|Industrial Fatty Acids, Oils, and Alcohols|
|Light Pure Woven Cotton|
Togo, officially the Togolese Republic (French: République togolaise), is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, where its capital Lomé is located. Togo covers 57,000 square kilometers (22,008 square miles), making it one of the smallest countries in Africa, with a population of approximately 7.5 million.
The Togolese financial system plays a minor role in mobilizing resources for the economy, with total financial system assets amounting to about 30 percent of GDP.
The national banking system, which is poorly integrated with global financial systems, has not been significantly affected by the financial crisis. According to latest available data, Togo's banking system is composed of 11 commercial banks with a little over 130 branches across the country. The sector is highly concentrated, with the largest bank accounting for 22 percent of total bank assets, and the largest three accounting for a combined 61 percent. The government holds important stakes in 6 out of the 11 banks, representing 67 percent of total bank assets. The sector's foundations are rather weak; compliance with key prudential ratios is mixed, and several banks had negative equity. Five of Togo's 11 banks did not meet in 2011 the new minimum capital requirement of XOF 5 billion (about USD 10 million) and two did not meet the 8% capital-to-assets ratio.
The Togolese authorities have recently adopted measures to tackle high non-performing loan (NPLs) ratios in the banking sector through the securitization bad debt and restructuring the banking system. Three state-owned banks were fully recapitalized by December 2008 with their NPLs, which represented 27 percent of total loans and approximately 7 percent of GDP, swapped for government-issued securities. Authorities are now working in consultation with the World Bank to develop mechanisms to settle the NPLs they now hold. Growth of credit will double between 2009 and 2013, according to the IMF, with loans to the economy at a steady two-third of bank deposits.
The Togolese microfinance sector has recorded strong growth in recent years and plays a key role in providing financial services to the population. Microfinance is offered by 75 registered institutions grouping 200 local units and by a similar number of unregistered bodies. The sector has grown strongly since 2008 and provides 16.3% of all bank loans and has 15.3% of all deposits. The 2008-2012 National Microfinance Strategy highlights the need to ensure a sound and safe development of microfinance institutions. The supervision of microfinance institutions (MFIs) is carried out by the Ministry of Economy and Finance.
|Agriculture||Small grains, wheat, milk, maize, fruits, tobacco, cereals.|
|Manufacture||Machinery, Automotive, Mining.|
|Services (Including financial)||33% (2012 estimate)|
|ASKY Airlines||Travel and Leisure|
|Atlantic Bank Group||Financials|
|Communauté Électrique du Bénin||Utilities|
|Air Togo||Travel and Leisure|
|La Poste du Togo||Transportation|
|Industrial Fatty Acids, Oils, and Alcohols|
|Light Pure Woven Cotton|
No Stock Exchange
Togo has a very poor Human Development Index, ranking in 2013 159 out of 187 countries. The country has achieved considerable progress during the past three years, but significant institutional and economic challenges remain. The rise in oil and food prices, the severe flooding in 2008 and 2010, and the global recession in 2009 adversely impacted Togo’s economy. Togo’s income per capita is low compared to Sub-Saharan Africa and Low-Income Countries averages. With regard to the Millennium Development Goals, progress has been achieved toward reaching the goals of universal primary education and the combat of HIV/AIDS. However, Togo is unlikely to meet six of the eight goals by the 2015 deadline. The capacity of the administration to create an environment conducive to private sector development needs to be strengthened.
From the 11th to the 16th century, various tribes entered the region from all directions. From the 16th century to the 18th century, the coastal region was a major trading center for Europeans to search for slaves, earning Togo and the surrounding region the name "The Slave Coast". In 1884, Germany declared Togoland a protectorate. After World War I, rule over Togo was transferred to France. Togo gained its independence from France in 1960. In 1967, Gnassingbé Eyadéma led a successful military coup d'état after which he became president. At the time of his death in 2005, Gnassingbé was the longest-serving leader in modern African history, after having been president for 38 years. In 2005, his son Faure Gnassingbé was elected president. Togo is a tropical, sub-Saharan nation, highly dependent on agriculture, with a climate that provides good growing seasons. The official language is French, with many other languages spoken in Togo, particularly those of the Gbe family. The largest religious group in Togo consists of those with indigenous beliefs, and there are significant Christian and Muslim minorities. Togo is a member of the United Nations, African Union, Organisation of Islamic Cooperation, South Atlantic Peace and Cooperation Zone, La Francophonie and Economic Community of West African States.
Among the smallest countries in Africa, Togo enjoys one of the highest standards of living on the continent owing to its valuable phosphate deposits and a well-developed export sector based on agricultural products such as coffee, cocoa bean, and peanuts (groundnuts), which together generate roughly 30% of export earnings. The fertile land occupies 11.3% of the country, most of which is developed. Major crops are cassava, jasmine rice, corn, and millet. Low market prices for Togo’s major export commodities, however, coupled with the volatile political situation of the 1990s and early 2000s, had a negative effect on the economy.
Togo is one of the least developed countries, the economic situation is still precarious. Togo serves as a regional commercial and trade center. The government's decade-long effort, supported by the World Bank and the International Monetary Fund (IMF), to carry out economic reforms, to encourage investment and create the balance between income and consumption, has stalled. Political unrest, including private and public sector, strikes throughout 1992 and 1993, jeopardized the reform program, shrank the tax base, and disrupted vital economic activity.
Agriculture is the backbone of the economy, although it is struggling with a chronic shortage of funds for the purchase of irrigation equipment and fertilizers, which significantly reduces its performance. Agriculture generated 28.2% of GDP in 2012 and employed 49% of the working population in 2010. The country is essentially self-sufficient in food production. Livestock production is dominated by cattle breeding.
Mining generated about 33.9% of GDP in 2012 and employed 12% of the population in 2010. Togo has the fourth largest phosphate deposits in the world. Their production is 2.1 million tons per year. Since the mid-90s, however, there has been a decline in the mining industry and government will need to invest heavily to sustain it. The mining industry is facing difficulties due to falling phosphate prices on world markets and increasing foreign competition. There are also reserves of limestone, marble, and salt. The industry provides only 20.4% of national income because it consists only of a few of light industry and builders. Large reserves of limestone allow Togo to produce cement. Other important sectors are the brewery and the textile industry. A permanent problem is the lack of electricity because the country is able to produce only about a third of its consumption, the rest is covered by imports from Ghana and Nigeria.
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. Progress depends on increased openness in government financial operations (to accommodate increased social service outlays) and possible downsizing of the armed forces, on which the regime has depended to stay in place. Lack of aid, along with depressed cocoa prices, generated a 1% fall in GDP in 1998, with growth resuming in 1999. Togo is a member of the Organization for the Harmonization of Business Law in Africa (OHADA).
Togo imports machinery, equipment, petroleum products, and food. Main import partners are France (21.1%), the Netherlands (12.1%), Côte d'Ivoire (5.9%), Germany (4.6%), Italy (4.4%), South Africa (4.3%) and China (4.1%). The main exports are cocoa, coffee, re-export of goods, phosphates, and cotton. Major export partners are Burkina Faso (16.6%), China (15.4%), the Netherlands (13%), Benin (9.6%) and Mali (7.4%).
In terms of structural reforms, Togo has made progress in the liberalization of the economy, namely in the fields of trade and port activities. However, the privatization program of the cotton sector, telecommunications, and water supply seem stalled. The country is currently in a state of no more debt due to financial assistance from the outside while Togo is likely among the most beneficiary countries under the Initiative help in Heavily Indebted Poor Countries.
|Faure Gnassingbé (President)||Gnassingbé_Eyadéma (Politician)||Emmanuel Adebayor (Footballer)|
The franc was the currency of Togo. Between 1924 and 1956, coins specifically for use in Togo were issued. Since 1945, Togo uses the West African CFA franc. Between 1884 and 1914, the German mark was the currency of Togo as Germany was the colonial power. In 1914, Togo was occupied by British and French forces. Togo was split into two League of Nations mandate territories, with the western, British portion adopting the British West African pound and eventually becoming part of Ghana. In the eastern, French territory, the French franc was adopted, supplemented in 1924 by coins issued in the name of the Mandate Territory of Togo. These coins were issued intermittently until 1956 and circulated alongside the CFA franc from 1945. No circulating coins specific to Togo have been issued since 1956, although the 1957 coins of French West Africa also bore the name Togo.
In 1924, aluminium-bronze 50 centimes, 1 and 2 francs were introduced, with the franc denominations minted again in 1925 and the 50 centimes struck until 1926. In 1948, aluminium 1 and 2 francs coins were issued, followed by aluminium-bronze 5 francs in 1956.
|National Song||"Salut à toi, pays de nos aïeux"|
|Currency||West African CFA franc (XOF)|
|GDP||11.642 Billion USD|
|GDP Growth Rate||5.3 Percent|
|GDP Per Capita||$1550.288 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
African (37 Tribes; Largest And Most Important Are Ewe
And Kabre) 99%
European And Syrian-Lebanese Less Than 1%
President – Faure Gnassingbé[α]
Prime Minister – Komi Sélom Klassou
|Website||Go to the web|
|Public Debt||79.102 Percent|
|Unemployment Rate||6.794 Percent|
|Labor Force (Occupation)||-|