Togo-ECOWAS: Lomé earned CFA102.6 billion from its exports in Q4 2023

Economic governance

Tuesday, 27 February 2024 14:48

Togo-ECOWAS: Lomé earned CFA102.6 billion from its exports in Q4 2023

(Togo First) - Togo exported CFA102.6 billion worth of goods to its neighbors of the Economic Community of West African States (ECOWAS) in Q4 2023.

Meanwhile, its imports from ECOWAS States amounted to CFA49.6 billion according to data from the National Statistics Institute of Togo (INSEED). This translates into a trade surplus of CFA53 billion, primarily driven by its re-export activities from the bustling port of Lomé.

Throughout the past year, Togo’s exports to other ECOWAS States averaged CFA100 billion quarterly. A laudable performance considering the sanctions against Niger and diplomatic tensions with Sahelian nations Burkina Faso, Niger, and Mali.

Year-on-year, the value of exports from Togo to ECOWAS States dropped by 9.1%. From Q3 2023 to Q4 2023, however, the figure rose by 6.8%.

West African Economic and Monetary Union (WAEMU)

At the level of the West African Economic and Monetary Union (WAEMU) (which regroups eight CFA-using countries), Togo's exports stood at CFA 84.7 billion in Q4 2023, compared to CFA 28.6 billion for imports. This yielded a trade surplus of CFA56 billion.

The ECOWAS and WAEMU are major business partners of Togo. They respectively captured 40% and 30% of the country’s global exports in Q4 2023. In contrast, imports from ECOWAS and WAEMU accounted for 11.1% and 6.4% of the country's total imports.

Globally, Togo earned CFA256.4 billion from its exports in Q4 2023.

Ayi Renaud Dossavi

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)

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GETTING ELECTRICITY (more info)

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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)

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