S&P Global Ratings elevated Togo’s sovereign rating from ‘B’ to ‘B+’ with a stable outlook, citing robust economic growth and improved fiscal balances. This upgrade coincides with Togo experiencing one of the highest growth rates in the West African region. S&P forecasts an average annual growth rate of 6% for the country’s gross domestic product (GDP) through 2028, driven by increased private consumption, controlled inflation, and significant investments in essential infrastructure.
The agency noted Togo’s resilience against recent external challenges, including the Covid-19 pandemic and the economic fallout from the war in Ukraine. “The upgrade reflects our expectation that Togo will advance in its economic and fiscal reforms, particularly through enhanced tax revenue collection. We anticipate an average GDP growth of 6.0% from 2025 to 2028, surpassing that of similarly developed nations.
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Positive reforms in the business environment and public investments in critical infrastructure are fostering economic diversification,” S&P stated in its announcement. Central to this growth is the deep-water port of Lomé, which handled 30 million tonnes of cargo in 2024, a significant increase from 14 million in 2016.
Approximately 70% of this activity is related to transshipment, reinforcing Togo’s emerging role as a regional logistics center within West African trade. Concurrently, the Adétikopé industrial platform is beginning to draw interest from both local and international private investors specializing in cotton processing, soybean production, and textile manufacturing. “Private investments, which currently account for 2.6% of GDP, are in progress,” according to S&P, amounting to around 160 billion.
