Economy of Togo

Economy of Togo
	Phosphate mining in Togo
Currency	West African CFA Franc (XOF)
Fixed exchange rates	1 USD = 566.06,1 XOF (2018)
Trade organisations	AU, AfCFTA, CEN-SAD, ECOWAS, WTO
Country group	Least Developed; Low-income economy;
Statistics
Population	8,608,444 (2020 est.)
GDP	$9.766 billion (nominal, 2024 est.); $30.563 billion (PPP, 2024 est.);
GDP rank	148th (nominal, 2024); 149th (PPP, 2024);
GDP growth	5.8% (2022) 5.6% (2023); 5.3% (2024e) 5.3% (2025f);
GDP per capita	$1,051 (nominal, 2024 est.); $3,290 (PPP, 2024 est.);
GDP per capita rank	170th (nominal, 2024); 169th (PPP, 2024);
GDP by sector	agriculture: 28.1%; industry: 21.6%; services: 50.3%; (2017);
Inflation (CPI)	2.0% (2020 est.)
Population below poverty line	55.1% (2015); 49.2% on less than $1.90/day (2015);
Gini coefficient	43.1 medium (2015)
Human Development Index	0.513 low (2018) (167th); 0.350 IHDI (2018);
Labour force	3,807,000 (2020)
Labour force by occupation	agriculture 69%; industry 6%; services 25%; (2008);
Unemployment	3.95% (2020)
Main industries	phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages
External
Exports	$1.002 billion (2017)
Export goods	re exports, cotton, phosphates, coffee, cocoa
Main export partners	Benin 17.5%; Burkina Faso 15.9%; India 7.6%; Mali 7.2%; Niger 7%; Côte d’Ivoire 6.1%; Ghana 4.8%; Nigeria 4.3%; (2015);
Imports	$2.009 billion (2017)
Import goods	machinery and equipment, foodstuffs, petroleum products
Main import partners	China 22.9%; Belgium 20.3%; Netherlands 11.9%; France 6.6%; India 4.8%; Singapore 4.4%; (2015);
FDI stock	$451 million (2017)
Gross external debt	$1.387 billion (2017)
Public finances
Government debt	$391 million (2017)
Foreign reserves	$215.1 million (2017)
Revenues	$1.469 billion (2017)
Expenses	$1.7 billion (2017)
	All values, unless otherwise stated, are in US dollars.

The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.

In January 2017, the IMF signed an Extended Credit Facility arrangement, consisting of a three-year $238 million loan package. Progress depends on follow through on privatization, increased transparency in government financial operations, progress toward legislative elections, and continued support from foreign donors.