Togo Introduction Key Economic Facts Risk Assessment (Provided by Coface) Togo is a country in Western Africa bordering the Bight of Income Level (by per capita Low Income Country rating: C - A very uncertain political and economic Benin. Neighboring countries include Benin, Burkina Faso, GNI): outlook and a business environment with many troublesome and Ghana. The geography of Togo is characterized by a Level of Development: Developing weaknesses can have a significant impact on corporate rolling savanna in the north, hills in the GDP, PPP (current international $13.48 billion (2019) central region, and a savanna, woodland $): payment behavior. Corporate default probability is high. plateau, and coastal plain in the GDP growth (annual %): 5.34% (2019) Business Climate rating: B - The business environment is south. The government system is a GDP per capita, PPP (current $1,667.30 (2019) mediocre. The availability and the reliability of corporate republic; the chief of state is the president, international $): financial information vary widely. Debt collection can and the head of government is the prime minister. Togo has External debt stocks, total $1,993,292,085.50 (2019) sometimes be difficult. The institutional framework has a few a mixed economy in which the private sector is emerging, (DOD, current US$): but most of the population relies on traditional subsistence Manufacturing, value added (% 6.34% (2019) troublesome weaknesses. Intercompany transactions run agriculture. Togo is a member of GDP): appreciable risks in the unstable, largely inefficient of the Economic Community of Current account balance (BoP, -$0.18 billion (2018) environments rated B. current US$): West African States Strengths (ECOWAS). Inflation, consumer prices 0.67% (2019) (annual %): • Mining resources (phosphate, limestone and clay Labor force, total: 3,807,072 (2020) transformed into clinker) and agricultural resources Unemployment, total (% of 2.01% (2020) (coffee, cocoa, cotton) total labor force) (modeled ILO estimate): • Has the only deep-water port in West Africa (port of Location: Western Africa Imports of goods and services $2.28 billion (2019) Lomé), potential to become a regional hub Capital City: Lome (GMT) (current US$): • Public and private investment in infrastructure Chief of State: President Faure Gnassingbe Exports of goods and services $1.65 billion (2019) • Ongoing structural reforms (public finances, banking (current US$): Head of Govt.: Prime Minister Victoire Tomegah system, agriculture, phosphate and cotton sectors) Dogbe GDP Composition % Currency: Communaute Financiere Africaine Agriculture Services Industry Manufacturing • Member of WAEMU and ECOWAS franc (XOF) • Mostly concessional external debt Major Languages: <p>French (official and the language Weaknesses of commerce), Ewe and Mina (the two 23 28 15 major African languages in the south), 6 • Strong socio-political tensions Kabye (sometimes spelled Kabiye) *Although Manufacturing is included in the Industry figures, it is also separately • Deficient business environment and Dagomba (the two major African reported because it plays a critical role in economy. languages in the north)</p> • High unemployment and poverty rates (46.2% of the Rankings Primary Religions: <p>Christian 43.7%, folk 35.6%, population in extreme poverty in 2020 according to Muslim 14%, Hindu <.1%, Buddhist Index Rank the World Bank) <.1%, Jewish <.1%, other .5%, Corruption Perceptions Index 130 / 180 none 6.2% (2010 est.)</p> • Deficient agricultural infrastructure: storage, Index of Economic Freedom 156 / 179 Calling Code: 228 processing, irrigation, inputs International Logistics Performance Index (LPI) 118 / 160 Voltage: 220 Inward FDI Potential Index 128 / 139 • Inadequate education, public health, and transport infrastructure Key Websites KOF Index of Globalization 99 / 185 • Poor health of the banking sector; high bad-debt rate Main Government Page: republicoftogo.com (especially in public banks) U.S. Embassy U.S. Embassy Lome Boulevard Eyadema B.P. 852, Lomé Phone:(+228) 2261 5470 https://tg.usembassy.gov Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.