Certainly! Here is the complete financial history report of Togo, translated into International English as requested:

Comprehensive Financial History Report of Togo

Basic Information about Togo

• Official country name: Togolese Republic

• Most widely used official language: French

• Country ISO code: TG

• Current official currency: West African CFA franc (Franc de la Communauté Financière Africaine - CFA)

• Currency ISO code: XOF

Monetary History of Togo

Current Currency: West African CFA Franc (XOF)

• ISO Code: XOF

• Symbol: F CFA

• Subdivision: 1 CFA franc = 100 centimes

• Date of introduction: Since independence in 1960, the CFA franc has been the official currency of Togo.

• Circulation period: 1960 to present (active)

• Issuing bank: Central Bank of West African States (Banque Centrale des États de l'Afrique de l'Ouest - BCEAO)

• Coin denominations: 1, 5, 10, 25, 50, 100, 200, 250, and 500 CFA francs

• Banknote denominations: 500, 1,000, 2,000, 5,000, and 10,000 CFA francs

• Designs and symbols: Banknotes and coins feature cultural and historical symbols from the region, as well as the BCEAO logo.

• Status: Official currency circulating in eight West African countries, including Togo.

• Exchange rate: Fixed parity with the euro at 1 euro = 655.96 CFA francs.

• Economic context: The CFA franc provides monetary stability due to its fixed exchange rate with the euro and management by the BCEAO.

• Recent reforms: In 2020, UEMOA countries announced plans to replace the CFA franc with a new regional currency called the “Eco,” but the CFA franc remains in use for now.

Historical Currency and Context

• Prior to colonization, trade was conducted through barter and traditional currencies such as shells and precious metals.

• During German and later French colonial rule, colonial currencies circulated.

• The CFA franc was created in 1945 by France for its African colonies, originally standing for “Colonies Françaises d’Afrique,” later renamed “Communauté Financière Africaine” after independence.

• Togo retained the CFA franc as its national currency after independence in 1960.

Recent Economic Context (2023-2024)

• Real GDP growth was moderate, decreasing slightly from 5.8% in 2022 to 5.6% in 2023.

• Inflation declined from 7.6% in 2022 to about 5.3% in 2023, supported by lower food prices and subsidies on fuel and electricity.

• The budget deficit narrowed from 8.3% of GDP in 2022 to 6.9% in 2023 due to fiscal reforms and improved public financial management.

• Public debt remained stable at approximately 67.2% of GDP, below the 70% ceiling set by the West African Economic and Monetary Union (UEMOA).

• The banking system saw improvements in credit portfolio quality, with a decrease in non-performing loans.

• The risk of excessive indebtedness is moderate.

Additional Information

• The CFA franc is widely accepted for daily transactions, commerce, banking, and ATMs throughout Togo.

• Euros may be accepted in some tourist areas, but the CFA franc remains the official and predominant currency.

• Banknotes bear signatures of BCEAO officials and the finance minister.

• Togo is a member of the West African Economic and Monetary Union (UEMOA), which coordinates monetary policy and currency management.

• The CFA franc supports strong regional economic integration and monetary stability but also raises debates about monetary sovereignty among member countries.

This report provides a comprehensive overview of Togo’s monetary and financial system, highlighting the central role of the CFA franc, the historical evolution of currencies, and recent economic data.