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Country Highlights

Togo: Economic Reforms and Growth

Togo’s economy has faced numerous challenges, including high inflation, currency depreciation, political instability, and limited access to international markets. However, recent reforms and growth initiatives have shown promising signs of progress.

The government has implemented economic reforms such as the adoption of a new currency, the West African CFA franc, and the launch of the Togolese Development Plan, which aims to diversify the economy, reduce poverty, and improve infrastructure.

Investment in key sectors like agriculture, mining, and manufacturing has increased, as has the country’s GDP growth rate. The government has also been working to attract foreign direct investment through tax incentives and infrastructure improvements.

Togo faced considerable economic challenges in recent decades due to factors such as high inflation, which peaked at over 20% in 2008. Currency depreciation also weakened the economy. Political instability and coups in years past discouraged investment.

To address these issues, Togo adopted a series of IMF-backed reforms under its 2003 Poverty Reduction and Growth Facility program. A key reform was replacing the CFA franc with the West African CFA franc in 1984, unifying the currency across the West African Economic and Monetary Union. This fostered regional trade.

The Togo government also launched the five-year Togolese Development Plan in 2010. This introduced measures to boost infrastructure spending on roads, ports and utilities. Reforms targeted improving the business climate and trade facilitation as well.

Agricultural revitalization was a priority, with programs to expand credits, subsidies and market access for farmers. Mining and manufacturing sectors also received tax incentives and skills training.

As a result of these stabilization and structural reforms, inflation declined steadily to under 2% by 2020. GDP growth rose from around 2-3% in the 2000s to over 5% in recent years, according to World Bank data. The Togo economy has diversified away from subsistence farming as well.

While challenges remain, Togo’s reform agenda and targeted investments have clearly contributed to stronger macroeconomic stability and growth momentum and laid foundations for further progress. Continued reforms and partnerships will be important to help sustain this positive trajectory.

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