Administration of Togo and the AfDB acquiesced to rev of 2021-2026 26 Strategy Pape…Structural Transformation and Diversification of Togo’s Economy

By Abdul Rahman Bangura-

Photo Credit: African Development Bank

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone-Togo and the Africa Development Bank took advantage of this event to evaluate the socio-economic situation of Togo’s development challenges and priorities, and the implementation status of projects in Togo funded by the African Development Bank. The workshop had to do with other stakeholders, such as civil society, development partners, and the private sector, to provide the inclusiveness of the exercise.

Outcomes from the event contained a conclusion to retain the emphasis areas of the 2021-2026 Country Strategy Paper (CSP) for the remaining period, from 2024 to 2026.

These contain the development of inclusive growth hubs and social-inclusion policies, along with the strengthening of financial and sectorial governance. The primary objective of the CSP is to speed up the structural transformation and diversification of the Togolese economy to create decent jobs and to build socio-economic or sustainable and inclusive growth.

Damehane Yark – Togolese Minister of Water and Village Hydraulics speaking on behalf of the Minister of the Economy and Finance, said: “We welcome recent Bank initiatives to the benefit of Togo. I hope that the excellent cooperation between Togo and the Bank will be further strengthened in the interest of the people of our country.”

“I would like to emphasize the urgency to be accorded to the timely submission of project audit reports and to the need to quicken the pace of project activities; this should allow operations to achieve the expected development objectives,” told Joseph Ribeiro, Deputy Director-General of the African Development Bank for West Africa.

Wilfrid Abiola – AfDB’s representative in Togo, summed up, “Despite the economic, health and security context in Togo, this review is very timely. From the participants’ perspective, it is clear that the entire Togolese private sector, the main creator of wealth and jobs, is ready to seize the opportunities, available today.”

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent