Togo, known officially as the Togolese Republic, is one of the smallest countries in Africa. Situated in west Africa, Togo shares land borders with Ghana, Benin and Burkina Faso. To the south of Togo is the Gulf of Guinea.
Around 1.5 million of Togo’s 7.5 million inhabitants live in Lome, the country’s capital and chief economic centre.
In recent years, Togo’s economy has undergone a degree of liberalisation. In 2017, the IMF agreed a loan package with the Togolese government. Under the terms of the deal, the government agreed to hold elections, increase economic transparency and increase the rate of privatisation.
Togo is blessed with a climate suitable for agriculture, and most Togolese are engaged in farming, which accounts for around 42% of GDP. Key export crops include coffee, cotton and cocoa. The country’s primary export partners are its African neighbours Benin, Burkina Faso and Mali.
Industry, limited to a few small factories, accounts for 20% of GDP. Phosphates are the country’s most important industrial reserve – Togo is believed to have the world’s fourth largest deposits of phosphate. However, owing to a lack of investment, production has decreased in recent years.
Our HLB West Africa team represents clients in Togo and provides a comprehensive array of professional services to domestic and foreign clients alike.
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