Togo forecasts robust economic growth of 6.6% for 2024

After a year marked by solid economic performance in 2023, Togo is preparing to maintain its growth momentum for the current year. According to forecasts from the Ministry of Economy and Finance, the country is targeting a real GDP growth rate of 6.6%, slightly higher than the 6.4% recorded the previous year.

Projections revealed in the latest quarterly economic outlook bulletin also indicate a decline in inflation to 2.7%. This robust growth will be driven by all economic sectors, as explained by the Permanent Secretariat for Monitoring Reform Policies and Financial Programs: “The primary sector is expected to grow by 4.6%, supported by agriculture, livestock, and fisheries. The secondary and tertiary sectors are expected to grow by 7.0% and 7.2% respectively, driven by various sectors such as agribusiness, construction, energy, infrastructure, manufacturing, trade, transportation, as well as accommodation and food services.”

The Togolese government forecasts average annual growth of 7% through 2026, supported by the projects and reforms in its economic roadmap. The Adétikopé Industrial Platform (PIA), launched three years ago, continues to play a crucial role in attracting investment and boosting the country's industrial sector.

For the Ministry of Economy and Finance, this economic outlook reflects a booming Togo, with policies and reforms aimed at strengthening economic growth, stabilizing inflation, reducing the trade deficit, and improving public debt management. These efforts are essential to consolidating the foundations of a stable and prosperous economy in the long term.

In conclusion, the optimistic projections underline the authorities' confidence in Togo's ability to maintain a positive and sustainable growth trajectory, while responding to global and local economic challenges.

The Emissary