By the end of December 2023, the inflation rate in Togo should be 6.8%, down from 7.6% the previous year. The National Credit Council (NCC), at its inaugural annual meeting on March 21, revealed the amount.
According to the NCC, economic growth will increase by 80 basis points to 6.6% from 5.8% in 2022 and 6% in 2021, indicating that economic activity would be resilient. It also said that all economic sectors should contribute to economic growth, with the tertiary sector contributing 4% more than other sectors.
The Council observed that the financing of the economy had improved in 2022 as more enterprises had secured loans. Lending rates declined throughout the time period by 20 basis points, or 7.4% annually.
According to the NCC, the credit portfolio of banks and decentralized financial systems also maintained getting better, with its gross degradation rate dropping from 5% in 2021 to 4% at the end of December 2022.
