Togo First
Togo: Economy Expected to Grow 6.6% in 2024
Togo's economy is expected to grow 6.6% in 2024, up from the 6.4% estimated for 2023, according to the Ministry of Economy and Finance's Economic Outlook to the End of March 2024.
According to the Permanent Secretariat for Monitoring Reform Policies and Financial Programs, the growth should be driven mainly by the primary sector, which is expected to grow by 4.6% due to agriculture, livestock, and fishing. The secondary and tertiary sectors are also expected to grow by 7.0% and 7.2% respectively, driven by agrifood, building materials, electricity, gas, construction, manufacturing, trade, transport, and accommodation and catering services.
The Secretariat also forecasts an average annual growth of 7% between 2024 and 2026.
Inflation is also expected to continue to fall, with IMF projections indicating that it will fall to less than 2% between 2025 and 2028. This is due in part to favorable agricultural prospects, adequate supply on food markets, and government measures to contain price rises.
Ayi Renaud Dossavi
Togo's Economy Shows Solid Growth, IMF Mission Says
Togo’s economy is doing well according to recent figures released by the IMF. According to a recent mission led by Hans Weisfeld, the West African country recorded a 5.6% growth rate in 2023, while inflation has fallen to 2.6% in April 2024.
The IMF mission, which ended on June 7, noted significant progress in various areas. Overall budget revenues have been raised to 16.8% of GDP in 2023, reflecting progress in resource mobilization. Additionally, the mission noted a decline in extreme poverty, with the rate falling to 25.8% in 2023 from 28.4% in 2018.
The assessment of the achievement of the Sustainable Development Goals (SDGs) also showed progress, with a score of 56.3 out of 100 for Togo in 2023, compared to 54.7 in 2018.
"This progress is the result of initiatives taken by the Togolese authorities, aimed at stimulating growth through structural reforms, improving the business climate and strengthening social inclusion through spending focused on vulnerable populations," said the IMF.
The World Bank-funded Social Nets and Basic Services (SNBS) project, which has reached over 104,000 households across the country in 6 years, has been instrumental in achieving these positive results. The cash transfers made in almost 975 localities have helped to improve the situation of beneficiary households.
The IMF delegation praised the Togolese authorities for their fiscal consolidation efforts, and encouraged them to pursue these actions to strengthen debt sustainability while promoting economic growth.
In March 2024, the Executive Board of the International Monetary Fund (IMF) approved a 42-month arrangement for Togo under the Extended Credit Facility for SDR 293.60 million, or around $390 million (200% of quota), with an immediate disbursement of SDR 51.380 million (around $68.3 million).
Esaïe Edoh
ECOWAS Holds Consumer Protection Workshop in Lomé
ECOWAS is holding a sub-regional workshop on consumer protection in Lomé. The workshop, which brings together participants from ECOWAS member states, aims to enhance their skills and knowledge of the ECOWAS consumer protection directive. It began on June 10.
The workshop aims to educate participants about the provisions and implications of the ECOWAS Consumer Protection Directive. It will specifically teach them theoretical and practical aspects relative to consumer protection within the ECOWAS Community.
According to Barros Bacar Banjai, ECOWAS Resident Representative in Togo, the workshop has two main objectives: to strengthen the skills of those responsible for ensuring consumer protection and to foster cooperation between all the structures responsible for competition within the community.
Ultimately, the session should harmonize national legislation and fill the legislative gaps in member countries in terms of consumer protection.
Togo Kicks Off 3rd Edition of QEDD, an Environmental Awareness Program
Togo's Quinzaine de l'environnement et du développement durable (QEDD) is back for its third edition. The event was launched on June 10 by Minister of the Environment and Forest Resources Foli Bazi Katari. It aims to raise awareness about environmental issues and educate the public.
The event, which runs until June 24, will feature debates, competitions, and training sessions on climate change. The goal is to draw attention to the major environmental challenges facing the country, including climate change, biodiversity preservation, and pollution.
"The QEDD is a strategic initiative to raise awareness about the scale of today's environmental challenges," said Adadji Koffi, Managing Director of National Agency for Environmental Management. "Through civic and political actions, we aim to trigger genuine awareness and increased commitment to environmental protection," he added.
The QEDD was first organized in 2016 and has since become a key platform for environmental awareness and mobilization in Togo.
Esaïe Edoh
Togo Participates in Shelter Afrique 43rd Annual General Meeting
Shelter Afrique is holding its 43rd Annual General Meeting (AGM), in Kigali, Rwanda. Togo takes part in the meeting which ends on June 13. The Togolese delegation is led by Kodjo Adedze, Minister of Urban Planning and Housing.
This year, the meeting’s theme is "Sustainable Partnerships in the Affordable Housing Finance Value Chain". Participants include representatives of Shelter Afrique’s member States, financial institutions, and development partners. The meeting’s driving goal is to turn Shelter Afrique into a dynamic development bank that meets international standards.
"This AGM marks a decisive turning point to affirm our journey of transformation," said Thierno Habib Hann, Managing Director of Shelter Afrique.
In Togo, Shelter Afrique supports the government’s program to build 20,000 social housing units. It financed the construction of 3,000 units out of the 20,000.
Ayi Renaud Dossavi
Togo: Danmarks Indsamlingen Pumps CFA220M in Social Project in Northern Region
The Danish fundraising organization, Danmarks Indsamlingen, will support vulnerable populations in the prefectures of Tône and Kpendjal in Togo with CFA220 million. The funds will be provided through the Emergency Assistance to Vulnerable Families project, which Plan International Togo (PIT) will implement over 12 months.
The Emergency project, known as "Nataan Man" was launched last week in Dapaong. It covers children aged 0-17 and women, ensuring their social and emotional well-being.
Ça y est!Le projet d’assistance d’urgence aux familles vulnérables des préfectures de Tône et Kpendjal, en moba ‘Nataan Man’ est lancé ce 6 Juin 2024 à Dapaong! Financé à 335 660,6€ par Danmarks Indsamlingen (DI) via @PlanBornefonden en faveur des enfants de 0 à 17ans#TgTwittos https://t.co/oovJASO5n8 pic.twitter.com/GLjkQCkqGC
— Plan International Togo (@PlanIntTogo) June 6, 2024
In line with this ambition, Plan International Togo has planned various activities aimed at creating an environment conducive to children's development. These include setting up "children's friends" spaces and developing the skills-through-play approach, according to Awa Faly Ba, Plan International's resident representative.
The project responds to the needs of populations regularly confronted with terrorist attacks.
Esaïe Edoh
US Ambassador to Togo Elizabeth Fitzsimmons to Depart
US Ambassador to Togo Elizabeth Fitzsimmons announced her departure in a video posted on social media. Under her leadership, several initiatives were launched or renewed, including the Ambassador's Resilience Fund, which allocated $100,000 annually to address the root causes of violent extremism, and the Ambassador's Self-Help Fund, which disbursed $75,000 annually to 20 organizations in the five regions.
Other notable initiatives included the African Growth and Opportunity Act (AGOA), which facilitates economic exchanges between the US and sub-Saharan Africa, Togo's eligibility for the Millennium Challenge Corporation (MCC) Compact program, and the continuation of the Threshold program, which aimed to improve access to Information and Communication Technology (ICT) services and formalize land rights in Togo.
Elizabeth Fitzsimmons will be replaced by Mary E. Daschbach, currently deputy chief of mission in the Republic of Cameroon. Daschbach has a strong background in diplomacy, having served as Senior Political Advisor in the Strategy, Engagement and Programs Directorate at U.S. Africa Command in Stuttgart, Germany, and as Deputy Chief of Mission in the Republic of Congo.
Daschbach has also worked in various capacities, including as Information Officer in Ghana, Consular Officer in the UK, Public Affairs Officer in Togo and Costa Rica, and bureau chief for Paraguay and Uruguay in Washington. Before joining the Foreign Service, she was Associate Director of the Peace Corps in the Republic of Benin.
Ayi Renaud Dossavi
WAEMU Securities : Lomé Raises CFA 36.9 Billion in Latest Operation
Togo’s latest operation on the West African Monetary Union (UMOA) public securities market was successful. On June 7, 2024, the country raised CFA36.9 billion while seeking CFA35 billion.
In detail, Lomé secured CFA32.3 billion through fungible treasury bills (BATs or Bons Assimilables du Trésor) and the remaining CFA4.6 billion through fungible treasury bonds (OATs or Obligations Assimilables du Trésor). The former mature over 182 days and the latter over 3 and 5 years. The respective interest rates for the OATs are 6.15% and 6.40%.
A total of 28 investors participated in the offer, proposing a total amount of FCFA 45.7 billion, representing a coverage rate of 130.62%.
The recent operation including, Lomé secured CFA430 billion so far this year on the WAEMU market. Togo aims to raise CFA607 billion on the WAEMU market in 2024.
The funds will help finance Togo’s 2024 budget, which stands at CFA2,179 billion–revenues and expenses.
Esaïe Edoh
WAEMU: Togo Meets 76% of Set Requirements
Togo has achieved a 76% implementation rate of WAEMU’s 131 political, social, and financial reforms. The assessment was made at the 9th Annual Review of the Reforms, ongoing in Lomé.
"Based on our evaluation grid within the WAEMU Commission, we deem (ed. Note: the performance) satisfactory," said Abdoulaye Diop, president of the WAEMU commission. "Major reforms were launched regarding economic governance, and convergence, which is an essential component in the progress of our Union,” he added before concluding: “We have an overall implementation rate of over 90%"
Commenting on Lomé’s performance, Rose Mivedor, Togo’s Minister of Trade said: "These results reflect the government's firm commitment to the implementation and transposition of the various acts and directives”. Mivedor represents the Minister of Economy at the meeting. "We know that with the support of bodies such as the UEMOA commission, we will be able to achieve this goal," she added.
Ayi Renaud Dossavi
Togo's Tourism Sector to Benefit from Turkish Project
Last week, Togo launched a Turkey-backed project to boost its tourism industry. It was launched by the Minister of Tourism, Kossi Lamadokou, in the presence of Turkey's Ambassador to Togo.
The project is funded by the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC). It aims to boost the entrepreneurial and managerial capacities of local tourism players.
J'ai été très heureux d'avoir procédé ce vendredi 07 juin 2024 au lancement officiel du projet "Amélioration des capacités entrepreneuriales des acteurs du tourisme pour la compétitivité du tourisme togolais" en présence de Madame Muteber Kılıç, ⤵️#TourismeTogo #CultureTogo pic.twitter.com/tadYJfFkWf
— Kossi Gbényo Lamadokou (@GbenyoLamadokou) June 9, 2024
Under the initiative, tourism professionals will receive various training courses and even have the opportunity to travel to Turkey to learn from best practices, over four years.
This initiative supports Togo's ambition to make tourism a pillar of cooperation with other nations. "Besides the efforts made internally, Togolese tourism is at the heart of the country's international cooperative relations. Togo has thus joined several international organizations that promote tourism," said Minister Lamadokou.
The country has indeed taken several steps in recent years to revitalize tourism after it was hit hard by the Covid-19 pandemic.
Esaïe Edoh