Togo: Inflation expected to fall to 6.8% in 2023

Thursday, 23 March 2023 16:00
Togo: Inflation expected to fall to 6.8% in 2023

(Togo First) - The inflation rate should stand at 6.8% in Togo, by the end of December 2023, against 7.6% last year. The figure was disclosed by the National Credit Council (NCC) during its first annual meeting, held on March 21.

According to the NCC, economic activity will be resilient, with economic growth rising by 80 basis points to 6.6%, compared with 5.8% in 2022 and 6% in 2021. It further indicated that all sectors should contribute to economic growth and that the tertiary sector, especially, would contribute 4%.

Looking back to 2022, the Council noted an improvement in the financing of the economy, as more businesses received loans. Over the period, lending rates decreased, by 20 basis points, which corresponds to 7.4% year-on-year.

Moreover, the credit portfolio of banks and decentralized financial systems kept improving, according to the NCC, with the gross deterioration rate of this portfolio falling to 4% at the end of December 2022, from 5% in 2021.

Esaïe Edoh

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