Economy of Togo

Despite the majority of the Togolese population depending on subsistence agriculture, it still contributes significantly to their GDP. Its agricultural products includes coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, pearl millet, sorghum and livestock such as fish. Food and cash crop production employs the majority of the labor force and contributes about 42% to the gross domestic product (GDP). Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999.

After a disastrous harvest in 2001 (113,000 metric tons), cash crops production rebounded to 168,000 metric tons in 2002. Despite insufficient rainfall in some areas, the Togolese government has achieved its goal of self-sufficiency in food crops — maize, cassava, yams, sorghum, pearl millet, and groundnut. Small and medium-sized farms produce most of the food crop; the average farm size is one to three hectares.

Togo produced in 2018:

• 1 million tons of cassava;
• 886 thousand tons of maize;
• 858 thousand tons of yam;
• 277 thousand tons of sorghum;
• 207 thousand tons of beans;
• 156 thousand tons of palm oil;
• 143 thousand tons of vegetable;
• 145 thousand tons of rice;
• 127 thousand tons of cotton;
• 43 thousand tons of peanut;
• 41 thousand tons of cocoa;
• 26 thousand tons of millet;
• 26 thousand tons of banana;
• 21 thousand tons of coffee;

In addition to smaller productions of other agricultural products.^[16]

Choco Togo is the country's first bean-to-bar chocolate manufacturer.

Togo turned to the IMF for assistance in 1979, while simultaneously implementing a stringent adjustment effort with the help of a series of IMF standby programs, World Bank loans, and Paris Club debt rescheduling. Under these programs, the Togolese Government introduced a series of austerity measures and major restructuring goals for the state enterprise and rural development sectors. These reforms were aimed at eliminating most state monopolies, simplifying taxes and customs duties, curtailing public employment, and privatizing major state enterprises. Togo made good progress under the international financial institutions' programs in the late 1980s, but movement on reforms ended with the onset of political instability in 1990. With a new, elected government in place, Togo negotiated new 3-year programs with the World Bank and IMF in 1994.

Togo returned to the Paris Club in 1995 and received Naples terms, the club's most concessionary rates. With the economic downturn associated with Togo's political problems, scheduled external debt service obligations for 1994 were greater than 100% of projected government revenues (excluding bilateral and multilateral assistance). By 2001, Togo was embarked on an IMF Staff Monitored Program designed to restore macroeconomic stability and financial discipline but without any new IMF resources pending new legislative elections. New IMF, World Bank and Africa Development Bank (ADB) lending must await the willingness of Togo's traditional donors – the European Union, principally, but the US also – to resume aid flows. So far, Togo's problematic legislative and presidential elections and the government's continued unwillingness to transition from an Eyadéma-led autocracy to democracy have deterred these donors from providing Togo with more aid. As of the fall 2002, Togo was $15 million in arrears to the World Bank and owed $3 million to the ADB.

Togo is one of 16 members of the Economic Community of West African States (ECOWAS). The ECOWAS development fund is based in Lomé. Togo also is a member of the West African Economic and Monetary Union (UEMOA), which groups seven West African countries using the CFA franc. The West African Development Bank (BOAD), which is associated with UEMOA, is based in Lomé. Togo long served as a regional banking center, but that position has been eroded by the political instability and economic downturn of the early 1990s. Historically, France has been Togo's principal trading partner, although other European Union countries are important to Togo's economy. Total United States trade with Togo amounts to about $16 million annually.

Trade is extremely important to Togo's economy; the combined value of exports and imports equals 105% of GDP. The average applied tariff rate is 11.4 percent. Non-tariff barriers impede some trade. Government openness to foreign investment is above average. Capital transactions are subject to some controls or government approval. The evolving banking system continues to expand but lacks liquidity.^[18]

Despite Togo’s relatively open trade environment, several regulations are in place to ensure transparency and cargo security. One key measure is the Cargo Tracking Note (CTN), also known as the Electronic cargo tracking note (ECTN), which is required for all maritime shipments destined for or transiting through Togo.^[19] Exporters must register shipment information before the cargo arrives at Togolese ports, allowing authorities to monitor goods, verify cargo value, and improve customs oversight. Failure to obtain a valid CTN can result in fines, shipment delays, or refusal of customs clearance.^[19][20]

The following table shows the main economic indicators in 1980–2024.^[21]

More information Year, GDP (in bil. US$ PPP) ...

Year	GDP (in bil. US$ PPP)	GDP per capita (in US$ PPP)	GDP (in bil. US$ nominal)	GDP growth (real)	Inflation (in Percent)	Government debt (Percentage of GDP)
1980	2.6	934	2.0	−2.3%	12.3%	n/a
1981	2.8	955	1.7	−3.4%	19.7%	n/a
1982	2.8	942	1.4	−3.7%	11.1%	n/a
1983	2.8	898	1.3	−5.2%	9.4%	n/a
1984	3.1	953	1.2	5.9%	−3.5%	n/a
1985	3.3	988	1.3	3.7%	−1.8%	n/a
1986	3.5	1,009	1.8	3.3%	4.1%	n/a
1987	3.5	978	2.1	−2.5%	0.1%	n/a
1988	4.0	1,082	2.3	10.1%	-0.2%	n/a
1989	4.3	1,137	2.3	4.1%	-1.0%	n/a
1990	4.7	1,213	2.8	5.9%	1.1%	n/a
1991	4.8	1,210	2.7	−0.6%	0.2%	n/a
1992	4.8	1,164	2.9	−3.2%	1.6%	n/a
1993	4.1	1,004	2.2	−16.3%	-0.1%	n/a
1994	4.8	1,165	1.7	13.9%	35.3%	n/a
1995	5.8	1,361	2.2	19.7%	15.8%	n/a
1996	5.7	1,282	2.4	−3.9%	4.6%	n/a
1997	6.0	1,311	2.5	3.8%	5.3%	n/a
1998	6.0	1,258	2.4	−2.3%	1.0%	n/a
1999	6.2	1,271	2.4	2.5%	−0.1%	n/a
2000	6.3	1,251	2.0	−1.0%	1.6%	n/a
2001	6.5	1,256	2.0	0.8%	5.1%	n/a
2002	6.8	1,290	2.3	3.8%	2.7%	n/a
2003	7.4	1,368	2.9	6.7%	−0.9%	n/a
2004	7.5	1,354	3.0	−1.0%	0.7%	n/a
2005	7.4	1,298	3.1	−4.7%	5.3%	63.1%
2006	7.8	1,335	3.2	2.7%	1.1%	67.7%
2007	8.2	1,349	3.8	1.2%	0.4%	70.5%
2008	8.6	1,390	4.6	4.0%	7.7%	67.3%
2009	9.2	1,434	4.7	5.5%	4.1%	57.6%
2010	9.8	1,496	4.8	5.9%	0.2%	33.5%
2011	10.6	1,573	5.4	5.8%	3.6%	33.8%
2012	11.5	1,660	5.4	6.3%	2.6%	34.3%
2013	12.4	1,741	6.0	5.8%	1.8%	41.1%
2014	13.3	1,825	6.4	5.6%	0.2%	44.9%
2015	14.2	1,894	5.8	5.5%	1.8%	52.4%
2016	15.1	1,972	6.1	5.7%	0.9%	59.9%
2017	16.0	2,037	6.4	4.0%	−0.2%	57.1%
2018	17.1	2,122	7.0	4.8%	0.9%	58.0%
2019	18.7	2,274	7.0	4.9%	0.7%	54.9%
2020	20.4	2,417	7.4	2.0%	1.8%	62.2%
2021	22.9	2,644	8.3	6.0%	4.5%	64.9%
2022	25.9	2,926	8.1	5.8%	7.6%	67.4%
2023	28.3	3,125	9.1	5.6%	5.3%	68.0%
2024	30.6	3,290	9.8	5.3%	2.7%	69.7%

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• Economy of Africa
• Economy of Ghana
• List of Ghanaian companies
• List of banks in Togo
• List of companies based in Togo
• Togo
• United Nations Economic Commission for Africa