Under the chairmanship of the Minister of Economy and Finance, Sani Yaya, and in the presence of Kossi Ténou, the National Director of the Central Bank of West African States (BCEAO), the National Credit Council (CNC) held its session on Thursday by videoconference. On occasion, officials announced that the growth rate is higher than expected.

Sani Yaya said that the Togolese economy has been much more resilient in the face of the health crisis, thanks, among other things, to the tax and demand support measures taken by the government. " It posted higher growth in economic activities than estimated in September. 2020. Thus, the economic growth rate is revised upwards to 1.8%. This increase is mainly driven by the revival of activities in the secondary and tertiary sectors," he stressed. The inflation rate is contained at 1.8% and that of debt came out at 59% of GDP in 2020.
The amount of new loans granted by banks in 2020 amounted to 590 billion CFA francs, against 662 billion cfa francs recorded a year earlier. Loans granted by microfinance institutions to economic agents grew to 180 billion, compared to 179 billion in 2019. The weighted average interest rate on bank loans remained at 7.7% between 2019 and 2020.
It should be noted that the CNC is an observatory of economic developments in Togo that meets four times a year. It brings together representatives of the banking and microfinance sector, those of the Ministry of Economy and Finance and the BCEAO.