Togo’s flag raised at Marlborough House to mark admission into the Commonwealth 20 October 2022

The flag of Togo was raised for the first time at the Commonwealth Headquarters in London, formally marking the country’s entry into the 56-member association. Togo became the 56th member of the Commonwealth on 25 June 2022 following approval from Commonwealth leaders during the Commonwealth Heads of Government Meeting (CHOGM) in Kigali, Rwanda. As the tradition goes, a special flag-raising ceremony was held today in the presence of the Commonwealth Deputy Secretary-General, Dr Arjoon Suddhoo, and the President of the Togolese Republic, H.E. Faure Gnassingbé. They were joined by guests including high commissioners, senior government officials, the Togolese diaspora, and the media. In remarks welcoming Togo to the association, the Commonwealth Deputy Secretary-General said: “Togo’s journey into the Commonwealth has been a long time in the making. We walked the journey for many years, as the Commonwealth provided guidance to Togo’s efforts and commitments to embody the values of the Commonwealth Charter. “Togo has shown commitment to meeting institutional and governance reforms. The Government of Togo has demonstrated clear action in developing its economy and infrastructure; in providing a conducive business climate and stability to attract tourism and investment. “Today, we welcome [Togo] into our family home, where we work every day to deepen our bonds and abilities to conquer the challenges we face – together. Welcome to a special group of nations which are committed to doing their best to uphold shared values and to help one another.   “Long live Togo and Long Live the Commonwealth!” President Gnassingbé on his part said: “It is my great pleasure to address this honourable audience on this highly symbolic occasion and to express the joy and pride of the people of Togo as we gather here today to raise our flag among those of the great Commonwealth of Nations family. “As we celebrate this remarkable milestone, I would like to solemnly ask each one of you to bear witness to Togo’s renewed pledge to the values of peace, democracy, and development, which are the core values of the family we are joining. “Our stepping into the Commonwealth family is an incredible booster towards progressing together and leaving no one behind. “It is my wish that the new dawn we are setting today will unveil an era of fruitful cooperation, economic growth, sustainable development as well as social and cultural fulfilment for all of us.” The flag of Togo was then ceremoniously raised on the roof of Marlborough House to the tune of Togo’s national anthem with guests looking on in awe. By joining the Commonwealth, Togo’s Embassy in London now officially becomes a High Commission. To mark the occasion, a plaque commemorating the move was unveiled. As an institution uniting 2.5 billion people from Africa, Asia, the Americas, Europe and the Pacific, the Commonwealth is unique. Membership to the Commonwealth means joining a community of mutually supportive independent and sovereign states, aided by more than 80 accredited organisations such as the Commonwealth Parliamentary Association and the Commonwealth Education Trust, that bring their expertise and the strength of their networks to support all our member countries in their development and aspirational goals. Members can also access a variety of training and technical assistance resources and benefit from more than 50 strategic partnerships with renowned organisations such as the United Nations, the African Development Bank, and the World Trade Organization, to create the conditions for people across the Commonwealth to flourish. Togo will now also be able to take part in major Commonwealth summits and ministerials which bring together government leaders, from developed and developing nations, to help amplify collective action on global challenges.

 

Commonwealth Central Banks Governors explore effective strategies for tackling inflation 11 October 2022

At their annual meeting held today in Washington DC, Commonwealth Central Bank Governors came together to discuss strategies to best work together to tackle inflation at a time when the global economy is facing excessive inflationary pressures driven by geopolitical tensions, coupled with the disruption in supply chain. Top of the agenda was the discussion around high global inflation and the cost-of-living crisis which is affecting the lives of millions across the Commonwealth and beyond. Chaired by Mr Abdur Rouf Talukder, Governor of Bangladesh Bank, and on the theme of ‘Tackling Inflationary Pressures on Multiple Fronts’, this was the first in-person meeting of Commonwealth Central Bank Governors since 2019. In his opening remarks, Mr Talukder said: “Central banks, particularly, the Commonwealth central banks have a crucial role in tackling inflation.  Clear communication together with close collaboration between monetary and fiscal policy authorities remains vital to tackle inflation from both monetary and fiscal fronts. As inflation soars to new heights, Central banks across the globe have been quick to act by raising interest rates from January to date, but it is important to highlight the associated costs that can arise from tightening monetary policy, which include, but are not limited to unemployment, slow economic growth or even recession. Therefore, we need to tread cautiously to minimize the costs of monetary tightening as best we can.” The meeting covered topics such as monetary policy tools to tackle inflation, the impact of rising interest rates on capital flows, and a presentation from the Reserve Bank of India on the Unified Payment Interface (UPI) - a digital innovation developed in India which enables real-time instant payments through smartphones from one bank to another. The Governors shared their respective experiences and acknowledged an urgent need to manage inflation expectations.  They opined that inflation has been largely driven by the supply-side as opposed to demand side, thus posing a challenge for central banks.  The Governors acknowledged that in Commonwealth countries, predominantly, inflation has been driven by rising import prices of fuel and food prices. And while inflation has reached record high levels in most Commonwealth countries, for some countries, exchange rate appreciation has helped reduce the inflationary pressures caused by global supply shocks and geopolitical tensions, leaving room to keep monetary policy relaxed. The Central Bankers mentioned that they will continue implementing monetary tightening to try and contain demand while also working to tackle supply side challenges. The governors further reiterated that it is imperative to ensure that monetary policy is accompanied by complementary fiscal policy that does not exacerbate demand side pressures.  The Governors also considered the impact of rising interest rates and noted that rising interest rates could potentially result in capital outflows and consequent currency depreciation for countries with weak macroeconomic fundamentals. The meeting also featured a briefing from the Commonwealth Secretariat’s Economic Policy and Small States (EPSS) team on the recommendations of their recent report ‘Commonwealth Countries: Driving FinTech Innovation', and the outcomes of yesterday’s event on ‘Using FinTech for Finclusion: Who to target and what mechanisms are needed’.   -ENDS-   Notes to Editors The Commonwealth is a voluntary association of 56 independent and equal sovereign states. Our combined population is 2.5 billion, of which more than 60 per cent is aged 29 or under. The Commonwealth spans the globe and includes both advanced economies and developing countries. Thirty-two of our members are small states, many of which are island nations. The Commonwealth Secretariat supports member countries to build democratic and inclusive institutions, strengthen governance and promote justice and human rights. Our work helps to grow economies and boost trade, deliver national resilience, empower young people, and address threats such as climate change, debt and inequality. Member countries are supported by a network of more than 80 intergovernmental, civil society, cultural and professional organisations. The Commonwealth admitted Gabon and Togo as its 55th and 56th members respectively at the Commonwealth Heads of Government meeting in Kigali, Rwanda in June 2022. Prior to this, Rwanda was the last country to join in 2009.

 

Commonwealth Finance Ministers to meet in Washington DC to discuss crucial emerging economic issues 05 October 2022 ​

Next week, Finance ministers and Central Bank Governors will meet in person for the Commonwealth Finance Ministers Meeting (CFMM) on 12 October 2022  and the Commonwealth Central Bank Governors (CCBG) Meeting on 11 October in Washington D.C. on the margins of the World Bank and IMF meetings.   In a time of economic turbulence, finance ministers and central bank governors will discuss vital strategies to address emerging economic issues, including: Tackling inflation: A Fiscal Stance A Fiscal Framework for Resilient and Sustainable Development Debt burden in the Commonwealth: A focus on Small and Vulnerable States Media Pools – Opening Remarks of the Commonwealth Finance Ministers Meeting and Central Bank Governors meeting Although the CFMM and CCBG are closed meetings, a media pool of 15 journalists can take photos and videos of the opening remarks (the first 10 minutes of the meeting).  The CFMM media pool will occur at 12:30pm – 12:40pm EDT on Wednesday 12th October. The CCBG media pool will occur at 8:00am - 8:10am EDT on Tuesday 11th October. Please note that to join the media pool you must already be accredited to attend the World Bank/IMF meetings.  To confirm your interest in joining the media pools and receive location details please contact:  Angela Kolongo  Communications Officer  Tel: +44 7587 881 503  Email: a.kolongo@commonwealth.int  Please note that the Commonwealth Secretary-General, Rt Hon Patricia Scotland KC, will be in Washington DC next week for the CFMM, to request one-to-one press interviews in Washington DC, please reach out to Angela. Notes to Editors The Commonwealth is a voluntary association of 56 independent and equal sovereign states. Our combined population is 2.5 billion, of which more than 60 per cent is aged 29 or under. The Commonwealth spans the globe and includes both advanced economies and developing countries. Thirty-two of our members are small states, many of which are island nations. The Commonwealth Secretariat supports member countries to build democratic and inclusive institutions, strengthen governance and promote justice and human rights. Our work helps to grow economies and boost trade, deliver national resilience, empower young people, and address threats such as climate change, debt and inequality. Member countries are supported by a network of more than 80 intergovernmental, civil society, cultural and professional organisations. The Commonwealth admitted Gabon and Togo as its 55th and 56th members respectively at the Commonwealth Heads of Government meeting in Kigali, Rwanda in June 2022. Prior to this, Rwanda was the last country to join in 2009.