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Economic Overview

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

After being impacted by the lockdown measures and the collapse of trade, Togo’s economic activity recovered in 2021, with GDP growing by 5.3%. Economic growth remained resilient in 2022 (5.4%) despite the challenging context brought by Russia’s invasion of Ukraine. According to IMF estimates, GDP growth is expected to further accelerate to 6.2% in 2023 and 6.5% in 2024, driven by agriculture, phosphate exports, and port traffic.

In 2022, Togo’s economic recovery was slowed down by the impact of the war in Ukraine. Inflation soared from 4.3% in 2021 to 5.6% in 2022, due to rising food and energy prices (IMF). About 40% of Togo’s wheat imports come from Russia (AfDB). According to IMF forecasts, inflation should decrease to 2.1% in 2023 and 2% in 2024, thanks to declining global food and energy prices as well as moderately stronger regional food production. Measures put in place to tackle rising living costs and to address security concerns lead to the postponement of fiscal consolidation efforts. Fiscal deficit remained high at -6.1% GDP (compared to -6% in 2021) and it is expected to gradually decrease to -4.6% GDP in 2023 and -3.4% GDP in 2024 (IMF). Public debt increased from 63.7% GDP in 2021 to 66.1% GDP in 2022, and it is forecasted to slightly decrease to 65.4% GDP in 2023 and 63.4% GDP in 2024 as fiscal consolidation efforts are resumed (IMF). The authorities are pursuing the implementation of the Togo Roadmap 2020-2025, which focuses on strengthening social inclusion and harmony and consolidated peace, boosting job creation by strengthening the economy, and modernizing and strengthening the State’s administrative structures (World Bank). Committed to structural reforms, the country has also expressed its continued interest in an Extended Credit Facility (ECF) program from the IMF

In 2021, the unemployment rate in the country was at 4.2% (World Bank, ILO estimate). The poverty level (45.5% before the pandemic) is twice as high in rural areas (58.8%) than in urban areas (26.5%) and only 46.9% of the population has access to electricity (World Bank).

 
Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 8.149.119.8610.6211.45
GDP (Constant Prices, Annual % Change) 5.85.45.35.35.5
GDP per Capita (USD) 9201,0041,0611,1161,175
General Government Gross Debt (in % of GDP) 66.367.267.666.064.3
Inflation Rate (%) n/a5.02.82.02.0
Current Account (billions USD) -0.26-0.28-0.27-0.24-0.25
Current Account (in % of GDP) -3.2-3.1-2.7-2.3-2.2

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

The agricultural sector contributes to 19.3% of GDP and employs 32% of the active workforce (World Bank). The main food crops include cassava, yams, maize, millet, and sorghum, with cocoa, coffee and cotton as cash crops (generating about 20% of export earnings). Although many farmers practice subsistence farming, some basic foodstuff still needs to be imported. The agricultural sector is vulnerable to climate conditions and parasite infestation.

The industrial sector is quite limited in Togo, accounting for only 22.2% of GDP and 19% of the total employment. With an estimated 30 million metric tons of reserves (USGS), phosphate is the country's most important commodity, making Togo one of the world's largest producers of phosphate. Hence, mining is the main industrial sub-sector, followed by food processing. The country also has clinker deposits, which fuels a dynamic cement industry.

The services sector is estimated to account for 49.3% of GDP, giving employment to 48% of the active population. The sector has been growing consistently in recent years, and trade is its biggest contributor. The Lomé Port, which is one of the largest ports in the region, is a major asset as the transport of goods to neighboring countries is boosting services industry.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 30.9 20.4 48.7
Value Added (in % of GDP) 18.3 20.5 51.3
Value Added (Annual % Change) 5.0 7.3 6.2

Source: World Bank - Latest available data.

 
Monetary Indicators 20162017201820192020
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 USD 593.01582.09555.72585.90575.59

Source: World Bank - Latest available data.

 

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Foreign Trade

In Togo, foreign trade represents 58% of the GDP, according to the World Bank’s latest available data. The country has been a member of the WTO since 1995. Key challenges to trade include certain public monopolies and customs procedures. Duties applied in the country are higher than in neighboring countries (with an average rate of 12.1%). However, Togo has developed a transport infrastructure network, which has enabled it to improve its position as a regional hub. Togo's main exports are phosphates, motorcycles, plastic materials, beauty products, cement, cotton, petroleum oils and palm oil; and main imports include petroleum oils and products, motorcycles, medicaments, polymers of ethylene, palm oil, cement, electrical energy, vehicles, foodstuffs and machinery. Main exports destinations include Burkina Faso (14.3% of total exports), Mali, Benin, Ghana, Niger, Ivory Coast and India; while imports come essentially from China (19.7% of total imports), France, India, Japan, Ghana, Malaysia and Spain (Comtrade, 2021).

Togo’s trade balance is structurally in deficit, a trend that is expected to continue due to the high oil bill and purchases of capital goods. In 2021, total exports increased to USD 1.35 billion (from USD 1 billion in 2020), while total imports increased to USD 2.63 billion (from USD 2.17 billion in 2020) (WTO). Togo’s imports of services increased to USD 464 million (from USD 407 million in 2020), while export of services increased to USD 612 million (from USD 451 million in 2020) (WTO).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 2,1162,0912,2522,4962,666
Exports of Goods (million USD) 1,0801,0551,2071,3321,443
Imports of Services (million USD) 465449438445464
Exports of Services (million USD) 622610514570548

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 58.056.756.255.259.8
Trade Balance (million USD) -782-757-744n/an/a
Trade Balance (Including Service) (million USD) -626-596-668n/an/a
Imports of Goods and Services (Annual % Change) 4.13.11.66.95.1
Exports of Goods and Services (Annual % Change) 0.83.46.55.3-1.1
Imports of Goods and Services (in % of GDP) 33.332.532.532.034.9
Exports of Goods and Services (in % of GDP) 24.624.223.723.225.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 4.66.45.88.16.4
Volume of imports of goods and services (Annual % change) 5.04.65.57.57.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Togo is a member of ECOWAS - Economic Community of West African States, the West African Economic and Monetary Union (UEMOA) and WTO.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
India 17.0%
Burkina Faso 12.4%
Benin 9.4%
Ivory Coast 8.4%
Mali 7.5%
See More Countries 45.3%
Main Suppliers
(% of Imports)
2022
China 19.8%
France 8.9%
India 6.1%
Ghana 4.1%
Saudi Arabia 3.2%
See More Countries 57.9%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President: Faure Gnassingbé (since 4 May 2005, reelected in 2010, 2015, 2020)
Prime Minister: Victoire Sidémého Dzidudu Dogbe Tomegah  (since 28 September 2020)
Next Election Dates
Presidential: 2025
National Assembly: 2023
Main Political Parties
Although political parties are allowed in Togo, the country is a one party dominant state with Union for the Republic (UNIR) in power (gaining 59 of the 91 seats in the 2018 elections). Opposition parties are widely considered to have no real chance of gaining power. The Union of Forces for Change (UFC) - a social democratic party, won 7 seats; independents took 18 seats and smaller parties captured the remainder (including the Patriotic Movement for Democracy and Development, the New Togolese Commitment and the Pan-African Democratic Party).
Executive Power
The president is the head of state and head of government, and is elected by popular vote for a five-year renewable term. The prime minister is appointed by the president. The Council of Ministers is appointed by the president (who also presides it) on the advice of the prime minister. Executive power is exercised by the government (title IV of the constitution). The Prime Minister assures the execution of the laws.
After a consultation with the prime minister and the president of the National Assembly, the president of the republic can decide to dissolve the parliament.
Legislative Power
Legislative power is vested in both the government and parliament. Togo has a unicameral parliament, with the members of the 91-seat National Assembly being elected every five years through proportional representation in multimember districts. The National Assembly votes the law in last resort and controls the action of the Government (art. 81 of the constitution).
 

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COVID-19 Country Response

Travel restrictions
Regularly updated travel information for all countries with regards to Covid-19 related entry regulations, flight bans, test and vaccines requirements is available on TravelDoc Infopage.
To find information about the current travel regulations, including health requirements, it is also advised to consult Travel Regulations Map provided and updated on a daily basis by IATA.
Import & export restrictions
A general overview of trade restrictions which were adopted by different countries during the COVID-19 pandemic is available on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan
For the general overview of the key economic policy responses to the COVID-19 pandemic (fiscal, monetary and macroeconomic) undertaken by the government of Togo please consult the country's dedicated section in the IMF’s Policy Tracker platform.
Support plan for businesses
For an evaluation of impact of the Covid pandemic on SMEs and an inventory of country responses to foster SME resilience, refer to the OECD's SME Covid-19 Policy Responses document.
You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19.

 

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