Togo: Inflation at 4.1% in April 2024

Economy

Friday, 24 May 2024 17:38

(Togo First) - In Togo, the inflation rate stood at 4.1% in April, against 4.4% in March. The figure was disclosed by the National Institute of Statistics and Economic and Demographic Studies (INSEED).

Despite the slight slump, the general price level remained largely stable nationwide, with food prices being the exception.

Month-over-month, fresh product prices jumped 8.0%, while local products saw a 2.6% increase, outpacing the 0.3% rise in imported goods. Compared to January 2024, the general price level in April edged up 2.3%.

The uptick was primarily driven by categories like "Food and Non-Alcoholic Beverages" (+5.7%), "Housing, Water, Gas, Electricity, and Other Fuels" (+1.2%), and "Miscellaneous Goods and Services" (+1.1%). Transport costs saw a modest 0.4% increase from January.

Year-on-year, the general price level jumped 2.6% compared to April 2023, as indices rose across most categories tracked by INSEED, barring "Communication" and "Health".

Inflation in Togo has been volatile in recent years. It peaked at 15.83% in August 2008 and plunged to -26.77% in May 2010. The indicator is projected to average around 4.00% in 2025 and 3.60% in 2026.

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.