Togo: Its economy would have resisted the Covid-19 crisis

While Togo’s economy has suffered the consequences of the Covid-19 crisis, it has above all been illustrated by its resilience. Indeed, while many West African countries recorded negative growth in 2020, Togo continued to show upward growth, and if the latter, at 1.8%, is less marked. than the 5% average annual increase recorded in previous years, it still shows the solidity of the Togolese economic model.

The country also continued to attract foreign investment during the pandemic. These good results are the fruit of a successful strategy of aggressive reforms and strong political commitment under the leadership of the Head of State, Faure Essozimna Gnassingbé, over the past five years. Togo has thus progressed by 40 places in the World Bank’s Doing Business 2020 ranking, placing itself at the top of the reforming countries in Africa and third in the world in this area.

This dynamic should continue, according to the Minister, who declares: “A growth of 4.8% of the GDP is expected for 2021, with an average annual objective of 7% for the next five years, reflecting the impact of the projects of planned infrastructure and associated arrangements.

This growth is based on the active participation of the private sector, including foreign investors, as well as on the return of confidence in the regional economy. During the interview, the Minister returns to the reforms put in place to boost the economy and simplify commercial activities, citing for example the possibility of launching a business in less than four hours, on the measures adopted during the crisis to support the economy and on major current or future projects.

She also stresses the importance of Special Economic Zones, which will play a key role in the country’s industrialization and economic recovery. To this end, the Industrial Platform of Adetikopé (PIA) was launched in June this year: it should boost the region’s SMEs while offering great opportunities to foreign investors wishing to penetrate the Togolese economy and benefit from ” privileged access to the wider market of ECOWAS countries.

Acting as a single point of access, the PIA facilitates business transactions and, lowering production costs for businesses, is synonymous with greater competitiveness for Togo.

The many job creations to come, particularly in the textile sector, energy transition and the development of digitization, with for example the inauguration of the country’s first data center in June, are also mentioned by the Minister.

OBG Africa Editorial Director Bernardo Bruzzone welcomed the publication of this interview, which underlines the dynamism and resilience of the Togolese economy in the face of the global health crisis and highlights the strengths of a nation resolutely turned towards the future: “Togo has been able to rise in recent years to the rank of a very attractive destination for investments. Benefiting from an ideal location which makes it a gateway to the countries of the sub-region, competitive energy costs and a constantly improving business climate, the country has great days ahead. ”

The full interview can be viewed at: https://oxfordbusinessgroup.com/views/kayi-mivedor-minister-investment-promotion

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