Inflation: Prices should return to their pre-pandemic levels in 2022, Sani Yaya says

Economic governance

Tuesday, 05 April 2022 16:36

Inflation: Prices should return to their pre-pandemic levels in 2022, Sani Yaya says

(Togo First) - Talking about the current inflation in the local and international markets, Togo's Minister of Economy and Finance, Sani Yaya, said on March 31, 2022, that things should be back to normal this year. The official spoke during the first meeting of the National Credit Council (CNC),

"In 2022, the general price level should return to its pre-pandemic levels in most countries, given the economic policy measures taken to reverse the price curve and de-anchor inflation expectations," said the official.

The economist however noted that forecasts of an easing of the inflation rate are still uncertain, "due to the tensions observed on the international prices of certain imported food products." This is particularly true for wheat, imported from Ukraine and Russia. In this context, he reports, "the Togolese government continues to pay particular attention to price developments and plans to strengthen the measures already taken, to mitigate inflationary pressures.”

These measures include subsidizing fertilizer for the 2021-2022 agricultural season, combating smuggling, putting security stocks of cereals on the market -particularly corn, sorghum, millet, and rice, restricting exports of certain consumer products, and subsidizing the price of wheat.

The latest data available and communicated by the CNC puts the year-on-year inflation rate in the WAEMU region at 6% at the end of December 2021 and 4.5% in Togo.

Esaïe Edoh

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

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