The African Development Bank (AfDB) has approved Togo’s new Country Strategy Paper for the 2021–2026 period.

The strategy document serves as a reference framework for the bank’s interventions for the next five years in the country.

World Bank data reveals that economic growth in the small francophone country fell to 1.8 percent in 2020 due to the pandemic, while inflation rose to 1.8 percent due to higher food and oil prices.

However, according to the Central Bank of West African States (BCEAO), the gross domestic poroduct (GDP) in Togo expanded 0.20 percent in the fourth quarter of 2020 over the same quarter of the previous year.

Additional data from the AfDB shows that GDP will grow 5.6 percent in 2022 while risk of debt distress is moderate.

‘The strategy aims to support the acceleration of structural transformation and the diversification of the Togolese economy in order to create decent jobs with high added value’, the bank said in a statement.

‘It will also help build socio-economic resilience for sustainable and inclusive growth. It is structured around the following two complementary strategic priority areas: the development of inclusive growth poles and social inclusion policies; and strengthening of financial and sector governance’.

The development bank also approved the Private Sector Governance and Development Support project and a grant to support investment promotion and the development of public-private partnerships in the country.

Source: AfDB

Photo source: EITI