TOGO: Economic growth on a par with high-growth African countries in 2024
In the report titled «Africa Outlook 2024 – Strong Growth amid heated elections and financial woes», Togo emerges as one of the twelve African countries in the shortlist of the top twenty champions of economic growth for the year 2024, according to «The Economist Intelligence Unit».
Under the leadership of President Faure Essozimna Gnassingbé, Togo has secured a notable spot in the economic growth ranking for 2024, reflecting the positive outcomes of various initiatives undertaken by the government.
Despite external shocks, the economic growth outlook for 2024 remains optimistic, showcasing the resilience of the economy, especially in the face of challenges posed by the Covid-19 pandemic.
The country demonstrated a robust economic growth rate of 6.4% in 2023, up from 5.8% in 2022, and the projections for 2024 indicate a stabilization with a real growth rate of 6.6%.
These economic achievements can be attributed to major reforms, particularly in key sectors such as the tertiary sector.
President Faure Gnassingbé’s economic reforms have significantly impacted crucial areas, notably the continuous growth in port traffic due to strategic investments.
As the fourth-best container port in Africa and a leader in the sub-region, the Autonomous Port of Lomé plays a pivotal role in driving local, sub-regional, and global economic growth.
Furthermore, the port’s contribution to economic growth from the tertiary sector rose to 4.1% in 2023, exceeding the initially projected 4.0%.
Despite uncertainties, the port showed substantial growth in freight operations. In 2023, the contribution of the tertiary sector to economic growth increased to 4.1%, surpassing the initially projected 4.0%.
During the same year, the average inflation rate stood at 5.7%, a significant improvement from the 7.5% recorded a year earlier, thanks to improved food supply resulting from a successful agricultural campaign.
President Faure Gnassingbé’s proactive engagement in the agriculture sector since January 2023, interacting with stakeholders nationwide to discuss strategies for enhancing agricultural productivity, has contributed to this positive economic trend.
This economic progress occurs amid a context of deceleration in the general level of consumer prices and sustainable public debt, despite global economic tensions marked by strong inflationary pressures and tightening financial conditions.
The financial sector has also played a role in this positive growth, with an expansion of service offerings from banks and decentralized financial systems.
Togo’s position as a regional financial hub is further affirmed by hosting major international events like the African Financial Industry Summit (AFIS), establishing Lomé as a financial hub attracting significant investments.
The improved business climate is evident in Togo’s attractiveness, with substantial investments mobilized, including the Adétikopé Industrial Platform (PIA), a new multimodal economic zone catering to high-potential sectors such as logistics, agriculture, automotive, pharmaceuticals, and cosmetics.
Read again: Economic ascent: Thanks to the leadership of President Faure Gnassingbé, Togo has become Gabon’s 2nd largest supplier after France, relegating China to third place!
Kodjovi Makafui
