Togo, officially the Togolese Republic, is a country in West Africa. It is bordered by Ghana to the west, Benin to the east, and Burkina Faso to the north. The country extends south to the Gulf of Guinea, where its capital and largest city Lomé is located. Togo has an area equal to 56,785 km2 (21,925 sq mi) and is one of the smallest countries in Africa.
The current population of Togo is 8,860,561 as of Tuesday, July 4, 2023, based on Worldometer elaboration of the latest United Nations data.
Faure Essozimna Gnassingbé Eyadéma is a Togolese politician who has been the president of Togo since 2005.
Togo’s economic freedom score is 57.2, making its economy the 104th freest in the 2022 Index. Togo is ranked 15th among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.
Subsistence agriculture and trade are the most important economic sectors in Togo. The majority of the country’s labor force is employed in food and crop production. The major crops grown are corn, sorghum, and rice; major exports are coffee, cocoa, and cotton. Togo’s main industry is phosphate mining.
The International Monetary Fund (IMF) ranks Togo as the tenth poorest country in the world, with an estimated 55% of the population living below the poverty line and more than half experiencing food insecurity. The situation is exacerbated by an annual population growth rate of 2.5%, which is hampering development progress.
An examination of the age structure shows that the Togolese population is young: 43.0% less than 15 years and only 3.3% are aged 65 and over. The population of working age (15 – 64) is 53.7%, and this figure is higher in urban areas (59.2%) than in rural areas (50.0%).
In its “Vision Togo 2030”, the government has laid down the ambitious goal of becoming a middle-income country by 2030. Climate change is identified in Togo’s Vision 2030 as a key variable that will affect the achievement of the development goals.
Country Strategy Paper 2021-2026, presents the Bank’s strategy for Togo for the operational period 2021-2026. It summarises recent developments, the economic and social prospects, the opportunities and challenges, and the strategic framework of the country as well as the conclusions of the Bank portfolio performance review.
Public investment is expected to remain strong in 2022 due to the implementation of the “Togo Roadmap 2020-2025”.
Business opportunities in Togo
Togo has a rapidly growing economy, with a focus on sectors such as agriculture, tourism, and infrastructure. The government has implemented policies to attract foreign investment, providing a supportive and stable business environment.
The agriculture sector offers opportunities in areas such as cotton, cashew, and palm oil production. The tourism industry is also expanding, with potential for investment in hospitality and eco-tourism.
