Togo: H.E. Faure Gnassingbé’s economic reforms bolster the country’s emergence with improved prospects
Togo is solidifying its position as an emerging economy in West Africa, driven by the ambitious economic reforms championed by President Faure Gnassingbé. A clear indication of this progress is the recent improvement in the country’s economic outlook by Moody’s, which shifted from “negative” to “stable.”
This upgrade comes shortly after a similar assessment by Standard & Poor’s, further boosting investor confidence in Togo’s economic management.
The country’s stability is underpinned by rigorous reforms aimed at modernizing public financial management.
Moody’s highlighted the significant reduction in the public deficit, from 8.3% in 2022 to 6.7% in 2023, alongside an increase in tax revenues relative to GDP.
This achievement is the result of the government’s ongoing efforts to streamline public spending and diversify revenue sources.
Togo’s positive reputation with international institutions like the IMF and World Bank, as well as on the regional financial market, continues to enhance economic confidence.
Togo’s recent success in bond issuances on the regional financial market reflects its growing credibility.
These results show that structural reforms and sound economic policies, particularly in budget management, are yielding tangible benefits.
As a result, the country enjoys a stable financial environment that is attractive to foreign investors.
Recognizing the challenges posed by the global economy, the Togolese government is committed to maintaining this positive momentum.
The focus is not only on consolidating the progress made but also on improving long-term economic prospects, further positioning Togo as a key player on the international stage.
Chantal TAWELESSI
