Togo’s economic growth decelerated in 2017, a reflection of political tensions and fiscal consolidation, slowing to an estimated 4.4 percent from 5.1 percent in 2016—its growth rate driven largely by the good performance of the agricultural sector, which accounts for about 40% of GDP and over 60% of employment. Favorable rainfall, the use of new farming techniques, and the distribution of improved seeds to poor farmers all helped agriculture. Extractive industries and trade also contribute to the national economy. Following an IMF-extended credit facility, approved in May 2017 to restore fiscal sustainability while protecting social sectors, the government initiated a fiscal consolidation program that allowed a reduction in the public debt-to-GDP ratio from a peak of 81.6 percent in 2016 to 78.6 percent in 2017. The fiscal deficit narrowed from 9.6 percent of GDP in 2016 to 0.5 percent in 2017.
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