Faure Gnassingbé is in Seoul for the Africa-Korea Summit which started on June 4, 2024. On the opening day, the Togolese leader delivered a speech highlighting his country's commitment to economic openness and strategic development.

Gnassingbé emphasized the importance of outward-looking development, stating that Togo cannot "pretend to live isolated." He noted that his country's strategic positioning at the crossroads of West Africa makes it a major entry point, thanks to its deep-water port. "It was therefore natural for Togo to develop as a regional hub and open up to West Africa, a market of 400 million consumers undergoing rapid transformation," he said.

The Togolese president also emphasized the need for a business-friendly environment, citing legal certainty and fiscal stability as key measures to attract more players to the country. He highlighted the importance of public-private partnerships and other initiatives to promote openness.

Gnassingbé also touched on agriculture, which employs 65% of the population and accounts for 40% of GDP. He emphasized the development of agricultural development zones, agropoles, and ZAAPs, which have led to significant increases in agricultural yields. "The results of this voluntary state involvement are obvious. Agricultural yields have surged, tripling in just a few years. We need to build on these successes," he noted.

Gnassingbe then stressed the importance of reconciling "openness to the world and rootedness in our territories." He noted that economic growth and environmental concern are key priorities, as well as the accumulation of wealth and its equitable sharing.

During the summit, the leader of Korea, the host country, promised to double official development assistance to African countries, reaching $10 billion by 2030.

Lomé is hosting the 15th meeting of the Africa Initiative, an international forum promoting good tax practices. Started yesterday, June 3, the event ends on June 5. It is organized by the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Office Togolais des Recettes (OTR), and the Ministry of Economy and Finance. It has gathered over 100 participants from 40 countries and a dozen international organizations.

The three-day event, co-chaired by Philippe Tchodie, Commissioner General of the OTR, and Edward Kieswetter, Commissioner of the South African Revenue Service (SARS), is a platform to assess the Initiative's 10-year commitment to tax transparency on the continent, share experiences from member countries, and exchange best practices.

The meeting will focus on strengthening the partnership to enable participating countries to tackle tax evasion and other financial flows better, and to mobilize national revenues.

"Today, tax administrations face considerable challenges such as illicit financial flows, corruption, and evasion. But these challenges offer us unique opportunities to strengthen our regional and international cooperation," stressed Akou Mawussé, Director of Cabinet of the Ministry of Economy and Finance, who officially opened the proceedings.

The meeting will also be marked by the publication of the latest annual report on tax transparency in Africa. To date, the Africa Initiative has 39 member countries, including Togo.

Octave A. Bruce

The Competence Center for German Export Financing for West and East Africa is now open in Togo. On June 3, in partnership with the Togo Chamber of Commerce and Industry (CCI-Togo), the German Center presented its export credit guarantee opportunities to some 400 Togolese entrepreneurs in Lomé.

Through the Center, Togolese businesses, SMEs especially, can benefit from substantial financial support for their projects. For example, a Togolese entrepreneur wishing to set up a production plant could obtain a loan covering a third of the total cost of the equipment purchase. This loan can be repaid over up to 20 years.

The Center also facilitates negotiations and the signing of collaboration agreements between the Togolese operator and the German supplier.

This offer from Germany, according to Nathalie Bitho, President of the Special Delegation of the CCI-Togo, "responds to the major problem of the low financial capacity of Togolese companies".

For her part, Emilia Von Mittenheim, the Center's Director, notes that her structure's main ambition is to increase partnerships between Togolese and German economic operators.

Esaïe Edoh

Togo will close a new issue on the WAEMU securities market on June 7, 2024. Through the simultaneous issue - fungible bills and fungible bonds - the country hopes to raise CFA35 billion. 

In detail, Lomé plans to raise CFA15 billion through the bills and the rest through the bonds. The former securities have a par value of CFA1 million, mature over 182 days, and offer varied interest rates. The latter securities have a par value of CFA10,000 with two maturity periods: three and five years. The securities yield an interest of 6.15% and 6.40%, respectively. 

As usual, proceeds will help plug the 2024 State budget which stands at CFA2,179 billion, spending and income.

So far this year, Togo raised CFA393 billion on the WAEMU Securities market. This is more than 50% of the amount the country seeks on this market in 2024, knowingly CFA607 billion. 

Esaïe Edoh

Togolese President, Faure Gnassingbe, is in Seoul, South Korea. The African leader attends the first Korea-Africa Summit which began today and ends tomorrow.  

The event aims to bolster and diversify cooperation between the host and participating nations. 

On the summit’s sidelines, an economic forum will be held to deeply explore partnership opportunities between Togo and South Korea, in sectors including investment, energy, trade, infrastructure, agriculture, digital, health, and education. 

Read Also: Togo and South Korea Look to Deepen Their Cooperation

Togo and South Korea have been diplomatic partners since 1963. Over the years, they have cooperated in various areas, such as food security, health, and climate change. For example, the Asian country backs the Kara Agropole project and various projects to advance education in the Savanes region. 

Ayi Renaud Dossavi 

The Artificial Intelligence Week (AIW) is on. The event opened today and will close on June 4, 2024. It is hosted at the 2 Février Hotel in Lomé, Togo, under the high patronage of President Faure Gnassingbé.

Held under the theme "AI IN TOGO AND AFRICA: CURRENT STATE, OPPORTUNITIES, AND SOCIETAL CHALLENGES," the event promises a diverse program, including conferences led by experts, interactive workshops, technological demonstrations, and presentations by innovative companies in the field of AI.

It aims to raise awareness and educate the general public about AI and its current impacts. Professionals, academics, and tech enthusiasts will have the opportunity to exchange on the technology and better appropriate it, through practical exercises. 

This is also a networking event for participants.

Ayi Renaud Dossavi

Lomé will host the next Pan-African  Congress. The event will receive 20 young Africans and Afro-descendants and various delegations. The Togolese Ministry of Foreign Affairs recently unveiled the chosen 20. 

Following a call launched by the Ministry, they were picked ahead of preparations for the forum.  The youths come from different parts of Africa, its diaspora, and communities of ancestry (West Africa, Central Africa, North Africa, East Africa, Southern Africa, African diaspora, and Afro-descendant communities). 

Set to take place from October 29 to November 2, 2024, the 9th Pan-African Congress aims to foster dialogue, innovation, development, and cooperation in Africa. For the coming edition, the theme is "Revival of Pan-Africanism and the Role of Africa in Multilateral Institution Reform: Mobilizing Resources and Reinventing to Act".

See the list of the 20 selected youth here.

The Regulatory Authority for Electronic Communications and Posts (ARCEP) in Togo is launching a new satisfaction survey on June 3rd. The goal is to evaluate consumer perceptions of telecommunications operators, including mobile and fixed internet services.

The survey will cover the entire country, focusing on user satisfaction with services and customer relations. It will also identify reasons for dissatisfaction and areas for improvement.

Consumers will be notified through SMS and asked to participate in the evaluation. The aim is to gather a wide range of opinions and experiences, reflecting the diversity of telecommunications users in Togo.

This survey is part of a continuity of similar actions conducted by ARCEP in previous years to ensure the quality of telecommunications services in the country.

Previous surveys have led to specific recommendations for each operator in Togo or have paved the way for sanction procedures.