Togo: Government foresees significant drop in inflation in 2024

Economic governance
Monday, 18 March 2024 16:29
Togo: Government foresees significant drop in inflation in 2024

(Togo First) - Inflation in Togo should keep falling this year. According to the government, it should drop to 2.7%, from 5.3% in 2023. 

Sani Yaya, Minister of Finance, disclosed the forecast in the latest meeting of the National Council of Credit (CNC in French). During the roundtable, stakeholders also discussed progress on the economic, financial, and monetary fronts in 2023, as well the macroeconomic outlook for 2023-2028.

The government based its forecast on various reforms it introduced, as well on investments in key projects. 

“The inflation rate is expected at 2.7% in 2024, after standing at 5.3% in 2023 and 7.6% in 2022,” Sani Yaya declared. In his opinion, the drop would be fostered by “lower inflationnary tensions worldwide and an improved local supply of food products”.

Lomé also foresees greater trust in the country’s economic stability, driven by incentives for mico, small, and medium sized enterprises (MSMEs). Such incentives include increasing lending at lower rates. 

According to the National Institute of Statistics, the INSEED, Togo recorded an inflation rate of 4.7% in February 2024, against 4.8% the month before.

Ayi Renaud Dossavi

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.