Togolese economy sturdy amid Covid-19 pandemic, Minister for Investment Promotion says

Economy
Monday, 25 October 2021 17:51
Togolese economy sturdy amid Covid-19 pandemic, Minister for Investment Promotion says

(Togo First) - In an interview with Oxford Business Group, the Togolese Minister for Investment Promotion Rose Kayi Mivedor affirmed that Togo’s economy keeps growing despite the lingering pandemic.

“The GDP of Togo grew by 1.8%. But this is still very low compared to an annual growth rate of over 5% recorded in the past five years.” Over the same period, Mivedor added, many other countries recorded negative growth.

The Togolese official also emphasized that the country kept attracting FDIs amid the pandemic, “due to a business climate that constantly improves, spurred by five years of aggressive reforms and a strong commitment of the government.” This is attested by the country’s 40 spot jump in the 2020 Doing Business ranking.

Confirming the minister’s opinions, UNCTAD’s 2021 report on global investment places Togo as the top African destination for FDIs in 2020. The document indicates that FDIs in Togo surged by 85% between 2019 and 2020.

The country, let it be noted, expects a GDP growth of 4.8% in 2021, and eyes 7% in the next five years.

Esaïe Edoh

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