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Sub Saharan Africa
Togo |
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Country information
ECONOMY
Basic Economic Facts
GDP: US$2.0bn (2005)
Annual Growth: 1.6% (2005)
Inflation: 6.8% (2005)
Main economic sectors: Agriculture (cocoa, cotton, coffee), phosphate, re-exports.
Major trading partners: The EU (principally France and the Netherlands), China, Ghana, and other Francophone West African countries (Benin, Burkina Faso).
Exchange rate: 1 Euro = 655.957 FCFA
Togo's economy has been damaged by its long-term isolation from international donors, and its small industrial sector is in long term decline. Agriculture, phosphate mining and revenues and employment from the international port have provided the country with the means to survive. The port's activity has increased since the troubles in Cote d'Ivoire, and 're-export' (processing incoming goods for export within the sub-region) is now the largest export sector. However, the cotton sector has been damaged by mismanagement and low international prices.
The parastatal in charge of the phosphate sector was put into private management in 2001, but the state took back management control in 2003. The volumes of phosphates mined have declined in recent years, mainly due to depletion of readily accessible reserves. Privatisations in the banking and telecoms sector are stalled. It is hoped that the West Africa Gas pipeline project, which was completed at the end of 2007, will supply Togo with Gas from Nigeria, will make energy cheaper and help to alleviate Togo's balance of payments problems.
International Monetary Fund (IMF)
