Togo Business
• Main exports: Cocoa, phosphate, coffee and cotton.
• Main imports: Consumer goods including food, fabrics, clothes, vehicles and equipment.
• Main trade partners: EU (mainly France and The Netherlands), China (PR), Ghana and other francophone West African countries (Benin and Burkina Faso).
Economy
Togo's other major principal exports are the ores from the country's phosphate mines, although revenues have been hit recently by slack demand and low world prices. Limestone and marble deposits have also been exploited. Togo's mines contain some of the world's richest calcium deposits.
Most of Togo's other industry is based on the processing of these agricultural and mineral products, apart from a handful of factories engaged in the production of textiles and consumer goods for domestic consumption. A successful export processing zone, now entering its second decade of operation, has attracted numerous manufacturers from across the world. The service sector is small and tourism negligible.
The country's main economic problems are a huge foreign debt and declining revenues due to low world commodity prices. A typical programme of structural adjustment has been undertaken under the supervision of the IMF and World Bank. In 2005, annual GDP growth was 1.6% while inflation was 6.8%.
Togo is a member of the CFA Franc Zone, the West African trading bloc ECOWAS and various international commodity organisations.
Business Etiquette
Office hours: Mon-Fri 0700-1730.
Business Contacts
BP 360, avenue Georges Pompidou, Lomé, Togo
Tel: 221 7065 or 2065.
Website: www.ccit.tg
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