UEMOA · ECOWAS

🇹🇬

Togo

XOF (FCFA)

Strategic gateway between UEMOA and anglophone West Africa — Port of Lomé, phosphate reserves, and a growing free zone ecosystem.

Overall Score

6.2/10

Strongest dimension

Cost Competitiveness

7.0 / 10

Top sectors

🌾 Agro-industry🏭 Manufacturing⛏ Mining

✓Port of Lomé — only deep-water port in West Africa, regional transshipment hub.

⚠Governance and transparency improving but still fragile — moderate Doing Business score.

Score breakdown

out of 10

6.5

Tax Attractiveness

7.0

Cost Competitiveness

5.5

Ease of Execution

6.0

Macro Stability

5.5

Investor Climate

6.0

Sector Fit

Indicateurs clés

Vue d'ensemble

Vérifié T1 2026 · Sources officielles

GDP Growth

5.8%

2024 est.

Company Setup

7 days

via investment agency

Standard CIT

27%

before exemptions

Min. Wage

53K FCFA

monthly / 2024

Inflation

3.2%

2024 CPI est.

Intelligence opérationnelle

Réalité opérationnelle

Métriques de friction réelles auxquelles font face les investisseurs.

Délai portuaire

8/10

6 jours

Coût logistique

6/10

20%

Coût énergie

7/10

$0.16/kWh

Fiabilité énergie

5/10

25h/mois coupure

Terrain industriel

9/10

$3/m²/an

Création société

7/10

7 jours

Internet

4/10

$15/Mbps

Chaîne appro.

4/10

Corruption (TI)

3/10

30/100

Justice & contrats

4/10

Flexibilité emploi

7/10

Source : API-ZF · PAL · CEET · World Bank LPI · 2025-06

Demande marché

Capacité consommateur & pénétration digitale

Y a-t-il de vrais clients solvables — maintenant ou bientôt ?

8.8M

Population

44%

Urbanisation

Classe moyenne

38%

Smartphone

35%

Mobile Money

PIB/habitant

$980

Croissance conso.

4.5%/an

Internet

27%

Taux bancarisation

16%

Matrice de décision par profil investisseur

Startup · PME · Grand Groupe — Trois cadres complètement distincts

Ces trois profils ne partagent aucun régime commun. Voici le cadre de décision exact pour chacun.

Startup

Early-stage venture in free zone

< 5 yrs · PIA free zone access · SMIG 52.5K · Export-oriented

Primary regime

PIA Free Zone — Adétikopé

CIT 0% × 10 yrs · Export ≥70% · Plug-and-play infrastructure

PIA Free Zone: CIT 0% × 10 yrs for export ≥70%. Turnkey industrial lots

SMIG 52,500 FCFA — lowest labor cost tier in the region

Port Lomé: only deep-water port in West Africa — logistics advantage

API-ZF one-stop: company creation in 7 days

CDE incubation and enterprise development support available

⚠Limited tech ecosystem — no Startup Act equivalent

⚠Small market (8.5M) — export-oriented model required

PIA free zone entry + API-ZF orientation + CDE enterprise support. No structured VC ecosystem.

SME

Established company — Code Investissements

Operational · ≥100M FCFA · 5-year CIT exemption · Port Lomé transit hub

Primary regime

Code des Investissements 2012

CIT 0% × 5 yrs · Customs 0% on equipment · Threshold ≥100M FCFA

Code Investissements 2012: CIT exempt 5 years for investment ≥100M FCFA

Customs + VAT: 0% on equipment during setup phase

Port Lomé: deep-water port — competitive logistics for import/export

Transit hub to Ghana (33M), Burkina Faso, Niger. Regional corridor

OTR (Office Togolais des Recettes): streamlined tax administration

Own equity + Code Investissements agrement (API-ZF) + BOAD for regional SMEs ≥500M FCFA.

Large Group

Multinational / Industrial — PIA Free Zone

Large capex · PIA 0% CIT × 10 yrs · Phosphate value chain · Export platform

Primary regime

PIA Free Zone — Full regime

CIT 0% × 10 yrs · Customs 0% · Employer charges reduced · Phosphate access

PIA Free Zone: CIT 0% × 10 years. Export ≥70% required. Customs + VAT: 0%

Phosphate value chain: 4th largest African producer. Fertilizer / chemicals opportunity

Port Lomé deep-water: only one in West Africa. Container terminal competitive

ARISE Group operates PIA — power, water, fiber, roads included

IFD financing: BOAD, Proparco, AfDB active in Togo infrastructure projects

⚠Energy depends on CEB (Communauté Electrique du Bénin) — supply risk

Equity + PIA free zone convention + IFD debt (BOAD/Proparco). Timeline 6–12 months.

Régimes d'investissement — Carte complète

Tous les régimes fiscaux disponibles

Structures incitatives vérifiées des codes d'investissement officiels.

⭐ Export ≥70% — 0% CIT × 10 yrs

PIA Free Zone

✓CIT: 0% × 10 years

✓Customs + VAT: 0% on imports

✓Export minimum: 70% of production

✓ARISE Group infrastructure (PIA Adétikopé)

Source: PIA Cahier des Charges · API-ZF · ARISE Group

Standard — ≥100M FCFA

Code Investissements 2012

✓CIT: 27% standard rate

✓CIT exemption: 5 years for ≥100M FCFA

✓Customs + VAT: 0% on equipment during setup

✓Employer charges: 17–20%

Source: Code des Investissements 2012 · API-ZF

Togo vs les 3 autres

Où Togo gagne — et où non

Togo wins when...

✓Port Lomé: only deep-water port in West Africa. Decisive logistics advantage.

✓FCFA peg to EUR: zero currency risk for European investors.

✓Lowest labor cost tier: SMIG 52,500 FCFA. Competitive for labor-intensive industries.

✓Transit hub: gateway to Ghana (33M), Burkina Faso, Niger. Regional corridor.

Togo loses when...

⚠Small market: 8.5M consumers. Export-oriented model required for scale.

⚠Governance still developing: institutional capacity lags CI/SN/GH.

⚠Limited tech ecosystem: no Startup Act, no structured VC pipeline.

⚠Energy depends on CEB: shared grid with Benin. Supply reliability risk.

Signaux d'investissement

Forces & points de vigilance

✓

Forces

—Port of Lomé — only deep-water port in West Africa, regional transshipment hub.
—FCFA pegged to EUR — zero FX risk for European investors.
—Competitive labor cost — SMIG 52,500 FCFA, comparable to Benin.

⚠

Points de vigilance

—Governance and transparency improving but still fragile — moderate Doing Business score.
—Small domestic market (8.5M) — requires export or regional orientation.

Coûts opérationnels

Compétitivité coûts vs région

Factor	TG	BJ	CI	SN
SMIG	52,500 FCFA	52,000 FCFA	75,000 FCFA	74,000 FCFA
Employer charges	17–20%	16–19%	17–20%	20–25%
Electricity	~105 FCFA/kWh	110 FCFA/kWh	95 FCFA/kWh	140 FCFA/kWh
Port competitiveness	Lomé (deep-water)	Cotonou	Abidjan	Dakar
Business setup	7 days (API-ZF)	1 hour	48 hours	24 hours

Institutions clés

Vos contacts au Togo

APZ

API-ZF

Agence de Promotion des Investissements et de la Zone Franche

One-stop shop: investment promotion, free zone access, company creation, Code Investissements agrement.

apizf.tg

CDE

Centre de Développement des Entreprises

Enterprise development support, incubation, SME structuring, training programs.

cde.tg

OTR

Office Togolais des Recettes

Tax and customs administration. Streamlined tax filing. CIT, VAT, customs collection.

otr.tg

PIA

Plateforme Industrielle d'Adétikopé

ARISE-operated industrial free zone. Turnkey infrastructure: power, water, fiber, roads. Export platform.

pia-togo.com

Analyse de profondeur de marché

Togo has a very small domestic market (8.8M, GDP/capita $980) with limited consumer depth. Mobile money is growing at 35% (BCEAO 2024) via Flooz and T-Money. The real value proposition is Port Lomé as West Africa’s only deep-water port — making Togo a transit and logistics hub, not a consumer market. PIA industrial zone targets export manufacturing, not domestic demand.

35%

Mobile Money

BCEAO Rapport Mobile Money UEMOA (2024)

16%

Bancarisation

BCEAO Inclusion financière (2023)

38%

Smartphone

GSMA Intelligence (2024)

27%

Internet

ITU / ARCEP Togo (2024)

Gouvernance data-driven

Recommandations stratégiques pour Togo

Togo's strategic asset is Port Lomé — West Africa's only deep-water port and regional transshipment hub. PIA industrial zone (ARISE Group) is successfully attracting manufacturers. The main gaps are energy reliability (CEB dependency), limited domestic market (8.8M), and governance transparency. The path forward is maximizing the logistics advantage and positioning as the UEMOA's manufacturing-for-export gateway.

criticalinfrastructure

Build independent power generation — end CEB dependency

25h outage/month. Dependent on CEB (Ghana/CI interconnection). PIA has dedicated supply but rest of country is exposed. Solar + gas potential exists.

Benchmark : CI: 5h/month (independent), BJ GDIZ: dedicated 143 MW

Unlock manufacturing outside PIA and reduce energy cost from 105 to 85 FCFA/kWh

highreform

Update Mining Code (1996/2003) to attract exploration

Mining code is 20+ years old. No stabilization clauses. SNPT phosphate dominates but no framework for new entrants. CI (2014) and SN (2016) have modern codes.

Benchmark : CI: Code Minier 2014, SN: Code Minier 2016

Could attract $200M+ in mining exploration investment

mediumdoing_business

Improve governance transparency (EITI implementation)

EITI member but implementation is weak. Governance score 5/10 is the lowest in the comparison. Investors need predictability.

Benchmark : RW: 9/10 governance, BJ: 9/10 political stability

Reduce country risk premium and attract institutional investors

PPP & opportunités d'investissement

PIA Phase 2 industrial zone ($200M)

Solar farm + storage for industrial supply

Port Lomé container terminal expansion

Lomé-Ouagadougou road/rail corridor upgrade

Réformes clés nécessaires

Independent power generation (end CEB dependency)

Mining Code modernization with stabilization clauses

EITI transparency strengthening

Intelligence institutionnelle

PIA model: replicable ARISE success

ARISE Group PIA model at 80% occupancy proves the concept. Government should replicate with Phase 2 + inland zones connected to Sahel corridor.

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