Togo: Customs Revenues Up by Almost 21% in Q1 2024, YoY

Public finance
Monday, 17 June 2024 17:16
Togo: Customs Revenues Up by Almost 21% in Q1 2024, YoY

(Togo First) - Togo's customs revenue has seen a significant increase in the first three months of 2024, with the Commissariat des Douanes et Droits Indirects collecting 99.3 billion FCFA, a 21.10% increase from the 82 billion FCFA collected during the same period in 2023.

Customs duties reached FCFA 35.4 billion, a 20.41% increase from the previous year, while VAT on imported goods rose significantly to FCFA 43.7 billion, a 105.16% increase from the first quarter of 2023. 

These increases come against a backdrop where the port of Lomé and the Togolese corridor have established themselves as a bypass route for goods destined for Niger, following the closure of the borders between Benin and Niger. The lifting of sanctions in February and the decision of the Niger authorities to keep the border closed with Benin have benefited Togo, which has stepped up its initiatives to facilitate trade.

Although Q1 2024’s results are too premature to demonstrate the new dynamics, the effects should be more visible by the end of the semester or mid-Q3.

Togo seeks CFA434 billion in customs revenues in 2024. Last year, it targeted CFA334 billion but raised CFA389 billion.

Fiacre E. Kakpo

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