Under the presidency of the Minister of Economy and Finance, Sani Yaya, and in the presence of Kossi Ténou, the national director of the Central Bank of West African States (BCEAO), the National Credit Council (CNC) held its session on Thursday by videoconference. On the occasion, officials announced that the growth rate is higher than expected.

Sani Yaya said that the Togolese economy has been much more resilient in the face of the health crisis, thanks, among other things, to fiscal incentives and demand support measures taken by the government. “It showed higher growth in economic activities than estimated in September 2020. Thus, the economic growth rate is revised upward to 1.8%. This increase is mainly driven by the resurgence of activities in the secondary and tertiary sectors,” he stressed. The inflation rate was contained at 1.8% and the debt rate rose to 59% of GDP in 2020.
The amount of new loans granted by banks in 2020 amounted to 590 billion FCFA, compared to 662 billion recorded a year earlier. Loans granted by microfinance institutions to economic agents grew to 180 billion, compared to 179 billion in 2019. The weighted average interest rate on bank loans remained at 7.7% between 2019 and 2020.
Note that the CNC is an observatory of economic developments in Togo that meets four times a year. It brings together representatives of the banking and microfinance sector, those of the Ministry of Economy and Finance and the BCEAO