Togo : Historic approval of the 2024 budget, an amount exceeding 2.000 billion FCFA and a special emphasis on Social Inclusion and Development
On December 22, 2023, the National Assembly of Togo approved the budget law for the fiscal year 2024, balanced with revenues and expenditures totaling 2.179 billion XOF. This marks the first time that Togo’s budget has surpassed the 2.000 billion XOF threshold.
Compared to the amended budget of 2023, which stood at 1.975 billion XOF, the projected envelope for 2024 shows an increase of 10.3%. This amount will be allocated as follows : 48% for the promotion of inclusion and the development of human capital, compared to 44.4% in 2023. Additionally, 30.1% will be dedicated to economic transformation, while 21.9% will be allocated to strengthening the state.
Concretely, the resources will be allocated to finance projects aimed at strengthening the economic resilience of the most vulnerable populations and supporting the organization of legislative and regional elections. State expenditures for the year 2024 will also focus on priority areas such as defending the integrity of the national territory, as well as key sectors including health, public works, maritime economy, fisheries, agriculture, digital economy, trade, and industry.
Fundamentally, the International Monetary Fund’s (IMF) Extended Credit Facility (ECF), amounting to approximately $400 million at a zero interest rate, granted to Togo, will mainly serve to meet social inclusion and national security needs, said the Minister of Economy and Finance, Sani Yaya.
This budget also includes provisions to provide local authorities with the necessary means to finance their development projects, according to information provided by the Togolese government.
Adjoa AKO.
