Togo First
Choose Africa Program: France Supports Togolese SMEs with €30 Million
By the first half of 2025, the French Development Agency (FDA) will provide Togo with €30 million to support local SMEs.
According to Papa Amoudou Sarr, Executive Director of FDA, the new funding falls under the Choose Africa program. Sarr announced this on September 27, in a meeting with Togolese Prime Minister Victoire Dogbé.
The funds will target startups and micro, small, and medium-sized enterprises (MSMEs). Priority, Sarr noted, will be given to businesses owned by young men and women, and active in sectors like agriculture, livestock, fishing, transport, and crafts.
In anticipation of this funding, FDA will make an initial disbursement of €4 million euros (about 2.5 billion CFA francs) to support the Agency for the Development of Very Small and Medium Enterprises (ADTPME), which coordinates initiatives for SMEs in Togo. According to Augustin Favereau, France's Ambassador to Togo, this initial funding will help start technical discussions to release the full €30 million.
The Choose Africa program is currently in its second phase and is run jointly by FDA and the African Development Bank (AfDB). It aims to support the informal sector until 2027. It does so by offering loans and online training programs that boost the capacities of SMEs and startups.
Esaïe Edoh
Cooperation: Uzbekistan and Togo Become Diplomatic Partners
Togo and Uzbekistan have established diplomatic relations. The agreement was signed last week in New York by the foreign ministers of both countries, Robert Dussey and Bakhtiyor Saidov. With this agreement, Togo becomes the 155th country to recognize Uzbekistan.
The cooperation between Togo and Uzbekistan will focus on economic partnerships. Uzbekistan is the second-largest economy in Central Asia. It is primarily based on agro-industry and natural resources like natural gas, uranium, copper, and oil.
The recent move aligns with Togo’s efforts to secure new partners and attract foreign investment. "Without a doubt, we have great opportunities to establish mutually beneficial cooperative relations with countries on the African continent," said Bakhtiyor Saidov.
Togo: Lomé to Host First Children's Book Fair from October 17-19
Lomé will host its first Children's Book Fair, the Salon du Livre Jeunesse (SALIJEL), from October 17-19, 2024. Organized by the "Lire au Togo" association and the Ministry of Culture, the event aims to attract over 5,000 fans of children's literature, including authors, publishers, and book professionals from across Africa.
"Books are not just pages to be turned; they are worlds to be explored," said Kokou Dzokotoe, president of the association and general delegate of the fair. The event will highlight young African readers and raise awareness among parents about the importance of reading for education and development.
The program includes book signings, exhibitions, workshops for children, roundtable discussions, and professional training. Visitors will have the opportunity to engage with authors, illustrators, and booksellers at various stands filled with children's books. Creative activities and interactive workshops are also planned.
A business management training course is scheduled just before the fair (October 14-16). The course targets booksellers and aims to professionalize the sector. It will cover topics like bookshop management and collaborations with publishers.
Ayi Renaud Dossavi
Togo: Daba Finance Wins 2024 Ecobank Fintech Challenge
Daba Finance, an Ivorian fintech company, won the 2024 Ecobank Fintech Challenge, taking home $50,000 and a strategic partnership with Ecobank. Kenya's Melanin Kapital finished second in the competition, winning $10,000, while Guinean fintech YMO took third place with a prize of $5,000. The People's Choice Award went to Togolese startup MiaPay.
The competition took place on September 27 in Lomé, Togo, where 12 finalists pitched their ideas after being selected from over 1,550 applications from 70 countries including Kenya, Rwanda, Nigeria, South Africa, Cameroon, Togo, DRC, and Guinea.
Daba Finance aims to "democratize investment in Africa," according to its CEO and co-founder, Junior Boum III, who started the company with Anthony Miclet. Many initiatives struggle to reach local populations often excluded from traditional financial systems. Daba Finance offers a "simple and secure" solution fostering investment in African markets.
Through a unified investment platform, Daba Finance allows users—both individuals and institutions—to invest in markets often deemed risky and hard to access. The platform provides a wide range of investment opportunities, including equities, bonds, and mutual funds. "Everything is designed to simplify access to financial markets," Boum III explained.
Daba Finance focuses on products from the West African Economic and Monetary Union (WAEMU) zone, but it can also invest in other countries for assets like venture capital. However, for listed markets—such as stocks, bonds, and mutual funds—the focus is mainly on the WAEMU zone, according to Boum III.
Daba Finance collaborates with several management and intermediation companies (SGIs) across the region, as SGIs are the only authorized intermediaries on the BRVM stock exchange. "We are not replacing them; we are collaborating with them," Boum III stated. Daba has partnerships with five or six SGIs, particularly in Ivory Coast and Senegal, including BOA Capital, EDC Investment, BNI Finance, Imparxis, and CGF Group.
Boum III noted that fintech offers SGIs a chance to reach investors they currently do not engage, especially internationally. "There are around 100,000 active accounts on BRVM spread across 40 SGIs. We bring millions of potential users from the USA, Europe, and other parts of Africa who are not yet familiar with these markets," he explained.
Launched in 2021, Daba Finance has over 25,000 users worldwide, primarily in the US, Europe, and French-speaking West Africa. "But the potential is still immense: in the WAEMU zone alone, 200 million people are not yet investing, and this a largely untapped market," says the firm’s CEO.
In addition to its investment platform for individuals and institutions, Daba Finance develops new products, including savings solutions, and is committed to bolstering partnerships in the tech industry. The goal is to give more Africans access to financial opportunities that were once reserved for an elite few. For Boum III, this is just the beginning: "We're still far from our maximum potential. Our ambition is to reach millions of investors across the continent and beyond." He stated last January that within five years, he wants Daba to be "the first destination for any investor looking to start or manage their investments on the African continent."
Daba Finance won the Ecobank Fintech Challenge and received $50,000 along with a strategic partnership with Ecobank. This partnership will help the Ivorian startup expand its operations across Africa. "Ecobank mainly provides us with distribution, facilitates payments, and puts its vast network across the continent at our disposal," said Junior Boum III, CEO of Daba Finance. He added, "They also offer us technical support if required."
Jérémi Awori, CEO of Ecobank, noted that through their Sandbox, a dedicated API platform, they give winning fintechs the chance to test and refine their products and integrate them into Ecobank's ecosystem. This allows them to deploy their solutions across Africa and to the diaspora.
Daba Finance joins over 60 fintechs that have participated in the Ecobank Fintech Fellowship program since its launch in 2017. This initiative provides technical and strategic support to help startups navigate the complex financial landscape.
Fiacre E. Kakpo
Togo: Faure Gnassingbé Meets UN Secretary-General to Discuss Peace and Development
During the 79th session of the United Nations General Assembly in New York, Togolese President Faure Gnassingbé met with UN Secretary-General António Guterres on September 23, 2024.
According to the Togolese Presidency, the two men discussed Togo's efforts to advance the Sustainable Development Goals (SDGs) and promote peace in West Africa. The political and security situation in West Africa and the Sahel was also a key topic, as Togo remains committed to fostering stability through dialogue.
Guterres praised these initiatives and reaffirmed the UN's support for Togo's efforts to promote peace, security, and sustainable development. During their meeting, Gnassingbé called for a global response to the crises affecting many countries, especially in West Africa and the Sahel.
WAEMU: Chartered Accountants Committed to SMEs’ Growth
Lomé hosted the 6th Congress of Chartered Accountants of the West African Economic and Monetary Union (WAEMU) last Friday, September 27. The meeting gathered about a hundred chartered accountants from Union and Nigeria.
They discussed their contributions to the sustainable development of SMEs and the regional economy, focusing on "the role of chartered accountants in the inclusive and sustainable development of SMEs."
According to Stéphane Akaya, Secretary General of the Ministry of Economy and Finance, SMEs are the engine of economic growth for countries in the sub-region. ‘“We firmly believe that SMEs must be the engine of economic growth in our countries. This Congress must contribute to reinforcing this conviction,” he said.
Chartered accountants are expected to provide solutions tailored to the development needs of SMEs. Therefore, they will put forward modern and transparent practices made possible by the evolution of digital technologies. Akaya also emphasized the need for chartered accountants to position themselves as strategic advisors to SMEs. In this regard, he suggested developing innovative tools to support business growth.
This meeting comes at a time when the Ordre National des Experts-Comptables et Comptables Agréés du Togo (ONECCA) has been working to clean up the sector since last year, as unqualified players were operating illegally, hampering the effectiveness of chartered accountants in their role of supporting the country's economic development.
Esaïe Edoh
Togo: Golfe 1 Municipality Reports Budget Surplus of 277 Million FCFA for 2023
Togo’s Golfe 1 municipality has reported a budget surplus of CFA277 million for 2023. The commune raised CFA3.3 billion to finance its budget, initially set at CFA3.1 billion. These figures were shared during a public accounting session on September 24, 2024.
Under the leadership of Koami Gomado, now Minister of Territorial Planning and Development, the municipality spent CFA3.07 billion last year. According to Fofo Boko, the 1st deputy mayor, 74% of the funds raised went to operating expenses, while 26% was allocated for investments. These investments supported several development projects aligned with the Communal Development Plan (PDC).
Notable projects include the construction of a medico-social center, a mini-water supply system in Klobatème, refurbishing the Bè hospital, and expanding the wedding hall at the Akodésséwa annex town hall. Several elementary schools in the commune also received improvements.
Golfe 1 is one of the largest municipalities in Greater Lomé, spanning 6,066 km² and home to nearly 500,000 people or about a quarter of the population of Lomé, the capital.
Esaïe Edoh
Togo Presents Energy Sector Projects for MCC Compact Program
On September 25, Togo presented feasibility studies for several energy-related projects it seeks to have covered by the Compact Program of Millenium Challenge Corporation (MCC). The projects aim to expand the electricity grid, boost access to electricity, and enhance regulatory policies and the skills of energy sector workers.
They include the PEREGL, which aims to extend electricity networks in Greater Lomé (PEREGL), the ER322 Rural Electrification project, and enhancements to the Tinga Fund. The projects are designed to improve the reliability of electricity transmission and distribution while expanding access to energy.
They align with the government's goal of universal electricity access by 2030. They complement other initiatives, such as Cizo and the Tinga Fund, which have raised Togo's electrification rate from 54% in 2020 to 69% in 2024, with rural electrification increasing from 18% to 30%.
With energy, ICT is another area of focus, under the MCC’s Compact for the Togolese authorities. According to the government, both are key drivers for transforming Togo's economy and improving citizens' quality of life.
Esaïe Edoh
Togo to Host 2nd Edition of National School on Internet Governance Next Month
Lomé will host the second edition of the National School on Internet Governance (École Nationale sur la Gouvernance de l'Internet) from October 7 to 9, 2024. Organized by Internet Society Togo, the event aims to train 50 participants from various sectors, including government, private industry, civil society, universities, and the technical community, on Internet governance issues.
Attendees will learn the skills needed to manage digital governance in Togo efficiently.
"The National School on Internet Governance is an essential project that aims to equip local players with the necessary skills to positively influence digital governance in our country", saidEmmanuel Agbenonwossi, Chairman of the Board of Directors of the Internet Society Togo.
Digital regulation, cybersecurity, artificial intelligence, and digital policy strategies will be discussed during the program. These topics are all key to the government’s goal of enhancing digitalization.
The National School on Internet Government took place for the first time in 2021. It aimed to lay the groundwork for more inclusive and effective digital governance. The Internet Society Togo is the national branch of a global organization dedicated to ensuring an open and secure Internet.
Ayi Renaud Dossavi
Togo: Exports to Other ECOWAS States Reached Nearly CFA400 Billion in H1 2024
In the first half of 2024, Togo's exports to West Africa reached nearly CFA400 billion, driven by strong port activity and re-exports. The country maintained a positive trade balance with other ECOWAS countries. The ECOWAS has 15 member States. Burkina Faso, Niger, and Mali recently exited the block.
According to data from the National Institute of Economic, Statistical, and Demographic Studies (INSEED-Togo), exports from Togo to ECOWAS amounted to CFA217.7 billion in H1 2024, up 0.2% year-on-year. Between Q1 and Q2 2024, Togolese exports slumped by 10.9%.
Regarding imports, Togo spent CFA93 billion to buy goods from its ECOWAS peers, over the first half of this year. Between Q1 and Q2 2024, the sum was up 33%. Overall, Togo recorded a trade surplus of CFA124.6 billion with its neighbors.
The West African Economic and Monetary Union (WAEMU), which includes eight French-speaking West African countries and Guinea-Bissau, accounted for about 85% of Togo's exports in H1 2024. Exports to the Union totaled CFA184.8 billion. Between Q1 and Q2 2024, they slumped by 9.4%.
For Togo, the trade balance with WAEMU was more favorable than with ECOWAS. While imports from WAEMU rose to CFA49 billion, the trade balance remained in surplus at CFA135.7 billion.
Ayi Renaud Dossavi