
This figure was at $615 and $570 in 2017 and 2016, respectively. According to Banque de France, Gini coefficient, which is used to measure inequality in income in a country, was 46% (0.46) end-2016.
Inequality in income perceived by Togolese people, which were numbered at 7.8 million last year, is thus tangible, amid major socio-economic challenges. Indeed, issues like low access to power, water, basic education and more importantly employment for youth prevent the country from leveraging on its demographic growth (which was 2.5% average yearly, over the past few years) to develop economically.
Fiacre E. Kakpo
Energy: PES Togo celebrates 10-year anniversary
In Togo, a firm specialized in solar power production (PES Togo) recently celebrated its 10-year anniversary in the country.
In this framework, it held open houses from February 24 to March 3, 2018. On that occasion, the firm’s Managing Director, Souleman Nana, recalled advantages of renewable energies while reiterating its commitment to their development. Amongst advantages cited, he mentioned that they are eco-friendly.
Still during the open houses, PES Togo showcased some of its products and emphasized on benefits derived from using solar panels for example.
According to the MD, protecting the environment is vital especially considering the threat of global warming. He added that “only solar and other renewables can be substituted to conventional sources of energy, besides hydropower”.
Marc Dederiwè Ably-Bidamon, Bernadette Legzim Balouki and André Johnson, respectively Togo’s ministers of Energy, Trade and Environment, were present at the open houses launching ceremony.
Togolese government committed to improving access to mining information with Mining Governance Development Project
From credible sources, we learnt that the government wishes to boost access to mining-related information, through the Mining Governance Development Project (PDGM).
In this framework, it plans to put in place a team to draw specifications related to the creation and commissioning of an information access system. The latter’s goal is to disseminate information on mining operations and its technical aspects. The system will also provide information on equipment, academic tools and good practices in the mining and related sectors.
The main component of this project consists in developing efficient mechanisms for the collection and release of sector-focused information, to which will be integrated data on extractive industry. Also, steps will be drawn for the establishment of the mining information centre (CIM).
The team in charge of specifications will also suggest partnerships and provide institutional framework for CIM. Finally, it will draw a business plan to insure the latter’s sustainability.
All these fall under the responsibility of the team but first it will proceed to an initial analysis of systems of access to mining information. To this end, involved parties will meet regularly to ease data collection. The first meeting will be held on March 18, at the Directorate-General of Mines and Geology.
Togo : Kloto prefecture to give its tourism sector a boost
Last Friday at Kpalimé, a touristic city located 120km north-east of Lomé, the Association of Kloto’s Civil Society Groups organized a workshop to validate the first draft of the Tourism Development Plan.
The workshop’s main objective is to establish a favorable framework for the development of responsible and quality tourism in order to mitigate impacts on environment, economy and society.
The meeting was financially and technically supported by the German cooperation through the ProDeGoL which is a programme that focuses on decentralization and local governance. Put in place in partnership with the Kpalimé community and prefecture board of Kloto, this was the occasion to get opinions of actors involved in the development of tourism within the prefecture.
According to organizers, drafting the development plan will lead to the creation of a strategy that will help provide authentic and diversified services, based on local tourism. Therefore, it is vital to train professionals of the sector and make sure that this plan can be implemented in the shortest delays, to boost tourism in Togo.
Let’s recall that the Kloto prefecture is located in the Plateau region and is home to Togo’s highest mountain, Mount Agou (986 m). The prefecture’s average altitude is 700 m and its capital is Kpalimé, which is well known for its touristic assets.
Togo : Mobile transactions doubled in value to stand at CFA263bn, in 2016 (BCEAO)
In Togo, value of mobile transactions more than doubled in 2016, from CFA101 billion in 2015 to CFA263 billion, report from BCEAO shows. Recalling that this figure stood at only CFA5.4 billion in 2014, this is a significant improvement mostly driven by the introduction of many innovative services in the country.
Not only did the value of these transactions soar but their volume did as well. Indeed, over the year reviewed, it doubled standing at 20.3 million operations. Also, the number of people registered to mobile payment services rose to 1.44 million. This is somewhat below 4% of the number of accounts created across the sub-region in 2016.
Though Togo, in terms of subscribers, has not yet reached the average of the region, the country is however the best in regards to active accounts. Indeed, about half (49.88%) of accounts opened in 2016 were active within the 90 days before the end of the year (December 31). All over the union, average for this figure was 34.6% at end-December 2016.
According to the sub-region’s central bank, Banque Atlantique Togo and Moov Togo, through a partnership, were the main drivers of the surge in mobile transactions within WAEMU.
The apex bank adds that most transactions included topping mobile wallets, withdrawals, transfers and purchase of credit. These in regards to volume and value, contributed respectively 90.46% and 94.55% of all transactions.
As for direct payments, in terms of volume, they stood at 24 million thus 3.29% of all transactions and amounted to CFA530 billion overall, thus 4.61% of total.
Fiacre E. Kakpo
Togo now steers Regional Academy of Marine Sciences and Technologies (ARSTM)
Togo will be steering the Abidjan-based regional academy of Marine Sciences and Technologies (ARSTM) for the next 12 months. This was decided during the 11th session of ARSTM’s board which just ended in Lomé.
Togo’s minister of transports, Ninsao Gnofam, who will head the entity will have to make sure that all member-States pay their contribution and continue ongoing projects. “Nowadays, with all the attention given to marine economy, I believe that we have to work with my peers from the other countries to tackle the issue of financing for the academy. The goal is to help the institution fully fulfill its role”, said Gnofam.
The recent session was the occasion for ministers of member-States to review the various mechanisms put in place to foster development and ensure that marine economy really participates to inclusive growth across the region.
The regional academy of Marine Sciences and Technologies (ARSTM) is a maritime, port and industrial training institution. It was created in 1987 in Abidjan, Côte d’Ivoire, and covers all 15 countries across West and Central Africa.
Fiacre E. Kakpo
After two successful issuances, Togo records a low performance for its recent issuance on the regional debt market, this year
Unexpectedly, the recent bond issuance of the Togolese government on the regional market did not go so well compared to those of January 26 and February 16, 2018.
Over a targeted CFA20 billion for this operation, Togo’s treasury was able to raise only CFA3.3 billion, thus a coverage rate of 16%. This is one of the market’s weakest performance since the beginning of this year.
Yet, last Friday’s issuance shared the same characteristics as those of Jan 26 which was oversubscribed at 107%. Indeed, nominal value was CFA10000 with interest rate set at 6.25% and maturity period at 3 years.
Now, with the issuance’s outcome, the hope born from the announcement of a political dialogue last January 26, to resolve the crisis that the country has been experiencing since last August, seem to be fading.
Truly, the dialogue has not yielded any tangible results, but there are now many rumors circulating about its outcome. For now, the date at which it will be reopened is unknown.
Additionally, with the meek performance on the regional market, the possibility of an investment from MCC (dependent on the pacific resolution of the crisis which could have reinforced investors’ confidence) has weakened. This situation could last a few weeks more.
Until then, the next issuance of Togolese treasury is planned for mid-March.
Fiacre E. Kakpo
Togo: Société Générale d’Intermédiation (SGI-Togo) goes under restructuring
Société Générale d’Intermédiation (SGI-Togo) has started its restructuring, according to local weekly “La Nouvelle Tribune” in its release of March 1, 2018.
According to the newspapers, this operation will directly impact the firm’s management. In detail, the position for deputy managing director will be created. The initiative aims at making the firm’s management more transparent.
Also, the company’s board of administration is looking for a new managing director, to be better positioned in the intermediate finance industry.
This is as the current MD, Mensah K. Assigbi, resigns. However, pending arrival of his replacement, he still heads the firm.
According to the newspapers, the outgoing MD has failed to handle the operation to borrow CFA60 billion via public offering launched by Togo. The transaction was finally handed over to CGF Bourse which is based in Dakar.
Togo: Soon, a law to promote and develop renewable energy would be adopted
Soon, a bill to promote and develop renewable energies should be passed in Togo, we learnt last Thursday during a conference organized by the Business Climate Cell. The meeting was focused on the “electricity connection” indicator of the Doing Business.
In effect, writing of the draft bill and provisions for the law started in March 2017, with the support of the ECOWAS centre for renewable energy and energy efficiency (ECREEE) and the German cooperation GIZ.
In line with its strategy to provide all Togolese people with renewable energy of quality by 2030, the government is working on putting in place the adequate framework to enable the development of a sustainable and performant power supply system, based on public-private partnerships, both individual and collective, that are capable of fostering economic and social growth.
Though at first, not much interest was shown for renewables in Togo, things have started changing positively and very quickly, since 2017, with the first solar plants of the country launched. One of the major projects related to renewables is CIZO which aims to provide more than two million Togolese with electricity.
Fiacre E. Kakpo
CEET to raise CFA50 billion to engage reforms aimed at improving its services
To improve the quality of its power network, major reforms are being planned at the Togolese power utility, Compagnie Energie Electrique du Togo (CEET).
To effectively engage these reforms, the firm plans to raise $75 million (about CFA50 billion). Among the reforms which would affect customer management, there is restructuring of entities in charge of industrial customers while another concerns the introduction of smart meters.
Actually, to improve its relations with industrial clients, CEET plans to meet them every six months. This is to discuss ways to improve the quality of services it provides them.
In order to also disseminate information related to the reforms it plans, the power utility says it will meet regularly with the press.
Still under reforms, CEET intends to review its legal and institutional frameworks. In details, this would involve the revision of the Benin-Togo electricity code, ARSE’s reform, and putting in place a favorable legal framework to foster the development of renewable energies in Togo.