Togo: Visió econòmica i política
Despite a challenging regional context and international circumstances, Togo demonstrates robust growth (averaging 6.1% between 2021 and 2023), propelled by strong domestic demand and sustained public and private investments. Economic growth reached an estimated 5.3% in 2024. On the supply side, strong agricultural performance and sustained activity in the services sector have supported growth, while industrial activity has shown signs of slowing, indicating the impact of a weak global environment and reduced demand from neighbouring countries. Aggregate demand is bolstered by strong private investment and improving consumer spending as inflation eases, but it slowed due to fiscal consolidation efforts, weak global demand, and regional uncertainties. Growth is projected to reach around 5.5% over the medium term, as per the IMF’s outlook.
Concerning public finances, the government has intensified efforts to boost revenues and reduce spending, particularly on goods, services, and public subsidies. However, high security spending, new investments in economic and social infrastructure, and a one-off recapitalization of the state-owned bank UTB kept the fiscal deficit elevated at 6.1% of GDP in 2024 (or 4.5% excluding the recapitalization of UTB). Fiscal consolidation efforts to reduce the deficit to 3% of GDP by 2025 will be challenging in the short term, driven mainly by slower capital spending and tax and customs reforms to increase revenue (World Bank). Public debt peaked at an estimated 69.7% of GDP in 2024 from 68% one year earlier because of the cost of bank recapitalization and is expected to decline steadily over the forecast horizon in line with fiscal consolidation. The average inflation rate decreased to 2.9% in 2024 (from 5.3% in 2023), according to data from the National Institute of Statistics and Studies. The regional inflation rate is expected to align with the WAEMU target by 2025, while regional reserves are projected to gradually increase, supported by the resumption of international bond issuances, recovering exports, and monetary policy easing in the Euro Area.
In 2023, the unemployment rate in the country was at 1.9% (World Bank, ILO estimate), but the majority of people are still employed in the informal sector. Households' purchasing power has been supported by moderating inflation since 2023. As a result, the extreme poverty rate (under USD 2.15 in 2017 PPP) was expected to slightly decrease to 26.2% in 2024, down from 27.2% in 2023 (World Bank), although significant disparities in economic opportunities and access to basic services between rural and urban areas have continued to hinder progress in reducing poverty, inequality, and fragility in Togo. The country’s GDP per capita (PPP) was estimated at USD 3,289 in 2024 by the IMF.
| Main Indicators | 2023 (E) | 2024 (E) | 2025 (E) | 2026 (E) | 2027 (E) |
| GDP (billions USD) | 9.08 | 9.77 | 10.46 | 11.29 | 12.13 |
| GDP (Constant Prices, Annual % Change) | 5.6 | 5.3 | 5.3 | 5.5 | 5.5 |
| GDP per Capita (USD) | 1,001 | 1,051 | 1,099 | 1,159 | 1,215 |
| General Government Gross Debt (in % of GDP) | 68.0 | 69.7 | 68.4 | 66.4 | 64.8 |
| Inflation Rate (%) | 5.3 | 2.7 | 2.0 | 2.0 | 2.0 |
| Current Account (billions USD) | -0.26 | -0.29 | -0.30 | -0.30 | -0.26 |
| Current Account (in % of GDP) | -2.9 | -3.0 | -2.9 | -2.6 | -2.2 |
Source: IMF – World Economic Outlook Database, October 2021
The agricultural sector contributes to 18.1% of GDP and employs 30.3% of the active workforce (World Bank). The main food crops include cassava, yams, maize, millet, and sorghum, with cocoa, coffee, and cotton as cash crops (generating about 20% of export earnings). Although many farmers practice subsistence farming, some basic foodstuffs still need to be imported. Moreover, the agricultural sector is vulnerable to climate conditions and parasite infestation. Togo achieved a record cereal production of 1.5 million metric tons during the 2023-2024 season. Grain output has been steadily increasing since 2019. Maize is the most widely cultivated cereal, followed by paddy rice and millet-sorghum.
The industrial sector is quite limited in Togo, accounting for one-fifth of both GDP and total employment. With an estimated 30 million metric tons of reserves (USGS), phosphate is the country's most important commodity, making Togo one of the world's largest producers of phosphate. Hence, mining is the main industrial sub-sector, followed by food processing. The country also has clinker deposits, which fuel a dynamic cement industry. Manufacturing as a whole accounts for 13% of the country’s GDP, while mineral rents have a share of 4.9% (World Bank).
The services sector is estimated to account for 51.7% of GDP, giving employment to 49.6% of the active population. The sector has been growing consistently in recent years, and trade is its biggest contributor. The Lomé Port, which is one of the largest ports in the region, is a major asset as the transport of goods to neighbouring countries is boosting the services industry. The country is also investing in tourism: in the 2024 budget, the government allocated XOF 2 billion for the development of the sector. Togo’s financial sector includes 14 banks and 74 microfinance institutions. At the end-2023, bank assets reached 58.7% of GDP, with deposits at 42.2% (+6.2%) and credit at 30% (+3.8%). The microfinance sector held deposits and credits of 6.2% and 6.7% of GDP, respectively, showing growth from 2022. This paper primarily examines the banking sector (IMF).
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 30.3 | 20.1 | 49.6 |
| Value Added (in % of GDP) | 18.1 | 20.2 | 51.7 |
| Value Added (Annual % Change) | 4.2 | 6.7 | 7.6 |
Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.}}
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
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Actualitzacions: May 2025
