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Business Profile
Economy: About two-thirds of the working population is employed in agriculture: a wide range of crops are produced including cotton, cocoa and coffee (the main cash crops) and basic foodstuffs including cassava, maize, yams and sorghum. 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. The 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 country’s main economic problems are a huge foreign debt and declining revenues due to low world commodity prices. A programme of structural adjustment undertaken under the supervision of the IMF and World Bank has stalled, although privatisation of the remaining state-owned corporations continues apace. Current annual GDP growth is three per cent while inflation is just under five per cent. Togo is a member of the CFA Franc Zone, the West African trading bloc ECOWAS and various international commodity organisations. Togo’s principal trading partners are France, Canada, the United States and Côte d'Ivoire; other important export markets are Bolivia, Indonesia and the Philippines.
Business: It is acceptable for visiting business people to wear a safari suit except on very formal business and social occasions. Business is conducted in French, only a few executives speak English. Appointments should be made and business cards should be carried. Office hours: Mon-Fri 0700-1730.
Commercial Information: The following organisation can offer advice: Chambre de Commerce et d’Industrie du Togo (CCAIT), BP 360, avenue Georges Pompidou, Lomé (tel: 212 065; fax: 214 730; e-mail: ccit@rdd.tg; website: www.ccit.tg).
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