Togo's Economy Shows Solid Growth, IMF Mission Says

Economy

Wednesday, 12 June 2024 16:14

Togo's Economy Shows Solid Growth, IMF Mission Says

(Togo First) - Togo’s economy is doing well according to recent figures released by the IMF. According to a recent mission led by Hans Weisfeld, the West African country recorded a 5.6% growth rate in 2023, while inflation has fallen to 2.6% in April 2024.

The IMF mission, which ended on June 7, noted significant progress in various areas. Overall budget revenues have been raised to 16.8% of GDP in 2023, reflecting progress in resource mobilization. Additionally, the mission noted a decline in extreme poverty, with the rate falling to 25.8% in 2023 from 28.4% in 2018.

The assessment of the achievement of the Sustainable Development Goals (SDGs) also showed progress, with a score of 56.3 out of 100 for Togo in 2023, compared to 54.7 in 2018.

"This progress is the result of initiatives taken by the Togolese authorities, aimed at stimulating growth through structural reforms, improving the business climate and strengthening social inclusion through spending focused on vulnerable populations," said the IMF.

The World Bank-funded Social Nets and Basic Services (SNBS) project, which has reached over 104,000 households across the country in 6 years, has been instrumental in achieving these positive results. The cash transfers made in almost 975 localities have helped to improve the situation of beneficiary households.

The IMF delegation praised the Togolese authorities for their fiscal consolidation efforts, and encouraged them to pursue these actions to strengthen debt sustainability while promoting economic growth.

In March 2024, the Executive Board of the International Monetary Fund (IMF) approved a 42-month arrangement for Togo under the Extended Credit Facility for SDR 293.60 million, or around $390 million (200% of quota), with an immediate disbursement of SDR 51.380 million (around $68.3 million).

Esaïe Edoh

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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.