TOGO Gateway to West Africa - 2021 Edition
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TOGO
Gateway to West Africa
2021 Edition
Togo : a unique identity, multiple strengths
Togo's membership of
A country that reconciles
Strong leadership of the the West African
regional roots and
Head of State Economic and Monetary
international influence
Union
A resilient economy that Political and social
A young and educated
has proven its ability to stability in the sub-
population
deliver solid growth region
A reforming country with
A development strategy
An agile and effective realistic goals and a
geared towards the
response to COVID-19 focus on sustainable
private sector
growth
TOGO – Gateway to West Africa 11 A dynamic and growing economy
2 An ambitious and coherent development
strategy
3 Important investment opportunities for
the private sector
TOGO – Gateway to West Africa 2A privileged geographical position in the heart of West Africa,
gateway to a market of 350 million+ inhabitants
TOGO
ECOWAS (350 million+ inhabitants)
Togo - Key information
▪ Region : West Africa ▪ GDP : 4 400 billion CFA F (2020) ▪ Deepest port in the Gulf of Guinea (16.6
▪ Capital : Lomé ▪ Currency : CFA F (XOF) (1 EURO = 655.957 XOF) meters deep) and one of the most
▪ Official language : French ▪ Memberships : ECOWAS, WAEMU, AfCFTA competitive ports in the sub-region
▪ Population : 8.3 million (2020) ▪ Agreements : AGOA (USA), EBA (Europe), ▪ International airport (hub) in Lomé
ACP/EU
TOGO – Gateway to West Africa 3Competitive sectoral advantages
A financial centre of
A logistics hub Industrial potential
choice
The capital Lomé is the The Port of Lomé has a growing level of Mineral resources (phosphate,
headquarters of major activity : limestone and clay transformed into
financial groups : § Registered container traffic of 1.7 million clinker, iron) and agricultural
TEU in 2020. resources (coffee, cocoa, cotton).
• The ECOWAS Bank for § Speed of operations.
Investment and § Privileged port of the hinterland countries Togo is one of the largest producers
Development (EBID) (Mali, Niger, Burkina-Faso). of phosphate.
• The West African § Connection with European ports in 7 days
Development Bank on average, the United States in 13 days 3.8 million hectares of arable land,
(BOAD) (subject to direct links) and China in 29 half of which remains to be exploited.
• The Ecobank group days.
An industrialisation strategy whose
• Oragroup Lomé Airport is of international standard,
anchoring elements :
with :
The presence of 14 banks § A capacity of 2 million passengers and § PIA, a new industrial platform on 400
and 3 financial institutions. 50,000 tons of freight per year. hectares.
§ Connections with 27 cities in the world § The Agropolis of Kara.
including hubs such as Paris, Brussels, § Work-linked training institutes for
New York, Addis Ababa. development in order to accelerate
§ The ASKY company, which uses it as a the training of young people (70% of
hub to reach the capitals of West and Togo's population is under 35 years
Central Africa. old).
§ Improvement of the business climate.
§ Digital transformation of the economy
and innovation.
TOGO – Gateway to West Africa 4As a member of the WAEMU, Togo is fully integrated into the
West African sub-region
West African Economic and Central Bank of West African
Monetary Union (WAEMU) States (BCEAO)
• Founding member of WAEMU, along with Benin, • Central Bank of the WAEMU States which conducts
Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, the monetary policy of the CFA franc monetary zone.
Niger and Senegal
• The exchange rate of the CFA franc is pegged to
• Sub-regional market of 124 million inhabitants, the euro. Since 1 January 1999, the exchange rate is
with a nominal GDP of US$ 295 billion 655.96 FCFA = 1 EUR
• Economic integration through the development of • Unconditional and unlimited convertibility of the
an open and competitive market and a harmonised CFAF guaranteed by the French Treasury.
legal environment
• The BCEAO also ensures the stability of the WAEMU
banking and financial system.
West African Development Bank Organisation for the harmonisation of
(BOAD) business law in Africa (OHADA)
• Shareholder of BOAD • OHADA Member State
• WADB has a capital of USD 1.60 billion • Ten Uniform Acts already in force in the Member
States
TOGO – Gateway to West Africa 5Togo, a country in continuous growth since the start of a new
policy to stimulate investment in 2017
1 2 3
2017-2019 : Accelerating 2020 : 2021-2026 : Economic
development in collaboration Resilience of diversification and structural
with the private sector the economy to transformation through the
the COVID-19 Roadmap 2021-2025
Nominal GDP(bn USD) crisis
14
12,0 13,2
12 10,9
9,2 10,0
10
7,9 8,5
7,2 7,7
8 6,8
6
4
2
0
2017 2018 2019 2020 2021p 2022p 2023p 2024p 2025p 2026p
GDP growth (constant price base 2016)
9% 7,8% 8,1%
7,5%
8% 7,0%
7% 6,1%
5,0% 5,5%
6%
4,3% 4,8%
5%
4%
3% 1,8%
2%
1%
0%
2017 2018 2019 2020 2021p 2022p 2023p 2024p 2025p 2026p
Sources : Togolese authorities
TOGO – Gateway to West Africa 6Since 2014, Togo is the pole of attraction for investors from
various origins in the industrial and services sectors
Evolution of private investments
(Billion CFA F) Sectors Some key investors
Infra-
structure
1 058 and
+12,2%
958 industries
885
729 Bank
667
Telecoms -
Outsourced
Services
Energy
and Mines
2014 2015 2016 2017 2018
• In 2020, Togo stood out as the best performing investment attraction in the world, relative to its size, according to
Greenfield performance index
• Private investments have almost doubled in 5 years, from CFA F 667 billion to CFA F 1,058 billion. This evolution is
equivalent to an average annual growth rate of 12.2%
• Infrastructure, industry, banking, telecommunications, energy and mines are the main sectors of attraction
TOGO – Gateway to West Africa 7A number of reported cases of COVID-19 under control allowing
a complete reopening of the economy
13763 128 356636
Total confirmed Total number
Death
cases of test
13388 2,43 46,09
Cases per 100 000 persons Tests for
Cured cases in the last 14 days 1 000 persons
Evolution of the COVID-19 pandemic in Togo
450
Nouveaux cas journaliers
New daily cases
400
Nombre de décès cumulés
Cumulative number of cases
350
300
250
200
150
100
50
0
janv.-20
Jan - 20 mars-20
March - 20 mai-20
May - 20 juil.-20
July - 20 sept.-20
Sept - 20 nov.-20
Nov - 20 janv.-21
Jan - 21 mars-21
March - 21 mai-21
May - 21
Sources: Togolese authorities, Johns Hopkins University
TOGO – Gateway to West Africa 8An innovative and efficient response from Togolese authorities
to the crisis, welcomed by the international community
Health measures and vaccination plan Budgetary measures and economic recovery
• Social distancing : wearing of a mask, night curfew, • Creation of a National Fund for Economic Solidarity
ban on all mass gatherings> 15 people, restriction of of CFAF 400 billion (730 M USD)
transport, reorganization of market hours, reinforced
border controls and the requirement of a PCR test • Novissi : financial support program by monetary
transfer in "mobile money" for vulnerable populations
• Vaccination campaign : official launch of the unprecedented in West Africa
vaccination campaign on March 10 and start of the
administration of the second doses on May 17 ü Almost 840,000 beneficiaries for a total of 13
billion FCFA (24 M USD), of which 55% are
ü Over 340,000 doses administered and 75,000 women
complete vaccinations performed
• Business support: elimination of tax audits and late
ü 350,000 doses from Astrazeneca, 200,000 doses payment penalties, adaptation of recovery procedures
of Sinovac and 100,000 doses of Pfizer received to the company's situation, reduction of VAT from 18%
to 10% for the sectors directly affected
ü 1,000,000 doses of Johnson & Johnson expected
in July
2nd Best performing African country in managing the COVID-19 crisis
(according to the Lowy Institute, 16e in the world ranking out of 98e country)
TOGO – Gateway to West Africa 9Main highlights of the dynamism of the Togolese economy
Recognized economic and
... and concrete achievements
financial performance...
Opening date: April 23, 2021
Characteristics:
• Power plant producing 532 GWh/year, supplying more
than 250,000 Togolese households, or 1.5 million people
Cost/Financing: € 129 million, Eranove Group (75%), State
Kekeli Efficient Power (25%)
Financial rating
Opening date: June 04, 2021
(B / B stable)
Characteristics:
• Housing state databases, public and private websites and
cloud services
• Beginning of digital sovereignty
Data Center Costs/Financing: 25.2 Million € by the World Bank
Opening date: June 06, 2021
Characteristics:
Issuer rating • Logistics services as a container park
(B3) • 200.000 m² dedicated to logistics activities
Costs/Financing: 200 million € by the State and Arise
Industrial Park Integrated Industrial Platforms
Opening date: June 22, 2021
Characteristics:
• 90,255 MWh of energy per year to be generated
• 158,333 Togolese households will be supplied in
sovereign credit electricity, including 9% of the central region's demand
rating Sheikh Mohamed Bin Costs/Financing: 31.92 million € by BOAD and ADFD
(B / B speculative) Zayed solar plant of Blitta (Abu Dhabi Fund for Development)
$ 1 = 0.84 € TOGO – Gateway to West Africa
1000 CFA F = 1.52 € 101 A dynamic and growing economy
2 An ambitious and coherent development
strategy
3 Important investment opportunities for
the private sector
TOGO – Gateway to West Africa 11Togo, a reforming country engaged in economic
transformations in order to strengthen its attractiveness
A strengthened institutional framework to allow effective implementation of reforms
Togolese Revenue Office HAPLUCIA Business Climate Unit API-ZF
(2012) (2015) (2017) (launch in 2021)
• Collect taxes, duties and customs • Promote and strengthen the • Advise the government on its • Promote strategic investments,
duties prevention and fight against business climate reform strategy domestic or foreign, in
• Fight tax evasion and fraud corruption and related offenses • Ensure communication around the infrastructure and development
reforms
Examples of recent reforms to improve the business climate in Togo
Facilitation of Creation process, time
business creation and cost reduced by 85%
Adoption of the new Simplification of tax
tax code procedures for companies
Simplification of Reduction of total transfer
procedures in the times from 18 months to 6
field of land hours
TOGO – Gateway to West Africa 12A significantly improved business climate with a gain of 50+
places in the Doing Business ranking over the 2015-2019 period
• Positive trend in
Doing Business¹ ranking of WAEMU countries 2015-2019 Togo's business
(1 = best business climate) climate, ranked first
80 in the WAEMU
region with an
90
97
improvement of +50
TOGO places over the last
100
5 years
110 COTE D’IVOIRE • Only country in the
WAEMU region in the
120
SENEGAL top 100 worldwide
130 NIGER • Togo is among the 8
140 African countries in
MALI the world's top 100
150
150 BENIN business environment
BURKINA FASO (i.e., Mauritius ranked
160
13, Rwanda 38,
170 Morocco 53, Kenya
GUINEA-BISSAU 56, Zambia 85,
180 Tunisia 78 and
2015 2016 2017 2018 2019
Botswana 87)
1. Doing business reports 2016 - 2020
TOGO – Gateway to West Africa 13A constructive relationship with international institutions that
support Togo's development
• The AfDB provided EUR 25m in 2020
• In 2020, the World Bank granted Togo approximately (loans and grants) and more than EUR
EUR 237 million (50% grants and 50% loans) 80m since the beginning of 2021
• In March 2021, the IDA granted EUR 70 million in • In March 2021, the EU, in collaboration
financing to help Togo develop a universal health with the AfDB, granted CFAF 8 billion to
coverage system Togo to finance two electrification
projects
• Excellent track record with the IMF
marked by the success of the 2017
Extended Credit Facility (ECF) program
• Ongoing negotiation of a new ECF to
finance the country's economic
transformation
• As of December 31, 2019, BOAD's
• Since 2007, AFD has financed over
disbursements for Togo amounted to EUR
33 projects in Togo for more than
530m (including EUR 420m for the central
EUR 300M
government and EUR 110m for public
enterprises).
TOGO – Gateway to West Africa 14Three strategic axes to make Togo a modern nation with an
inclusive and sustainable economic growth
Government roadmap Togo 2025
A peaceful Togo, a modern nation with an inclusive and sustainable economic
growth
Strengthening Boosting job Modernizing the
social inclusion and creation basing on country and
harmony and the strengths of the strengthening its
consolidating peace economy 17 agencies
11 1 11 5 14
projects reform projects reforms projects
TOGO – Gateway to West Africa 1542 priority projects and reforms identified to support the
country's new vision
Flagship project / reform P Project R Reform
Strategic axis Ambition Priority projects and reforms
Axis 1: Provide identity and P1 Identity P2 Establishment P3 Implementation P4 Development and P5 Continuation of P6 Increase in P7 Construction P8
Creation of
Strengthening ensure health coverage assignment of the Unique of Universal execution of a the access to of 20,000 a digital
social inclusion and and access to basic for all Social Register Health Coverage response plan to electrification drinking water social bank for all
harmony and
consolidating peace services for all health emergencies policy for all and sanitation housing units
Provide education that Increase in school Improving the Review of the orientation policy and
P9 P10 P11
is accessible to the quality of promotion of vocational training in priority
reception capacities
population and in tune teaching professions
with the labor market
Ensure security, peace Priorities : (i) Adoption of the military programming law to secure and strengthen investments in the military sector in order to ensure national security, especially
facing the terrorist threat - targeting a defense expenditure to GDP ratio of 4% (ii) Decrease in crime rate in the country, (iii) Improvement of efficiency of the
and justice for all
judiciary (e.g. rate of access to justice at 75% vs. 65% in 2016)
Axis 2: Boosting job Make Agriculture a real Improvement of Network extension Acceleration of Expansion of the Kara Reform of agricultural
P12 P13 P14 P15 R1
creation basing on
the strengths of the engine of growth and job agricultural yields rural road the MIFA agropolis in partnership land policy
economy creation with the private sector
Affirm the country's place P16 Construction of the P17 Improving the competitiveness of the P18 Consolidation of the airport's P19 Creation of a leisure
as logistics and Unity Highway logistics sector through port reform strategic positioning tourism offer
services hub and digitization
Create real extractive Construction of an industrial park Launch of a phosphate fertilizer Acceleration of exploration and
P20 P21 P22
and processing around the Port of Lomé production unit exploitation of mineral resources
industries
Axis 3: Modernizing P23 Extension of fixed and P24 Reinforcement of the P25 Digitization of the main P26 Development of a digital R2 Digital regulatory reform
Make Togo a regional
the country and mobile internet network internet connection to public services innovation hub
strengthening its reference in digital
coverage the global network
agencies
Enhance the P27 Increase in electricity P28 Optimization of the P29 Restructuring and P30 API-ZF R3 Modernization R4 Strengthening of
attractiveness of the production, transmission and portfolio of State privatization of the two operationalization of the Labor support mechanisms
country to investors distribution capacity holdings public banks Code for MSMEs
Solidify state agencies P31 Increase in public P32 Transformation and P33 Preparation and implementation P34 Attraction and development R5 State
and stabilize its public resources restructuring of state-owned of a development plan for 10 of talent in the public service decentralization
accounts companies municipalities
Prioritize sustainable P35 Response to major P36 Green mobility R6 Reform of
development and climate risks program environmental
anticipation of future legislation
crises in the country
TOGO – Gateway to West Africa 161 A dynamic and growing economy
2 An ambitious and coherent development
strategy
Important investment opportunities for
3 the private sector
TOGO – Gateway to West Africa 17Private investments are expected in 12 sectors of activity
Infrastructures and
Agriculture Energy Water
logistics
Financial Services Housing Telecoms Industries
Health BPO Services Trade Port activities
TOGO – Gateway to West Africa 18A clear point of contact for investors
M. Rodrigue Akue-Atsa
Ministry of Investment Promotion Rodrigue.akue-atsa@investissement.gouv.tg
+228 22 53 53 72
secretariat@investissement.gouv.tg
www.investissement.gouv.tg
M. Maurice Potcho
Agency for Investment Promotion and
the Free zone m.potcho@apizf.org
+228 22 53 53 60
info@apizf.org
www.apizf.org
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