BOA and BKG Distribution join forces to modernise Togolese agriculture...

The Bank of Africa (BOA) has taken a significant step by unlocking a fund of 5 million euros (approximately 3 billion CFA francs) in favor of BKG Distribution, a company specialized in selling agricultural equipment. This funding is part of a strategic partnership established in May 2023 between the two entities, aimed at supporting Togolese farmers by facilitating the acquisition of modern equipment. This initiative marks a major breakthrough for the agricultural sector, which often faces difficulties in accessing financing.

Through this arrangement, BKG Distribution will be able to provide farmers with essential equipment such as tractors and combine harvesters, without requiring any upfront payment. The repayment terms, spread over three years with competitive interest rates, have been designed to offer flexibility suited to the realities of agricultural operators. According to Bassirou Bonkoungou, CEO of BKG Distribution, this mechanism aims to remove the financial barriers that often hinder investment in modern equipment, while boosting farmers’ productivity.

Youssef Ibrahimi, head of BOA-Togo, praised this collaboration as an innovative and pragmatic solution to the urgent needs of the agricultural sector. He also announced that discussions were ongoing for a new disbursement of 10 million euros, further strengthening the bank’s commitment to modernizing Togolese agriculture. This effort aligns perfectly with the government’s ambitions, which has made agricultural mechanization a priority to stimulate economic growth and improve yields.

Togo has recently set up Regional Agricultural Mechanization Centers (CRMA), aimed at facilitating access to modern equipment and supporting farmers in improving their practices. Therefore, this partnership between BOA and BKG Distribution is part of a broader effort to transform agriculture into a strategic pillar of the country’s economic development.

By supporting the acquisition of modern equipment and offering adapted financing conditions, this initiative helps strengthen farmers’ resilience and accelerates the transition to a more productive and sustainable agriculture. It is a prime example of the power of public-private partnerships in addressing development challenges.