Togo earned CFA748.6 billion from goods exports in 2021

Economic governance

Tuesday, 22 November 2022 14:09

Togo earned CFA748.6 billion from goods exports in 2021

(Togo First) - Togo earned more last year from its goods exports than it did in 2020. The segment generated CFA748.6 billion or 7.1% more than 2020’s CFA695 billion. The figures were posted by the Banque Centrale des Etats d'Afrique de l'Ouest (BCEAO), in its latest report on external trade in the WAEMU.

Thus, last year’s performance sustains a growth trend that started since 2017; that year, Togo’s goods exports revenues stood at CFA591.5 billion.

Last year, Togo mostly exported raw materials and intermediate goods, earning CFA158.6 billion from them (+23.4% compared to 2020). Revenues from capital goods exports also rose in 2021, from CFA47.1 billion to CFA66.7 billion (+41.6%).

Growth was more moderate for food exports. Over the year under review, they generated CFA118.5 billion for Togo, which is 1.3% more than in 2020 when they stood at CFA116.9 billion.

The main food products exported by Togo in 2021 were Chocolate and Cocoa, which earned the country CFA10.6 billion, Cereals and Flour (CFA11.1 billion), and Fats and Oils (CFA45.5 billion).

Togo also improved its share in the WAEMU’s overall goods exports. From 3.2% in 2020, this share rose to 3.7% in 2021. Overall, the Union’s eight (8) member States earned, last year, 20,466 billion CFA from exporting goods.

Ayi Renaud Dossavi

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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.