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Togo: record year for investments

Togo has become attractive and confirms its economic upturn. As evidence, the country has seen a significant increase in public investment despite the health crisis. Public investment expenditure as a percentage of GDP reached CFAF 444 billion, or 48% of budget revenue. Togo therefore achieved the fourth best result among WAEMU economies.

“The governance policy aimed at boosting investment and improving the business climate implemented under the leadership of the Head of State, Faure Essozimna Gnassingbé, has also led to an 85% rise in foreign direct investment, reaching CFAF 352 billion in 2020,” according to UNCTAD. This performance makes Togo the top performer in Africa and the preferred destination for foreign direct investment. 

The private sector at the heart of its development 

As the best reformer of the business climate in Africa, Togo places the private sector at the heart of its development. In 2020, structuring investments were made in the form of public-private partnerships as part of the implementation of the government’s 2020-2025 roadmap. The inauguration of the Adétikopé Industrial Platform (PIA) is a concrete illustration. Dedicated to the transformation of Togo’s natural resources and agricultural exports, this integrated ecosystem is the result of a partnership with the Singaporean Group Arise. The platform spread over 400 hectares will be a catalyst to support economic growth and regional integration. 

The inauguration of PIA was preceded by that of the Kékéli power plant in Lomé-Port, also the result of a partnership approach. This other major structuring project operated by the Eranove Group will increase the country’s electricity production capacity by 50% and electrify more than 250,000 households (1.5 million people). The largest solar power plant in West Africa, Co-financed by the Abu Dhabi Fund for Development (ADFD), was commissioned in Blitta on June 22. Finally, more recently, the Togolese government sold some of its shares in leading banking institutions, including the Togolese Bank for Trade and Industry (BTCI) to the Burkinabe investor IB Holding.

Digitization and simplification of private investment procedures

The drive to boost investment led by the Togolese President of the Republic is supported by an efficient system, including two portals dedicated to investment inaugurated on August 9 by the Minister of Investment Promotion, Rose Kayi Mivedor and the Minister of Trade, Industry and Local Consumption, Kodjo Sevon-Tepe Adedze. Entirely dedicated to investment, the portal “Invest in Togo” (www.investirautogo.tg) aims to support foreign investors wishing to set up in Togo and facilitate their installation in the country. The website of the Investment Promotion Agency and the Free Zone (www.apizf.tg) also presents the various economic regimes available to investors and the conditions of eligibility for the free zone. These innovative tools fit into the process of digitization and simplification of administrative procedures related to private investment. 

“The projects we have hosted reflect the country’s attractiveness and will help put in place an ecosystem with diverse participants present across the value chain to be able to return to growth»

“The business environment is favorable in Togo. It is a secure, agile, easy and innovative country. These projects that we have hosted reflect the attractiveness of the country and will allow us to put in place an ecosystem with diverse participants present throughout the value chain to return to growth,” said Rose Kayi Mivedor, Minister for Investment Promotion.

At the government seminar in Kara on the evaluation and implementation of the 42 projects and reforms of the Togo 2025 roadmap, chaired by President Essozimna Gnassingbé, the latter urged ministers to redouble their efforts to achieve the economic and social development objectives set.

The Togolese government is firmly committed at the highest level of the State to attracting foreign investors. In order to achieve these ambitions, Togo will host from October 5 to 7 the Africa Meetings in Lomé. This is the most important Business Convention between French and African business leaders. During this two-day event, the most active leaders from politics and business will discuss the sectoral challenges and investment opportunities in Togo. 

Find out more: https://rencontresafrica.org

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