The West African Development Bank, BOAD, disbursed over CFA700 billion to support WAEMU States in the first half of 2024. The Bank disclosed the figure last Thursday, June 27, during the 142nd Ordinary Session of its Board. The BOAD President, Serge Ekue, chaired the session.

"The mid-term review of financial forecasts for the 2024 financial year shows that in the first half of 2024, global financing granted by the Bank is estimated at 712.7 billion CFA francs, representing an execution rate of almost 86% of the annual program of activity", said Ekue. This "with respectively 64% of loans granted to States and 7% to public enterprises", he added.

Regarding resource mobilization, the BOAD seeks to raise more concessional funds to support development across the WAEMU.

According to Serge Ekue, although this mid-term review is "broadly in line with our objectives", it is now a matter of "intensifying our efforts in the mobilization of resources, notably concessional, even pre-concessional, their allocation, to provide our States and our populations with responses commensurate with the needs expressed and expectations."

At its recent board meeting, the BOAD released CFA60 billion for Togo, in support of two projects: the Agropoles project and the development of the Tchaasémondè - Gandé - Agbang road. The sum was allocated out of CFA162 billion newly allocated for the WAEMU.

Ayi Renaud Dossavi

Togo is the top WAEMU member in terms of financial inclusion. "In 2023, the rate of use of financial services in Togo reached 87.1%, fruit of the concerted efforts of the government and financial sector players," said Mazamesso ASSIH, Minister of Financial Inclusion, last Thursday, on the sidelines of a regional consultation workshop on the revision of the regional financial inclusion strategy.

Togo started working on its national strategy for financial inclusion in 2021. Since then, the country has been launching affordable financial products for its people,  especially the vulnerable and those living in rural areas.

"Financial inclusion gives every individual, regardless of social status, gender, age or geographical location, the opportunity to access a diversified range of financial services tailored to their specific needs and aspirations," said Minister ASSIH. "By promoting savings, investment, entrepreneurship, and risk management, financial inclusion helps to reduce poverty, strengthen household resilience, and stimulate economic growth in our countries.", she added.

Towards a new sub-regional strategy

At the sub-regional level, the WAEMU launched a regional financial inclusion strategy in 2019. 

According to Mazamesso ASSIH, Togo’s new regional strategy should meet every resident’s needs, improve financial education and consumer protection, foster digital financial inclusion, and leverage technology to make financial services more accessible and affordable.

Lomé-based airline Asky recently unveiled plans to purchase two Boeing 787s per year.

The carrier revealed its ambition at the 2024 AviaDev Africa, which ended on June 21 in Windhoek, Namibia.

According to Martial Tevi-Bénissan, Asky's commercial director, the plan might be hampered by a global plane shortage, especially the Airbus model that Asky seeks.

"There is currently an availability issue on the plane market. But at least we can revise our plan because we don't want to be stuck. When you look at the market for this year, there's almost no availability, mainly because of delays in the delivery of new aircraft. If we cannot go through with our initial plan,  we will add a new aircraft and at least one destination every year," the executive declared.

Asky’s ambition to expand should both help the company be more competitive and contribute to Lomé’s goal of becoming an air travel hub in the sub-Saharan African region.

Esaïe Edoh

Togo plans to develop the Souroukou waterfall, located 15 kilometers from Djarkpanga in the central region. The Ministry of Tourism approved the feasibility study for this project on June 28, 2024.

The study indicates that the project will cost CFA 1.55 billion and run for three years. It aims to improve the region's infrastructure and attract more visitors. Minister of Culture and Tourism, Kossi Lamadokou, highlighted the waterfall's “exceptional potential” to draw local and international tourists.

Hier, le 27 juin 2024, j'ai présidé l'atelier de validation du rapport d'étude de faisabilité du projet de valorisation du site de la Cascade de Souroukou, situé dans la Préfecture de Mô, en présence des experts et des cadres de la Préfecture de #Mô ⤵️#TourismeTogo #CultureTogo pic.twitter.com/bqlj7slt8J

— Kossi Gbényo Lamadokou (@GbenyoLamadokou) June 28, 2024

The project will sustainably develop infrastructure around the 190-meter-high waterfall, the highest in West Africa, thus improving the life of the Mo prefecture's people. According to Mafissa Assingguime, director of tourism development planning, the site is ideal for development, given its accessibility and features, including a pool.

Akalo Kofi, a legal expert in charge of the project's legal aspects, said the project would create jobs for the local youth and generate revenues for residents. “It will also contribute to opening up the region and promoting Togo as a tourist destination,” he added.

Togo has many other waterfalls besides Souroukou, in the Plateaux region especially. These include the Yikpa, Kpimé, Womé, and Akakpotoé waterfalls.

Ayi Renaud Dossavi

A delegation of US Senate officials was in Togo last week. They met with Sandra Ablamba Johnson, Minister Secretary General of the Presidency. 

Topics discussed include the Togo-US economic partnership, projects fostering socio-economic development in the African country, as well as Lomé’s efforts to make the Togolese business climate more favorable to big investments.

Nous avons eu le plaisir de recevoir le mercredi 26 Juin 2024, une délégation d'officiels américains pour une rencontre consacrée à l'approfondissement des liens économiques entre nos deux nations.

Ensemble, nous avons pu noter les avancées majeures du Togo dans le domaine des… pic.twitter.com/mACeamvSQc

— Sandra ABLAMBA JOHNSON (@SandraA_JOHNSON) June 29, 2024

The participants also reviewed US programs for which Togo is eligible, including the Millennium Challenge Corporation (MCC) and the African Growth and Opportunity Act (AGOA).

Under the MCC, Togo awaits funding for energy, digital, and land-related projects.  It has been in the Compact program formulation phase since December 14, 2022. As for the AGOA, it has helped Togo have easier access to the US market for the past two decades, with Togo's exports to the US totaling $12.9 million in 2020, compared to $213.5 million in imports.

The recent visit of the US delegation is expected to yield new opportunities for collaboration and development between the two countries.

Esaïe Edoh

Togo has adopted the "Smart Valleys" system to boost its rice sector. This is a sustainable system for managing rice-growing lowlands. It was recently introduced to 120 farmers in Blitta, with the support of the West African Food System Resilience Program (FSRP).

The "Smart Valleys" system helps retain rainwater in fields, thus reducing flood-induced fertilizer loss while increasing yields.

Farmers introduced to the system learned low-cost techniques for better water and space management in rice fields. They also received essential equipment, including wheelbarrows, boots, ropes, cutters, decameters, and picks.

The training aligns with Togo's ambition of producing 1,115,087 tonnes of rice by 2030.

Esaïe Edoh

Togo's media regulatory body, the Haute Autorité de l'Audiovisuel et de la Communication (HAAC), has sent a "last formal notice" to the French news channel, France 24. The Togolese entity accuses France 24 of "inequitable treatment of information and the dissemination of false news". The claim concerns a story covering maternities at the Sylvanus Olympio Hospital.

According to a letter that the HAAC addressed to France 24’s managing director, the report is titled "Maternities Amidst Medical Staff Shortage”. The regulator claims the media shot its report "without authorization from the hospital's management" and "did not take any steps to gather the CHU.SO management's version to confront the facts reported in the report". Now, the HAAC wants the report corrected within 7 days.

This is the second time the HAAC has issued a formal notice to an international media. Last May, Radio France Internationale (RFI) was also served with a formal notice for "broadcasting false news".

Esaïe Edoh

The West African Development Bank (BOAD) has approved a CFA30 billion facility to help develop and asphalt the Tchaasémondè - Gandé - Agbang road, in the northeast of Togo. The Bank disclosed the news on June 27, just after its 142nd board meeting. 

The construction project aims to ease access to this part of Togo while boosting economic, social, and cultural exchanges at the local and regional levels, especially with the Republic of Benin.

The project is expected to create some 4,200 direct and indirect jobs. Also, Togolese authorities claim it will help slash accidents by 80% on the axis.

Besides this project, the BOAD also approved another CFA30 billion financing for the Agri-Food Processing Project (PTA).

Overall, during the meeting, the Bank allocated CFA162 billion in new financing to support WAEMU countries.

Ayi Renaud Dossavi