External account of Togo in 2016
In 2016, Togo’s foreign trade resulted in a surplus of 67 billion CFA following the positive balance of 115 billion in 2015. The surplus in the overall balance of the balance of payments in recent years hide the structural deficit of the current account.
150 billion FCFA in 2012, the deficit in the balance of current transactions was 259 billion in 2016. In 2013 it was 281 billions CFA. In 2012 and 2016, the current account deficit has represented, 11% of the GDP and worn mainly by the trade balance. Mr. Patoki linked this situation to the policy of major construction and rehabilitation of basic economic infrastructure which required large importation of capital goods and petroleum products.
What is the problem ?
Togo in not able to manufacture equipments for these major works. It is normal that the country imports them. But the problem is the importation of alimental products. It aggravates the structural deficit in the trade balance.
Quantity, but also quality
According to Badanam Patoki, this situation depends on two factors : first, is the quality. « If our products are not competitive in term of quality no one can buy it. It means that we must also consider the quality of our products in addition to the quantity.
Then we must obligatory consume our products, he adviced.
From speeches to act
The national director of the central bank thinks it is time to move from speeches to actions.
"There is nothing like strategy. On the coffee-cocoa, for example, where are we positioned? It's good that we have the quality, but where are we going with it? With AGOA, did our companies benefit really, I don't think so ", he asked. He thinks that the country must have strategies in terms of trading and positioning.
MIFA, partly the answer
M. Tenou salutates MIFA. For him Is a good beginning to reduce importation into Togo. "Having a balance of trade deficit in excess, should allow the country to save its exchange reserves", He said.
M. Patoki thinks it is possible "If we consume what is produced locally.
More funding for researches
Some suggest to develop strategies in order to improve performances.
Like increasing agricultural funding, develop varieties of short cycles and high efficiency; develop value chains; identify and develop competitive products. Sensitize Togolese to consume locally, finance Agricultural researches.