Togo: The 2024 budget bill assessed at 2,166.1 billion CFA francs. A Significant Growth Under President Faure Gnassingbé’s Leadership
The Togolese government, under the leadership of President Faure Gnassingbé, recently approved the budget for the year 2024, surpassing for the first time the threshold of 2.000 billion CFA francs. This amount, estimated at 2,166.1 billion CFA francs, represents a growth of over 9% compared to the amended budget of 2023.
The budget increase is supported by a 6% rise in revenue, mainly from taxes, as well as a 3% increase in expenditures. The Council of Ministers emphasized that this 2024 budget aligns with the strategic pillars of the government’s roadmap, allocating funds evenly across three main sectors.
Promoting inclusion and human capital development make up a significant portion of the budget, with around 48%, totaling nearly 669.186.668.000 CFA francs. Economic transformation receives 30.1% of the budget, equivalent to 419.363.033.000 CFA francs, while state strengthening gets 21.9% of the budget, totaling 304.451.095.000 CFA francs.
It’s important to note that this report from the Council of Ministers highlights the importance given to adhering to budget discipline, reinforcing prior control, and monitoring the capacity to absorb investment-related credits. The budget bill also aims to continue implementing structural reforms to consolidate the stability of the macroeconomic framework.
