Togo imported CFA449.64 billion worth of goods in Q2 2023. The figure was recently reported by the country’s Institute of Statistics, INSEED. Compared to the previous quarter, it is 0.5% up. Meanwhile, the trade deficit increased by 0.7% between the first and second quarters.

Main suppliers

Between April and June 2023, China, India, and Turkey were Togo’s main suppliers. The first ranked first, totaling 17.2% of the country’s imports, with a value of CFA77.52 billion (128,333 tons). India followed with a share of 9.5%, totaling CFA42.71 billion. Turkey was third. Togo’s imports from there stood at CFA38.29 billion. Right behind were France (8.1%), Morocco (4.3%) and Japan (4.2%).

Read also: Togo: Exports generated CFA212.25 billion in Q2 2023

Major imports

Urea was the most imported product over the quarter reviewed. Togo imported around 36,000 tons of Urea, valued at CFA23.5 billion in Q2 2023. It represented 5.2% of all Togolese imports over the period. Next came vehicles and drugs, which made up respectively 5.1% and 4.7% of all imports. Value-wise, Togo spent CFA22.97 billion and CFA21.31 billion, respectively, on these products.

At the end of the spectrum, Togo spent CFA212.2 billion on its exports in Q2 2023. The trade balance was thus in deficit–CFA237.392 billion. 

Ayi Renaud Dossavi

Turkey’s new ambassador to Togo, Muteber Kilic, wants to help deepen the cooperation between the two countries. She voiced the ambition during a meeting with Togolese Prime Minister, Victoire Tomegah-Dogbe, on October 24. 

In detail, the diplomat eyes stronger relations in the agriculture, tourism, and trade sectors. 

"Turkey can bring a lot, especially in terms of experience in these sectors- agriculture, tourism- but also on the development of relations on an economic and commercial level," said Muteber Kilic.

While cooperation between Turkey and Togo is still embryonic on the agriculture and tourism fronts, trade between the two nations generated nearly $200 million last year, according to the Turkish ambassador. "And we'll be able to do much better in the coming years", she stressed, before adding that "Togo is on the right track" and that "together, we'll be able to assist it towards development".

Togo and Turkey have been working to improve their cooperation since 2020. In this framework, they have signed several deals and memoranda of understanding. Among others, they set up a mechanism for political consulting between their respective foreign affairs ministries; and agreed on a mutual visa exemption for official passport holders. They also signed a memorandum of understanding on cooperation between the Togolese Ministry of Foreign Affairs and the Turkish Diplomatic Academy.

In October 2021, Turkish President, Recep Tayyip Erdogan, officially visited Togo, for the first time.

Esaïe Edoh

Inflation kept improving in Togo in recent months. From 6.6% in August, it fell to 6.2% in September, according to the National Institute of Statistics (INSEED).

The decline was mainly driven by lower prices for food products ("Food products and non-alcoholic beverages", which fell by -2.4%) and "Leisure and culture" (-1.4%). This brought the National Harmonized Index of Consumer Prices (NHICP) down 0.5% from its level the month before. On the other hand, prices of housing (housing, water, gas, electricity, and other fuels), transportation, clothing and footwear, alcoholic drinks, tobacco, and narcotics were up. Housing rose by 2.2%, transportation by 0.8%, clothing and footwear by 0.5%, and the alcoholic drinks and narcotics group recorded a price surge of 4.6%.

Quarterly

Over the quarter ended in September, the general price level was down by 1.9% compared to the previous quarter. This was mainly due to a fall in the index for "Food products and non-alcoholic beverages" (-5.5% over the quarter). 

Year-on-year, prices in Togo remained relatively stable, but inflation soared significantly, at the national, sub-regional, and global levels. Indeed, compared with September 2022, the general price level rose by 3.6%.

Ayi Renaud Dossavi

Togolese exports amounted to CFA212.25 billion in Q2 2023. The figure, disclosed by the country’s Institute of Statistics (INSEED), corresponds to 993,316.5 tons of goods. Value-wise, the exports were up by only 0.2% compared to the previous quarter. 

Phosphate still on top

During the quarter reviewed, the 10 most exported goods made up 67.7% of the total export value reported.

Phosphorus products (natural calcium phosphates, natural alumino-calcium phosphates, and phosphate chalk) came ahead, accounting for 23.7% of the total or CFA50.33 billion. 

They were followed by "Petroleum or bituminous mineral oils (excluding crude oils) and preparations", whose exports totaled CFA18.5 billion. Then came "Prepared beauty or make-up products and preparations for the maintenance or care of the skin," which earned the country CFA12.43 billion.

Compared to Q2 2022, exports in Q2 2023 rose by 16.8% in value, and 26.8% in volume. Imports also rose, by 5.6% in value, and 3.7% in volume. Despite these improvements, the country’s trade deficit slumped by 2.8%.

Main buyers: India leads 

Regarding its export destinations, Togo mainly sold to a group of 10 countries, led by India which absorbed 16.6% of all Togolese exports, by value (CFA35.27 billion).  Benin was second with 23.75 billion FCFA in value, representing 11.2% of the total.

Burkina Faso, France, and Mali complete the top five destinations, with shares of 8.9%, 8.6%, and 7.5% respectively.

Trade balance still in deficit

Imports stood at CGA449.64 billion, resulting in a trade deficit of CFA237.39 billion. 

Ayi Renaud Dossavi

Lomé is hosting since October 23 a five-day regional meeting on civil aviation. Gathered at the roundtable are WAEMU experts and technical executives of the sector.

Participants will plan and draw short, medium, and long-term forecasts for air operations; economic factors and other data involved in the development of ground plans; and the assessment of the capacity of facilities and services.

The drawn plans will enable airports of the WAEMU region to comply with the new standards of the International Civil Aviation Organization (ICAO).

"Master plans are intended to support the modernization of existing airfields regardless of their size, complexity, or role. They provide information on the types of improvements to be made progressively," said the General Manager of Société Aéroportuaire de Lomé Tokoin (SALT), Colonel Dimini Allahare.

According to the WAEMU Commission, the meeting in Lomé will also tackle the lack of master plans, or vision, for many airports across the WAEMU.

In line with efforts to modernize the facility, officials of the Lomé airport said a "master plan for the period 2024-2044 has been announced, with other projects that will help position Lomé airport as a hub for air traffic in West Africa".

In 2012, a major modernization project was launched; a new terminal was subsequently built and commissioned in 2016.

Esaïe Edoh

The Togolese government recently adopted a decree to regulate the use of public transport vehicles, including taxis, taxi-bikes, and tuk-tuks. The decree was adopted last week at the Council of Ministers. 

The move aims to tackle several issues, such as road insecurity, air pollution, and low profits in the public transport sector. 

Drawn in collaboration with representatives of professional transport organizations, the decree sets clear rules for public transportation drivers. Among others, they will need a permit issued by the Ministry of transport and an authorization certificate from the territorial collectivities.

The measures should enable "better organization of public transport, professionalization of the sector's players, better identification of cabs and their scope of activity, as well as improved road safety and better comfort for passengers", according to the Council. 

A few weeks before the decree’s adoption, the government held a meeting with actors of the transport sector. On the occasion, the authorities said the actors had two years to comply with the new regulations adopted in 2022. 

"Persons previously engaged in public transport by cab, motorcycle cab or tricycle have twenty-four months to comply with the new provisions", the government indicated.

Ayi Renaud Dossavi

The Togolese minister of water and rural hydraulics, Yark Damehane, launched last Friday the third phase of the PASSCO, a project to improve health conditions in rural and school environments. Under this phase, 200,000 people in rural areas will get drinking water by 2025. 

In detail, 850 boreholes will be built and equipped with manual pumps. The French Development Agency (AFD) will finance this part of the project with CFA6.5 billion. 

During the first two phases of the PASSCO project, 844 boreholes were built. The third phase, according to Minister Damehane, will help the government achieve universal access to water, a goal it aims to reach by 2030.

"Access to drinking water must be an absolute priority in our quest for development. This stems from the Head of State's vision, the government's roadmap for the period 2020-2025, and our commitment to the Sustainable Development Goals, in particular SDG 6," Damehane said.

Esaïe Edoh

In the past 10 years, BOA Togo has had over 65,000 accounts opened.  The milestone was disclosed by Youssef Ibrahimi, Managing Director BOA Togo, at the launch of the bank's Tin Jubilee celebrations.

The accounts, according to the lender’s management, are mostly owned by individuals and SME owners. 

BOA Togo has been active for 10 years now. In 2021, it was the eighth biggest bank in the country, with assets standing at CFA189.8 billion, 8% more than in 2020–CFA174 billion. In the same year, 2021, customer deposits reached CFA94 billion, while net outstanding loans stood at CFA75 billion, down 2% YoY. 

BOA is one of the banks that supports SMEs the most in Togo. In April 2023, the banking group secured a $77 million facility from the IFC to cover 50% of the risks on a loan portfolio of up to $154 million, intended for SMEs in ten African countries including Togo.

In Togo, BOA has 14 branches, with 94.5% of the subsidiary owned by BOA WEST AFRICA, the West African holding company of the BOA Group, controlled by Morocco's BMCE. 

Esaïe Edoh 

Togo's National Solidarity Agency (ASN), will undergo institutional and organizational reforms. The move was spurred by President Faure Gnassingbé himself. 

Announced at the latest Council of Ministers meeting last Friday, the reforms will, according to the government, help the Agency adapt to the new administrative ecosystem and meet the country’s current challenges of indigence and vulnerability.

“The ASN faces operational constraints and challenges in terms of efficiency and management,” the Council noted. 

Active since 1992, the National Solidarity Agency (ASN) is in charge of drawing and implementing national policy and solidarity mechanisms that take care of vulnerable people. It is also responsible for creating and developing assistance functions in the event of risks and disasters.

Esaïe Edoh