The Central Bank of West African States (BCEAO) will start testing on June 22 a new interoperable instant payment system covering all West African Economic and Monetary Union (UEMOA) countries. The Bank just announced the launch, stressing its importance for expanding financial services in the Union. 

Instant"transactions"

The new payment system will be online 24/7. It will allow users to carry out instant transactions, regardless of the type of account held, whether with a bank, e-money issuer, microfinance institution, or payment institution. The BCEAO further noted that transfers and payments will also be possible between different financial institutions, guaranteeing immediate availability of funds for beneficiaries.

The system is expected to simplify and accelerate transfers between all banks active in the WAEMU, and between money wallets, such as mobile money.

"Users will be able to make payments at any merchant with an interoperable QR Code or capable of sending a payment request. The provision of financial services to businesses will be standardized", the BCEAO explained. The new system, the lender added, could spur new financial services.

Ayi Renaud Dossavi

Singaporean Pacific International Lines (PIL) began transshipment operations at Lomé’s port a few days ago. Edem Tengue, Togo’s Minister for Maritime Economy, officially announced this on June 19. 

PIL started operations right after the Kota Tema, one of its latest vessels, docked at the port of Lomé. The launch marks the company's definitive presence in Togo, two years after it entered a partnership with the Plateforme industrielle d'Adetikopé (PIA) for transit logistics operations.

According to Minister Tengue, PIL's presence "reinforces Lomé's strategic role as a hub in West Africa". Indeed, the firm’s arrival should contribute to the development of transshipment and handling at the port of Lomé.

Founded in 1967, PIL is one of the world's leading container shipping companies, with an extensive service network covering over 500 sites in 90 countries.

Esaïe Edoh

Togo was Benin's second-largest net foreign direct investment (FDI) provider in 2022.  This is according to data from the Central Bank of West African States (BCEAO). 

China was first and Lebanon was third. Burkina Faso, India, Morocco, Brazil, Congo, and Switzerland followed. 

Net FDI flows represent the difference between inward and outward FDI. Over the period concerned, Benin recorded a net gain of CFA35 billion in this regard. 

The BCEAO’s data shows that Togo mostly invested in Benin’s insurance and intermediation services sector; a total of CFA41 billion exactly. In reverse, Benin invested CFA5.9 billion in Togo in 2022–CFA4.9 billion in trade, CFA564.3 million in manufacturing, CFA406 million in communication, and CFA30 million in transport and warehousing.

Ayi Renaud Dossavi

Togo’s Human Development Index stood at 0.547 in 2023, up from 0.539 in 2022. The country, however, dropped one sport, to 163rd.

The figures were publicized on June 18 in Lomé at the official launch of the latest UNDP Human Development Report. UNDP representatives, Togolese officials, and local and traditional authorities attended the ceremony. Sandra Ablambla Johnson, Minister-Secretary General to the Presidency, chaired the event. 

C'est dans une salle archi-comble que le #HDR2024 du @pnudfr a été officiellement lancé par Mme @SandraA_JOHNSON au nom du @PresidenceTg, en présence des membres du @GouvTg, partenaires techniques & financiers, étudiants & groupes de ♀️ bénéficiaires des divers programmes au ??. pic.twitter.com/IdtI8ICgLF— Pnud Togo (@PnudTogo) June 18, 2024

First in the WAEMU

Togo’s HDI soared by 13% over the decade ended in 2023, the UNDP report indicates. Togo ranks first in the WAEMU, ahead of Côte d’Ivoire, Senegal. In West Africa, only Cape Verde, Ghana, and Nigeria are better than President Gnassingbé’s nation.

Lauding the remarkable progress, Sandra Jonhson commented: "Togo has chosen to focus on human-centered development." 

The UNDP attributes Togo’s improved performance to several factors, including “the creation of a functional institutional framework with programs to promote entrepreneurship, the development of the blue, green, circular, and digital economy sectors, the promotion of women's economic and financial inclusion,” or the country's “commitment to the fight against global warming and the promotion of renewable energies.”

Room for improvement

"This report is a rallying cry: we can and must do better," said Binta Sanneh, the UNDP's resident representative in Togo. She also congratulated the country on its notable progress despite the global challenges.

The latest edition of the UNDP’s Human Development Report covered over 190 countries and territories, taking stock of the current polarized world, and exploring new modes of cooperation.  The report aims to break the current deadlocks in human development worldwide.  

Octave A. Bruce

Togo will soon receive $200,000 (CFA122 million) from the United Nations Development Program (UNDP). The country will use the funds to draw its costed Climate Strategy. The announcement was made on June 18, 2024, in Lomé, during the national validation of Togo's vision for long-term low-carbon and climate-resilient development.

According to Seynabou Diaw, UNDP Deputy Resident Representative in Togo, the financing was extended in response to a request that Togo recently submitted to the National Determined Contributions Partnership (NDC Partnership). Diaw added that steps were being taken to provide the technical expertise needed to draw the costed Climate Strategy. 

The strategy will help Togo raise the funds necessary to ensure its climate resilience–CFA6 billion. 

Le Togo va bénéficier de 200 000 USD supplémentaires du @pnudfr pour la formulation d'une stratégie climatique chiffrée. C'est l'annonce faite ce matin par @NabouDiaw1 lors de l’atelier de validation nationale de la vision du dvlpmt à long terme à faible émission de carbone. pic.twitter.com/Ctz3cGx3VQ— Pnud Togo (@PnudTogo) June 18, 2024

The CFA6 billion, according to the Togolese Ministry of the Environment and Forest Resources should help mitigate the devastating effects of climate change and promote resilience among vulnerable communities.

The recent UNDP support adds to other funding the institution has already provided to Togo, including CFA146 million in 2022 for community projects in the field of environmental protection. The UN branch also supports the Togolese government's reforestation policy.

Esaïe Edoh

On World Sickle Cell Day, June 19, the city of Kpalimé (Plateaux region) hosted key events aimed at tackling the disease. These included awareness-raising activities and free screening.

Togo’s Research Centre on Sickle Cell Disease carried out the awareness-raising sessions and free screening. The activities covered 600 young pupils, apprentices, and school dropouts in Kpalimé.

On June 18, the Center received a delegation from FORTIS HEALTHCARE LIMITED, an Indian company specializing in the fight against sickle cell disease. The delegation proposed a partnership for assistance ranging from screening to appropriate treatment at a lower cost. The offer was well received, and the terms of the collaboration are currently being defined.

The delegation also visited the CHU-SO pediatric ward, where appropriate care continues to be provided for children with sickle cell disease, childhood cancers, and other blood disorders. There, the Indian delegation suggested organizing regular virtual meetings between Togolese, Indian, and American professionals to discuss clinical cases.

Sickle cell disease is a significant health issue in Togo, with 16% of the population affected. The country is very committed to the disease’s eradication.

Togo’s Updated 2020 National Rice Development Strategy (SNDR 2) was reviewed last week in Lomé. The reviewing meeting took stock of projects falling under the strategy and their implementation level.

On the occasion, key stakeholders of the rice sector highlighted how the ministry of agriculture supported farmers, by providing inputs and technical advice. This support, the stakeholders stressed, helped boost production by 3.8% in 2021-2022. 

According to the Ministry of agriculture, paddy rice production stood at 171.8 thousand tonnes in 2022, compared with 165.5 thousand tonnes in 2021. The same source added that Togo’s output is mostly driven by lowland rice (55%) and rainfed rice (34%).

With the SNDR, Togo eyes an output of 1,115,087 tonnes by 2030, up from 145,489 tonnes in 2019. The targeted volume is more than enough to meet the country’s demand and achieve food security, according to the Ministry of Agriculture.

To achieve its goal, Lomé will improve rice productivity and quality throughout the value chain, reorganize the sector's structure, and bolster governance.

Updated in 2020, the rice development strategy requires financing of CFA87 billion. It was backed by the Coalition for Rice Development in Africa (CARD) and the Japan International Cooperation Agency (JICA),  requires financing of 87 billion FCFA.

Esaïe Edoh

Lomé’s Palais des Congrès is closed for renovation. The works began this week, according to a press release from the Ministry of Public Works.

"Due to renovation work, access to the said palace is temporarily closed from Monday, June 17, 2024, until the completion of the work planned for this purpose," the release indicates. "The Minister of Public Works is counting on the good understanding of users and apologizes for any inconvenience," it added.

Built in 1972, the Palais des Congrès de Lomé has long served as the headquarters of the National Assembly and is an emblematic space in the Togolese capital.

Ayi Renaud Dossavi

A group of British investors is currently in Togo. They came as part a UK-Togo Trade and Investment Mission. The latter aligns with Togo’s ambition to secure more foreign financing for top priority projects. The mission, scheduled from June 18 to 19, is initiated by the DMA Invest investment fund and is a follow-up to the Franco-British Trade and Investment Forum (WCAF) in West and Central Africa.

The British investors came to learn more about Togo's economic prospects and the most promising sectors for investment. The rendezvous will feature economic information sessions, sector roundtables, and site visits are planned to facilitate this.

In February 2023, a first mission of British investors was in Togo. They had met with local economic players and Togolese government authorities. The ongoing mission aims to consolidate connections established then and bolster the UK-Togo relationship.

Esaïe Edoh