Togo First
WAEMU: Togo Was the Only Country to Not Raise Funds on Public Securities Market in October
Togo did not conduct any operation on the West African Economic Monetary Union (WAEMU) public securities market last month. Meanwhile, neighboring countries raised CFA659 billion on this market over the period to finance their budgets.
Initially, Togo had planned to raise CFA15 billion through the market, but the operation did not occur. This month, also, Lomé postponed an issue scheduled for November 8, in which the country was to raise CFA22.5 billion.
Togo has raised CFA638.5 billion on the market so far this year–CFA449.96 billion in fungible treasury bills (BATs) and CFA188.53 billion in fungible treasury bonds (OATs). The country has continued to meet its financial obligations, repaying CFA507 billion so far this year, with an additional CFA15 billion due in November and over CFA65 billion due in December.
Togo's outstanding debt on the WAEMU market currently stands at CFA2,074 billion, accounting for 12% of the region's total debt, making it one of the leading debtors in the zone.
Fiacre E. Kakpo
University of Lomé Hosts First International Colloquium on Blue Economy on November 19
The University of Lomé (U.L) in Togo holds its first International Scientific Colloquium on the Blue Economy next week. The event will take place from November 19 to 21, 2024, under the theme "Issues, challenges and prospects of the blue economy in Africa." This colloquium is organized in partnership with various research units at the University of Lomé, particularly from the faculties of economics and human and social sciences.
The organizers aim to explore the opportunities that the blue economy presents for Africa, which has 38 coastal states, including Togo. They note that while there is "enormous potential," challenges such as climate change, pollution, and poor governance must be addressed.
The colloquium will gather members of the academic community, including researchers, teacher-researchers, and doctoral students. Papers presented at the event are expected to cover topics such as entrepreneurship in the blue economy sector, legal aspects of the blue economy, Blue Accounting, and Ocean Governance.
Ayi Renaud Dossavi
COP29: Togo and Azerbaijan Hold Diplomatic Talks
Togo's President Faure Gnassingbé is in Baku, Azerbaijan, for the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29). There, Gnassingbé met his Azerbaijani counterpart, President Ilham Aliyev.
The two leaders mainly explored boosting bilateral cooperation, particularly in education and agriculture. They also addressed global economic challenges, environmental crises, and climate initiatives. Aliyev lauded Togo's active role in combating climate change and acknowledged the country's commitment to these efforts.
This meeting occurs as Togo seeks to broaden its diplomatic and economic relationships globally. Togo and Azerbaijan are diplomatic partners since 2010. Since then they have sealed various cooperation agreements, especially in customs and air transport sectors.
Togo Hosts 10th Annual WAEMU Reforms Review
This week, Togo is hosting the 10th annual review of reforms, policies, programs, and community projects of the West African Economic and Monetary Union (WAEMU). The session began on Monday, November 11, 2024, at the Hotel 2 février in Lomé and will last three days. Participants will review 132 regulatory texts and five community projects, valued at over CFA4 billion.
Akou Mawussé Afidenyigba, Director of Cabinet at Togo’s Ministry of Economy and Finance, opened the meeting, stating: "The review carried out in 2023 enabled us to note significant progress in the transposition and application of community reforms, with a reform implementation rate of 76% in Togo."
The WAEMU Conference of Heads of State and Government established this annual review in 2013 to accelerate the implementation of community reforms and policies aimed at strengthening regional integration.
This year’s discussions will focus on three main categories: economic governance and convergence, the common market, and sectoral policies. Additionally, new areas such as competition, freedom of movement, and the rights of liberal professions within the Community will be explored.
Ayi Renaud Dossavi
Togo-Russia: Ministers of Foreign Affairs Explore Strengthening Diplomatic Ties in Recent Meeting
Foreign Ministers Robert Dussey of Togo and Sergei Lavrov of Russia met in Sochi on November 9-10, 2024, to discuss strengthening bilateral relations. The meeting occured during a Russia-Africa ministerial conference attended by leaders from over 50 African countries.
The Togolese and Russian ministers focused on expanding cooperation in strategic areas. Dussey outlined Togo's development needs and sought increased Russian support. He emphasized the importance of Russian involvement in technology and investment for Togo's economic transformation.
Благодарю моего дорогого друга министра Сергея Лаврова за гостеприимство и доступность!Сегодня мы обсудили об укреплении двухстороннего сотрудничества всего сектора между Того и России! https://t.co/nxs6IUPydi pic.twitter.com/VeW59hJIuX
— Robert Dussey (@rdussey) November 11, 2024
Both officials stressed the need for ongoing political dialogue to improve trade and economic cooperation. This meeting follows a 2021 Memorandum of Understanding (MoU) signed by the two countries to boost mutual trade.
The MoU includes plans for economic missions to connect business leaders, potentially leading to new partnerships and investments.
Esaïe Edoh
Togo Launches Tech Immersion Plus Program for SMEs
The Ministry of the Digital Economy and Transformation in Togo has launched the Tech Immersion Plus (TIP) program to enhance the digital skills of small and medium-sized enterprises (SMEs). The program will make beneficiaries more competitive by providing intensive training and personalized coaching.
Vous êtes une TPME togolaise souhaitant intégrer le digital dans vos activités, ou une startup proposant des solutions numériques pour les TPME ? Rejoignez le programme Tech Immersion Plus et boostez votre compétitivité !
— Ministère de l'Economie Numérique ?? (@NumeriqueTG) November 11, 2024
Les candidatures féminines sont fortement encouragées… pic.twitter.com/jRREdfZk66
Set to run from November to December 2024, the program will target two groups. The first group, non-digital SMEs, will learn to use digital tools. The second group comprises startups that develop innovative solutions for SMEs. The startups will have opportunities to showcase their products while building connections with local businesses.
Overall, the program seeks to help SMEs seamlessly integrate digital technologies into their business practices. The program is backed by the German Development Cooperation (GIZ Togo).
Interested SMEs have until November 17, 2024, to register for the program. The latter will be carried out in various regions of the country.
Ayi Renaud Dossavi
Togo: First International Resourcing Center Opens in Kara
Togolese President Faure Gnassingbé inaugurated his country’s first international resourcing and ecotourism center on November 9. The facility, known as Lumen Valley (Valley of Lights), is located in Kara, 412 km north of Lomé, the capital.
The project, steered by the Congrégation des Frères Saint-Jean de Kara and backed by the government, aims to foster human development, ecotourism, and social entrepreneurship. The center will facilitate training programs, contemplative practices, and the integration of local knowledge to empower the community.
Lumen Valley specifically targets rural youth to provide them with essential skills and opportunities for a brighter future. Father Etienne Boudet, the project's promoter, emphasized the significance of this endeavor: "The success of this project shows us that Togolese youth are at the service of the Nation. And at no time has the President of the Republic authorized me to doubt youth, even in difficult times. This is a very important lesson in my life as a priest."
Nestled within the Djamdé nature reserve at 500 m altitude and approximately 20 kilometers from Kara town, Lumen Valley is designed as a multifunctional ecosystem. The facility has spaces for entrepreneurial training, incubators for innovative ideas, spiritual retreats, and various resourcing activities. It also has conference rooms, workshops, dormitories, villas, and a swimming pool—all built using local materials such as stone and straw.
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Belgium Takes Steps to Boost Trade with Togo
Belgian exports to Togo reached €58 million in 2023, as reported by Manuella Santos, the Togolese minister responsible for investment promotion. This figure was disclosed during a recent prospecting mission aimed at attracting Belgian investors to Togo.
The imports from Belgium are primarily composed of manufactured goods and technology. According to Minister Santos, “This figure and the products concerned testify to the attractiveness of Togo, where a favorable business environment has developed thanks to reforms designed to encourage investment and stimulate strategic sectors.”
In contrast, Togo's exports to Belgium totaled €4.6 million over the year reviewed. They primarily consisted of agricultural products, highlighting a notable trade imbalance between the two nations.
To bolster trade with Togo, Belgian economic operators collaborated with Togolese authorities during the mission to identify new investment opportunities and lay the groundwork for future partnerships. Key sectors targeted for collaboration included agriculture, sanitation, infrastructure, and energy.
Belgium's ambassador to Togo, Sandrine Platteau, who is based in Cotonou, Benin, expressed optimism regarding the potential for bilateral collaboration. She noted that Belgian companies are increasingly interested in Togo due to its strategic position in West Africa.
Esaïe Edoh
Togo Ranks Fifth in AU Agenda 2063 Implementation
Togo ranks fifth among countries implementing the African Union's Agenda 2063, with a score of 60%. The Mo Ibrahim Foundation disclosed the ranking in its latest report.
This AU Agenda 2063 is a strategic framework aimed at transforming Africa. It focuses on seven aspirations and 20 objectives designed to enhance living standards, promote education, and establish sustainable economies.
In the rankings, Togo follows Rwanda (64%), Ethiopia (63%), Senegal (63%), and Zimbabwe (61%). In West Africa, Togo outperforms its neighbors, including Côte d'Ivoire (49%), Burkina Faso (46%), and Ghana (46%).
The Agenda 2063’s goals include improving citizens' living conditions, ensuring quality education and healthcare, creating jobs, and promoting modern agriculture. It also emphasizes the blue economy to foster growth, encourages sustainable communities in response to climate change, and aims to establish strong financial institutions across the continent.
Togo: Yoto 1 Municipality Needs CFA4 Billion for New Strategy to Fight Climate Change
Togo’s Yoto 1 municipality needs CFA4.2 billion to address the impacts of climate change. The municipality needs the money to implement its Plan Communal d'Adaptation au Changement Climatique (PCACC), a five-year strategy approved last week by the local government.
The plan primarily aims to make Yoto 1 more resilient to climate change and related challenges. The strategy has three key axes.
The first focuses on bolstering the commune's institutional, human, technical, and material capacities. Under this axis, Yoto 1 will get the necessary resources to tackle the escalating challenges posed by climate change while also training local teams to manage these impacts more effectively.
The second component emphasizes actionable measures in the field. These operational initiatives will involve direct local interventions, including efforts to manage natural resources and safeguard vulnerable areas that are particularly susceptible to climatic risks.
The third and last component covers fund mobilization. Yoto 1 wants to secure funds to support its climate initiatives. It plans to raise the money mainly from donors and partnerships.
This adaptation plan is part of the broader Togo Coastal Communities Climate Change Resilience Project (R4C-Togo), which is financed by the Global Environment Facility (GEF) through the Food and Agriculture Organization of the United Nations (FAO). The Office de développement et d'exploitation forestière (ODEF) is also involved in its implementation.
The successful execution of the strategy will significantly help locals, making them less vulnerable to climate change. Yoto 1’s Mayor, Amégnonan Kossi, has called for active participation and support from local communities to ensure the project's success.