Togo Shines Within UEMOA With 6.5% Growth in 2024

According to figures released by Togolese National Institute of Statistical, Economic and Demographical Studies (INSEED), Toto registered an economic growth of 6.5% in 2024, up slightly from 6.2% in 2023. In nominal terms, the national #GDP surpassed the 6 trillion mark to reach FCFA 6,458 billion. This economic performance places Togo among the top of the table in UEMOA which displayed a 5.5% average growth in 2023.

The economy really rallied during the final quarter of 2024, with a growth of 19.4% over the corresponding period in the previous year. From a sectoral perspective, mining and construction exhibited robust growth. #Digitalization, eCommerce and foreign trade also contributed to the good performance. Toto also benefited from good harvests in 2024. On the down side, the production of electricity and gas dropped significantly by 42%.

The Government of Togo underlined that the execution of the National Development Plan (#NDP) 2020-2025 is bringing positive results. Therefore, it will stay the course to diversify the economy, promote digitalization, and continue to support #SME, amongst other key actions. The upgrade of the seaport of Lome remains a flagship project as Togo ambitions to be the trading gateway for the region.

However, #ElectricityAccess and to public utilities, in general, may impede Togo from realizing its full growth potential. Thus, the World Bank and International Monetary Fund forecast a slower growth between 5.0 and 5.3% in 2025 and would welcome more structural reforms to make the economy more resilient and the improve the business climate. On the other hand, the Togolese Ministry of Economy appears more optimistic and predicts a growth of around 6.2% for 2025.