Togo - Current economic position and prospects

Report No. 458a-TO Y Current Economic Situation and Prospects of Togno December 30, 1974 Western Africa Regional Office Not for Public Use Document of the International Bank for Reconstruction and Development international Development Association C: -- - This report was prepared for official use only by the Bank Group. It may not bc pub!:shed, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report.  CURRENCY EQUIVALENTS 1. Currency unit: CFAF Franc (CFAF') 2. Fixed parity: 50 CFAF = 1 FF 3. The CFAF floats against all other currencies. Between February 12, 1973 and Januarv 197h,. the US$ exchange rate has fluctuated between OFAF 205 - 255 = 1 US$. 4. The following rates have been used in this report: 1 US$ = CFAF 1973 230 1972 256 1971 278 1970 278 1969 258 1968 and earlier 247 WEIGHTS AND MEASURE I metric ton (t) - 2,205 lbs. 1 kilogram (kg) = 2.2 lbs. 1 kilometer (km) - 0.62 mile 1 meter (m) 3.28 feet  inis report is based on the findings of an economic mission which visited Togo in November/December 1973. The mission was composed of Messrs. Rolf Glaeser (mission chief),. Chuong Phung (general economist) and Serge Michailof (agricultural economist; consultant). Mr. Francis Lethem (Chief, Education projects division) participated in the mission field work (part-time). The report takes into account comments made by the Government during discussions in November/December 1974.   TABLE OF CONTENTS LIST OF TEXT TABLES Page No. COUNTRY DATA MAPS: Economic Resources Rainfall Transportation Network LIST OF ABBREVIATTONS SUMMARY AND CONCLUSIONS .............................. i - vii I. INTRODUCTION .................................... i II. RECENT ECONOMIC DEVELOPMENT ..................... i III. PUBLIC FINANCE POSITION ......................... ii IV. SECTOR DEVELOP1MENTS ............................. iv V. PROSPE,CTS ....................................... vi I. INTRODUCTION ......................................... 1 II. RECENT ECONOMIC DEVLLOPMENT .....3..................... 3 2.1 Overall Development ..... ................... 3 2.2 Investment and Savings ..... ................. 5 2.3 Balance of Pavments ................... ....5...... 2.4 Terms of Trade ...... ..................... 8 2.5 Monetqrv Develonments ..... ...................... 8 2.! Price Movements ...... ........................... 11 III. PUBLIC FINANCE POSITION ..................... 13 3.1 Current Revenues . .......................... 13 3.2 Current -xnenditure.................. 13 3.3 Budgetary Savings and Liquiditv Position .... .... 16 3.4 PtuF-lir Tnvestment and Tts Financin. .... ......... 18 3.5 External Public Debt ............................ 18 IV. SECTOR DEVELOPMENTS ....... ........................... 20 4.1 Agriculture .................. .................... 20 4.2 Secor.dar- Sector ?........................... 7 4.3 Transport ................... .................... 28 4.4 ...................................... 6.28 4.5 Tourism .................... ..................... 30  TABLE OF CONTENTS (Cont'd) Page No. V . UlJ V