Togo should record a growth of 4.3% in 2021, according to the AfDB

Economic governance

Wednesday, 17 March 2021 13:36

Togo should record a growth of 4.3% in 2021, according to the AfDB

(Togo First) - The African Development Bank (AfDB) recently published its 2021 Africa economic outlook report. Titled “From Debt Resolution to Growth: the Road Ahead for Africa,” the 200-page document dives into the issue of debt and assesses the performances of African economies amid the ongoing pandemic.

Togo, according to the report’s authors, should record a rapid economic recovery. They state that as the pandemic weakens and the economy recovers, the country’s growth was forecast at 4.3% and 5.6% in 2021 and 2022 respectively. This performance should be driven by agriculture, and increasing investments in transport, energy, and industries.

Inflation up, public debt under control

After rising from 0.7% to 1.6% in 2020, according to the AfDB, the inflation in Togo should keep going up, reaching 1.9% this year and 2.1% in 2022. Meanwhile, the budget deficit is expected to improve slightly, from 4% of the GDP in 2021 down to 3.4% next year.

As for the public debt, the Abidjan-based Bank does not seem concerned, asserting that the country’s risk of debt distress is moderate. The AfDB explains its projection by “the recovery of the economy and public investments as well as the payment of deferred maturities.” However, it expects a slight increase of the debt-to-GDP ratio to 60%, as against 57.8% in 2020, nearly 69% in 2019, and 80% in 2016.

Klétus Situ

Cooperation: Togolese Top Officials meet with Commonwealth Enterprise and Investment Council

Togo: Government Launches Energy Training Program Targeting 500 Young Men and Women

Togo to Launch Malaria Chemoprevention Campaign in Plateaux Region in 2024

Lomé Meeting Tackles Airport Safety: ASECNA's Integrated Logistics Support Review and Training

lome-meeting-tackles-airport-safety-asecna-s-integrated-logistics-support-review-and-training

Togo: University of Lomé Hosts Second Edition of Innovation Crunch Time

togo-university-of-lome-hosts-second-edition-of-innovation-crunch-time

ExpandPF Project Evaluates Healthcare Facilities in Togo for Reproductive Health Support

COOPEC-Blitta: Balance Sheet Totals CFA1.3 billion in 2023, up 12% YoY

Togo: CNSS Announces Mandatory Life Check for Pensioners and Annuitants in May-June 2024

Anti-Terrorism: President Gnassingbé Calls for the Reorganization of Military Cooperation in West Africa

anti-terrorism-president-gnassingbe-calls-for-the-reorganization-of-military-cooperation-in-west-africahttps-www-togofirst-com-fr-securite-2304-13894-lutte-contre-le-terrorisme-faure-gnassingbe-plaide-pour-une-nouvelle-organisation-de-cooperation

Togo: New ECOWAS Committee Launches to Bolster Healthcare Delivery

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

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 .

TRADING ACROSS BORDERS (more info)

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

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.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.