Togo: Economy Expected to Grow 6.6% in 2024

Friday, 14 June 2024 16:43
Togo: Economy Expected to Grow 6.6% in 2024

(Togo First) - Togo's economy is expected to grow 6.6% in 2024, up from the 6.4% estimated for 2023, according to the Ministry of Economy and Finance's Economic Outlook to the End of March 2024.

According to the Permanent Secretariat for Monitoring Reform Policies and Financial Programs, the growth should be driven mainly by the primary sector, which is expected to grow by 4.6% due to agriculture, livestock, and fishing. The secondary and tertiary sectors are also expected to grow by 7.0% and 7.2% respectively, driven by agrifood, building materials, electricity, gas, construction, manufacturing, trade, transport, and accommodation and catering services.

The Secretariat also forecasts an average annual growth of 7% between 2024 and 2026.

Inflation is also expected to continue to fall, with IMF projections indicating that it will fall to less than 2% between 2025 and 2028. This is due in part to favorable agricultural prospects, adequate supply on food markets, and government measures to contain price rises.

Ayi Renaud Dossavi

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