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Togo - Economy


GDP per capita – 680 US dollars (2018, at current prices, UNCTAD).
GDP – 5,4 bln US dollars (2018, at current prices, UNCTAD).
GDP - gross domestic product

Exports (marchandise) – 1,2 bln US Dollars (2018, at current prices, UNCTAD).
Imports (marchandise) – 2,5 bln US Dollars (2018, at current prices, UNCTAD).

Exports (services) – 587 mln US Dollars (2018, at current prices, UNCTAD).
Imports (services) – 435 mln US Dollars (2018, at current prices, UNCTAD).

Main export commodities - cotton, phosphates, coffee, cocoa, reexports
Main import commodities - machinery and equipment, foodstuffs, petroleum products

Agriculture products:
coffee, cocoa, cotton, yams, cassava (manioc), corn, beans, rice, millet, sorghum; livestock; fish

Economy overview
Togo serves as a regional commercial and trade center.
The 12 January 1994 devaluation of the currency by 50% provided an important impetus to renewed structural adjustment; these efforts were facilitated by the end of strife in 1994 and a return to overt political calm.
Togo is a member of the Organization for the Harmonization of Business Law in Africa (OHADA)

This small, sub-Saharan economy suffers from anemic economic growth and depends heavily on both commercial and subsistence agriculture, which provides employment for a significant share of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is among the world's largest producers of phosphate and Togo seeks to develop its carbonate phosphate reserves.

The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly.
Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors.
Foreign direct investment inflows have slowed over recent years.
Togo completed its IMF Extended Credit Facility in 2011 and reached a HIPC debt relief completion point in 2010 at which 95% of the country's debt was forgiven. Togo continues to work with the IMF on structural reforms.

phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages

The currency is CFA franc.
CFA - "Communaute Financiere Africaine" (African financial community). Frank CFA has been used since 1945.
Frank CFA (currency code XOF) is the single currency of the regional integration association – the West African Economic and Monetary Union (WAEMU, fr. – L’Union économique et monétaire ouest-africaine UEMOA).
WAEMU members - 8 countries, 7 French-speaking: Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, Togo, 1 Portuguese-speaking: Guinea-Bissau.
The monetary policy of WAEMU is controlled by a regional bank – the Central Bank of the West African States (fr. Banque Centrale des États de l'Afrique de l'Ouest – BCEAO), headquartered in Dakar (Senegal); the franc CFA guarantor is the French treasury.
Frank CFA has a fixed exchange rate to the euro:
1 euro = 655,957 CFA francs.
Frank CFA exists in two variants, each with the same parity to the euro: the CFA franc for the countries of the West African Economic and Monetary Union (currency code XOF) and the CFA franc (currency code XAF) for the countries of the Central African Economic and Monetary Community (CEMAC), which consists of 6 members: Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon.
Although Central African CFA francs and West African CFA francs have the same monetary value against euro, West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa.