Lomé is a trade hub in ECOWAS, according to Ecobank
Wednesday, 07 March 2018 13:42 
(Togo First) - In West Africa, French-speaking countries listed under Ecobank’s WAEMU segment drive trade in the region with main hubs in Abidjan, Cotonou, Dakar and Lomé which is also a financial center. This was revealed in an analysis conducted by the research team of Ecobank Transnational Incorporated (ETI).
“Abidjan, Dakar, Cotonou and Lomé are key commercial hubs, canals for import and export of goods and services, both internationally and regionally,” reads a statement from the bank released on africaficc.
In the latter’s report, Togo is depicted as a major commercial corridor in West Africa. A description attributed mostly to the fact that the country re-exports equipment and consumption goods as well as food products to landlocked nations such as Burkina Faso, Mali and Niger. Ecobank’s report highlights that significant volume of goods, in the informal circuit, pass through Togo to reach landlocked nations but even to its neighbors, Benin and Ghana. These are not reflected in official statistics.
According to these statistics, Togo reexported in 2016 various kinds of imported goods. These include plastics (for $95 million), cars and machinery ($76 million) and beauty products ($49 million), most of which were sent to Ghana and Nigeria.
Ecobank also added that Togo’s exports should generate $1.8 billion this year, against an estimate of $1.6 billion in 2017. The year before that, 2016, they stood at $1.6 billion also.
As for imports, they are forecasted at $2.7 billion in 2018, against $2.5 billion and $2.4 billion in 2017 and 2016 respectively.
Looking at other components of trade balance, which are also expected to improve, Ecobank said current deficit should reduce by 1% to 7.8% of GDP. This figure was at 10% back in 2016 if we may recall.
Fiacre E. Kakpo
