MIFA’s Yiva Badouh on strengthening Togo’s private sector

On the sidelines of the just concluded Togo-EU Forum, CNBC Africa's Christy Cole caught up with Yiva Badouh, the Chairman of the Mechanism for Promoting Agricultural Finance and Microfinance (MIFA). Badouh stressed the crucial role of the private sector in executing Togo's National Development Plan. According to Badouh, the National Development Plan 2018-2022 has garnered significant interest for Togo. With recent visits to London and participation in the forum with the European Union, Badouh expressed optimism in the EU's support for the national development plan. The plan, which requires 1.622 trillion CFA francs, will see the private sector contributing 65% of the funding, emphasizing its pivotal position in driving the country's development. Badouh highlighted the tactical control and impact the private sector wields within the plan, noting its essential role in propelling Togo's economic growth. In a nod to the EU's commitment to bolster the plan's effectiveness, Badouh underscored the need for investment in micro and small businesses in Togo. Recent studies show that over 50% of investments in Togo stem from the private sector, positioning it as a central player in the country's economic progress. As Togo strives to enhance its business climate and attract investments, Badouh outlined the nation's strategic advantages, including its favorable security landscape and geographical proximity to vibrant markets. Togo's connectivity to various markets, such as Nigeria and Ghana, with a combined population of around 80 million, further strengthens its appeal as an attractive investment destination. Badouh also highlighted Togo's collaboration with international private sector associations, positioning the country as a prime target for investments. The conducive business environment has even prompted expatriates to return to Togo, akin to the 'Aliyah' phenomenon in Israel. The implementation of the National Development Plan is seen as a transformative initiative, comparable to the post-war 'New Deal' in Europe. In just two years, Togo's economic landscape has witnessed significant shifts, with agriculture, which comprises 45% of the active population, receiving a meager 0.3% of GDP funding. Badouh emphasized the goal of increasing investments in agriculture to 5-10%, signaling a significant potential for growth and development in the sector.