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Togo Economic Profile

Togo is a low-income country in sub-Saharan Africa, located in West Africa with a population of approximately 9 million. The Gross Domestic Product (GDP) in 2023 is approximately $20 billion, with per capita GDP remaining at approximately $2,500, making the economic scale limited within the region.

The main industry of the economy is agriculture, with approximately 60-70% of the employed population engaged in it, with cotton, cocoa, and corn production at the center. Cotton exports are an important means of earning foreign currency. Meanwhile, phosphate mining is also an important industry, and mineral resource exports support the economy. In the service sector, Lome Port functions as a major logistics hub in West Africa, and port-related industries are growing.

Togo's economy in recent years has continued with gradual growth, with an average growth rate of approximately 3-4% from 2019 to 2022. However, growth has slowed due to the energy crisis from 2022 to 2023 and global inflation. The government is promoting structural reforms and infrastructure investment, with particular focus on the expansion plan for Lome Port and the development of road and power infrastructure.

As notable points, debt sustainability has become an issue. While advancing a cooperation program with the International Monetary Fund, strengthening fiscal discipline is required. Additionally, agricultural production instability due to climate change, limited employment opportunities, and insufficient investment in education and health are long-term development challenges. The promotion of digitalization and FinTech are being closely watched as future growth potential.